{"id":16784,"date":"2026-10-26T11:45:45","date_gmt":"2026-10-26T06:15:45","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16784"},"modified":"2026-10-26T11:45:46","modified_gmt":"2026-10-26T06:15:46","slug":"yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/","title":{"rendered":"YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"The_ruling_ends_a_legal_fight_that_began_with_the_2020_write-down_and_now_shifts_the_focus_to_capital_planning_It_will_also_be_watched_as_a_precedent_for_how_AT1_bondholders_are_treated_in_bank_rescues\"><\/span><strong>The ruling ends a legal fight that began with the 2020 write-down and now shifts the focus to capital planning. It will also be watched as a precedent for how AT1 bondholders are treated in bank rescues.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Bondholders of Yes Bank\u2019s additional tier one (AT1) bonds say they have not received a coupon that fell due just days after the Supreme Court restored Rs 8,415 crore of the written-down bonds. An association of bondholders has asked Axis Trustee Services to get written confirmation from the bank on whether the coupon has been paid, cancelled or is still outstanding. A second coupon is due in December.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#The_ruling_ends_a_legal_fight_that_began_with_the_2020_write-down_and_now_shifts_the_focus_to_capital_planning_It_will_also_be_watched_as_a_precedent_for_how_AT1_bondholders_are_treated_in_bank_rescues\" >The ruling ends a legal fight that began with the 2020 write-down and now shifts the focus to capital planning. It will also be watched as a precedent for how AT1 bondholders are treated in bank rescues.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#Yes_Bank_AT1_Bond_Case_Key_Dates\" >Yes Bank AT1 Bond Case: Key Dates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#What_Bondholders_Want_From_the_Trustee\" >What Bondholders Want From the Trustee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#Why_the_Supreme_Court_Backed_the_Investors\" >Why the Supreme Court Backed the Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#Yes_Bank_AT1_Verdict_Impact_on_Capital_Profit_and_Share_Price\" >Yes Bank AT1 Verdict: Impact on Capital, Profit and Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#What_Happens_Next\" >What Happens Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yes_Bank_AT1_Bond_Case_Key_Dates\"><\/span><strong>Yes Bank AT1 Bond Case: Key Dates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Date<\/strong><\/td><td><strong>Development<\/strong><\/td><\/tr><tr><td>March 14, 2020<\/td><td>The administrator wrote down the full value of the AT1 bonds a day after announcing the reconstruction scheme.<\/td><\/tr><tr><td>January 20, 2023<\/td><td>Bombay High Court quashes the write-off.<\/td><\/tr><tr><td>March 3, 2023<\/td><td>The Supreme Court extends the stay on the High Court order.<\/td><\/tr><tr><td>October 15, 2026<\/td><td>Supreme Court dismisses appeals by Yes Bank, RBI and the Centre, upholding the quashing<\/td><\/tr><tr><td>October 18, 2026<\/td><td>Annual coupon on the 9% bonds falls due<\/td><\/tr><tr><td>December 23, 2026<\/td><td>Annual coupon on the 9.5% AT1 bonds scheduled<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Bondholders_Want_From_the_Trustee\"><\/span><strong>What Bondholders Want From the Trustee<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bondholders have asked the trustee to clarify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Whether the October coupon has been paid, cancelled, or remains outstanding<\/li>\n\n\n\n<li>How the December coupon will be treated<\/li>\n\n\n\n<li>The relevant record date<\/li>\n\n\n\n<li>How eligible beneficial owners will be identified<\/li>\n\n\n\n<li>Arrangements for making the payment<\/li>\n<\/ul>\n\n\n\n<p>They are relying on the judgment, which states that the annual coupon rate will remain unaffected by the outcome of appeals and that payments must follow the respective information memoranda.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_the_Supreme_Court_Backed_the_Investors\"><\/span><strong>Why the Supreme Court Backed the Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Supreme Court dismissed appeals by Yes Bank, the RBI and the Centre. Its core finding is that the power to write down AT1 bonds had to flow from the reconstruction scheme itself. The court also questioned the RBI-appointed administrator\u2019s authority to order the write-down. The ruling came nearly four years, 23 hearings and six bench changes after the High Court decision.<\/p>\n\n\n\n<p><strong>L(earn) More:<\/strong><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/asset-cover-ratio-explained-how-much-security-really-backs-your-ncd\/\" aria-label=\"Asset Cover Ratio Explained: How Much Security Really Backs Your NCD?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Asset Cover Ratio Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26122853\/Asset-Cover-Ratio-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/asset-cover-ratio-explained-how-much-security-really-backs-your-ncd\/\">Asset Cover Ratio Explained: How Much Security Really Backs Your NCD?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/\" aria-label=\"JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"JSW Paints Plans 4- and 5-Year Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26121640\/JSW-Paints-Plans-4-and-5-Year-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jsw-paints-plans-4-and-5-year-bonds-to-refinance-akzo-acquisition-debt\/\">JSW Paints Plans 4- and 5-Year Bonds to Refinance Akzo Acquisition Debt<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/\" aria-label=\"YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"YES Bank AT1 Bond Verdict\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/26114344\/YES-Bank-AT1-Bond-Verdict.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/\">YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yes_Bank_AT1_Verdict_Impact_on_Capital_Profit_and_Share_Price\"><\/span><strong>Yes Bank AT1 Verdict: Impact on Capital, Profit and Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes Bank\u2019s Q2FY27 net profit rose 65% to Rs 1,080 crore, but the verdict\u2019s impact is not booked in it. Pro forma figures show a net loss of Rs 5,217 crore and a CET1 ratio of 11.4%. Nomura estimates a hit of about Rs 6,300 crore and cut its target price to Rs 18. Crisil says CET1 could fall to about 10% if the bank must pay past AT1 coupons.<\/p>\n\n\n\n<p>The stock ended 3.14% lower at Rs 16.36 on Wednesday and slipped to about Rs 16.05 on Thursday, around 20% below its pre-judgment level.<\/p>\n\n\n\n<p>Management is calmer. The bank says it does not need to raise capital immediately. Moody\u2019s has affirmed its Ba1 deposit rating. Sumitomo Mitsui Banking Corp holds about 25%, so any capital infusion or dilution will matter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happens_Next\"><\/span><strong>What Happens Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The trustee\u2019s response on the unpaid coupon will be the first test of how the ruling is applied in practice, and the December 23 payment on the 9.5% bonds is the next date to watch. Meanwhile, Yes Bank says it is evaluating options to further strengthen its capital buffers. Investors in India\u2019s AT1 market are also likely to watch how the ruling shapes the treatment of bondholders in future bank rescues.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: The ruling ends a legal fight that began with the 2020 write-down and now shifts the focus to capital&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments<\/title>\n<meta name=\"description\" content=\"The YES Bank AT1 bond verdict raises questions about coupon payments and investor rights. Understand the legal developments, bond trustee\u2019s role and what AT1 bondholders should know about potential outcomes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-bank-at1-bond-verdict-bondholders-seek-clarity-on-coupon-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"YES Bank AT1 Bond Verdict: Bondholders Seek Clarity on Coupon Payments\" \/>\n<meta property=\"og:description\" content=\"The YES Bank AT1 bond verdict raises questions about coupon payments and investor rights. 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