Investor Presentaiton
Down-streaming of bail-in bonds senior financing
Proceeds¹
■ Proceeds are down-streamed initially to Credit Suisse
AG (as internal notes), unless used for Credit Suisse
Group AG's own funding need
■ The internal notes are unsecured debt aligned to the
external notes (maturity, interest rate, etc.)
■ Investors have no recourse
to this intercompany instrument
Hierarchy
■ HoldCo senior notes (external) structurally subordinated
to OpCo liabilities
■ Internal notes contractually subordinated to OpCo senior
liabilities in both restructuring
and liquidation
CSG AG = Credit Suisse Group AG CS AG = Credit Suisse AG
=
HoldCo Holding Company OpCo Operating Company
1 Mere illustration of usual on-lending set-up in the case of an issuance by CSG AG
13
HoldCo senior notes issued from 1.1.2017 onwards
Proceeds
Credit Suisse
Group AG
Holding Company
HoldCo senior
notes (external)
Proceeds¹
Investors
Internal notes
Credit Suisse AG
Operating Bank
CREDIT SUISSEView entire presentation