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Long-term debt

12 Months Ended

Dec. 31, 2011

end of	2011	2010



Long-term debt (CHF million)



Senior	123,632	130,792



Subordinated	24,165	23,221



Non-recourse liabilities from consolidated VIEs	14,858	19,739



Long-term debt	162,655	173,752



of which reported at fair value	70,366	83,692



of which structured notes	35,726	37,990

Total long-term debt is comprised of debt issuances managed by Treasury which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds.

The interest rate ranges presented in the table below are based on the contractual terms of the Group’s vanilla debt. Interest rate ranges for future coupon payments on structured products for which fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt.

Long-term debt by maturities

end of			2012			2013			2014			2015			2016			Thereafter	Total



Group parent company (CHF million)



Senior debt
Fixed rate			–			–			–			–			–			387	387



Interest rate (in %)¹			–			–			–			–			–			7.3	–



Subordinated debt
Fixed rate			164			–			–			218			–			675	1,057



Interest rates (in %)¹			3.2			–			–			8.5			–			7.0	–



Subtotal - Group parent company			164			–			–			218			–			1,062	1,444



Subsidiaries (CHF million)



Senior debt
Fixed rate			11,937			14,088			10,178			12,190			4,284			21,700	74,377



Variable rate			12,458			10,465			7,703			4,130			3,806			10,306	48,868



Interest rates (range in %)¹	0.0	–	16.0	0.0	–	13.6	0.0	–	13.7	0.0	–	13.2	0.0	–	12.5	0.0	–	7.1	–



Subordinated debt
Fixed rate			120			3,664			121			1,149			39			17,172	22,265



Variable rate			–			–			–			20			–			823	843



Interest rates (range in %)¹	4.4	–	8.0	3.7	–	7.9			–	3.6	–	10.3			4.8	0.0	–	13.1	–



Non-recourse liabilities from consolidated VIEs
Fixed rate			129			2			–			399			2			948	1,480



Variable rate			538			17			369			625			1,451			10,378	13,378



Interest rates (range in %)¹	0.0	–	2.7			–	0.0	–	13.2	0.0	–	12.6	0.0	–	12.8	0.0	–	11.3	–



Subtotal - Subsidiaries			25,182			28,236			18,371			18,513			9,582			61,327	161,211



Total long-term debt			25,346			28,236			18,371			18,731			9,582			62,389	162,655



of which structured notes			9,224			5,079			5,303			4,202			3,374			8,544	35,726



1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.

The Group and the Bank maintain a shelf registration statement with the US Securities and Exchange Commission (SEC), which allows them to issue, from time to time, senior and subordinated debt securities, warrants and related guarantees. The shelf registration statement also allows certain subsidiaries of the Group to issue exchangeable or convertible debt securities which are guaranteed by the Group and are exchangeable or convertible into ordinary shares of the Group.

> Refer to “Note 39 – Subsidiary guarantee information” for further information on the subsidiary guarantees.

The Group maintains a euro medium-term note program that allows it, certain finance subsidiaries (guaranteed by the Group) and the Bank to issue senior and subordinated debt securities notes.

Credit Suisse Group Finance (Guernsey) Limited, a finance subsidiary of the Group, maintains a JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities, guaranteed by the Group.

Bank

Long-term debt

end of	2011	2010



Long-term debt (CHF million)



Senior	118,551	126,441



Subordinated	25,998	24,960



Non-recourse liabilities from consolidated VIEs	14,858	19,739



Long-term debt	159,407	171,140



of which reported at fair value	68,256	81,474



of which structured notes	33,412	36,201

Long-term debt by maturities

end of	2012	2013	2014	2015	2016	Thereafter	Total



Long-term debt (CHF million)



Senior debt
Fixed rate	9,935	12,669	9,341	11,492	3,785	19,879	67,101



Variable rate	13,363	10,475	7,709	5,447	3,806	10,650	51,450



Interest rates (range in %)¹	0.0-16.0	0.0-13.6	0.0-13.7	0.0-13.2	0.0-11.9	0.0-7.1	–



Subordinated debt
Fixed rate	184	3,664	121	424	39	17,493	21,925



Variable rate	3,000	–	200	20	30	823	4,073



Interest rates (range in %)¹	0.4-8.0	3.7-7.9	–	4.2-10.3	4.8	0.0-13.1	–



Non-recourse liabilities from consolidated VIEs
Fixed rate	129	2	–	399	2	948	1,480



Variable rate	538	17	369	625	1,451	10,378	13,378



Interest rates (range in %)¹	0.0-2.7	–	0.0-13.2	0.0-12.6	0.0-12.8	0.0-11.3	–



Total long-term debt	27,149	26,827	17,740	18,407	9,113	60,171	159,407



of which structured notes	8,732	4,434	4,694	3,784	3,239	8,529	33,412



1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid.

> Refer to “Note 24 – Long-term debt” in V – Consolidated financial statements – Credit Suisse Group for further information.