{"id":16823,"date":"2026-10-30T14:38:43","date_gmt":"2026-10-30T09:08:43","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16823"},"modified":"2026-10-30T14:38:45","modified_gmt":"2026-10-30T09:08:45","slug":"yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/","title":{"rendered":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary"},"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_court_said_coupons_should_be_paid_as_per_the_bond_documents_but_those_documents_make_them_discretionary_and_non-cumulative_The_gap_between_the_two_is_what_bondholders_and_the_bank_must_now_navigate\"><\/span><strong>The court said coupons should be paid as per the bond documents, but those documents make them discretionary and non-cumulative. The gap between the two is what bondholders and the bank must now navigate.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Yes Bank has not decided on coupon payments on its additional tier-1 (AT-1) bonds, saying it retains discretion under the terms of the instruments. In an exchange filing on Saturday, it said it was still evaluating the Supreme Court judgment that set aside the Rs 8,415 crore write-off.<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#The_court_said_coupons_should_be_paid_as_per_the_bond_documents_but_those_documents_make_them_discretionary_and_non-cumulative_The_gap_between_the_two_is_what_bondholders_and_the_bank_must_now_navigate\" >The court said coupons should be paid as per the bond documents, but those documents make them discretionary and non-cumulative. The gap between the two is what bondholders and the bank must now navigate.<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#What_Yes_Bank_Said_in_Its_Filing\" >What Yes Bank Said in Its Filing<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#Reuters_Payout_Unlikely_This_Year_Review_Planned\" >Reuters: Payout Unlikely This Year, Review Planned<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#Court_Direction_vs_Discretionary_Coupons\" >Court Direction vs Discretionary Coupons<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#What_the_Court_Actually_Held\" >What the Court Actually Held<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#Capital_Cushion_and_Wider_Fallout\" >Capital Cushion and Wider Fallout<\/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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#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-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Yes_Bank_Said_in_Its_Filing\"><\/span><strong>What Yes Bank Said in Its Filing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bondholders have asked about the coupon on the 9% AT-1 bonds, which fell due on October 18, 2026.<\/li>\n\n\n\n<li>The bank will communicate its decision, if any, on exercising coupon discretion once its assessment is complete.<\/li>\n\n\n\n<li>Further disclosures will follow under listing regulations, and operations continue uninterrupted.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reuters_Payout_Unlikely_This_Year_Review_Planned\"><\/span><strong>Reuters: Payout Unlikely This Year, Review Planned<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Reuters reported, citing two people familiar with the matter, that Yes Bank is unlikely to pay AT-1 coupons due this year. One source said the bank is preparing to seek a review of the ruling. The sources said payment can be considered only after the bonds are reinstated on the bank\u2019s balance sheet. The bank\u2019s Saturday filing, as reported, does not mention a review.<\/p>\n\n\n\n<p>Bondholders have written to Axis Trustee Services seeking written confirmation on whether the coupon was paid, cancelled or remains outstanding and are pressing for coupons unpaid since the 2020 write-off.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Court_Direction_vs_Discretionary_Coupons\"><\/span><strong>Court Direction vs Discretionary Coupons<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Supreme Court directed that annual coupons remain unaffected by the outcome of the appeals and be paid in accordance with the information memoranda. The bond terms, however, make coupons discretionary and non-cumulative. ICRA noted in 2019 that cancelling discretionary payments is not an event of default and that payments depend on the bank meeting minimum capital ratios. In 2023, Yes Bank\u2019s then-CEO said the bank had discretion except when paying a dividend.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Series<\/strong><\/td><td><strong>Size<\/strong><\/td><td><strong>Coupon date<\/strong><\/td><td><strong>Annual coupon (est.)<\/strong><\/td><\/tr><tr><td>9% AT-1<\/td><td>Rs 5,415 crore<\/td><td>October 18, 2026 (fell due)<\/td><td>About \u20b9487 crore<\/td><\/tr><tr><td>9.5% AT-1<\/td><td>Rs 3,000 crore<\/td><td>December 23, 2026 (scheduled)<\/td><td>About \u20b9285 crore<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>The coupon estimates are our calculation from series size and rate. The bank has not disclosed them, and they exclude any claim for coupons unpaid since 2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_the_Court_Actually_Held\"><\/span><strong>What the Court Actually Held<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The court found that the government had dropped the write-down clause from the final scheme, and that the administrator acted a day after the scheme was notified. The ruling did not say AT-1 bonds can never be written down. It held that this write-down did not follow the permitted legal process. The bench also called the RBI a \u201cmere bystander\u201d as Yes Bank\u2019s CET-1 ratio fell to 0.6%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 has-dates wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\" aria-label=\"HDFC Bonds Explained: Types, Yields, Safety, and Ratings\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"HDFC Bank Bonds Explained\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30182110\/HDFC-Bank-Bonds-Explained.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/hdfc-bonds-types-yield-rating\/\">HDFC Bonds Explained: Types, Yields, Safety, and Ratings<\/a><time datetime=\"2026-10-30T18:24:15+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\" aria-label=\"Indian Bond Yields Rise as Markets Await US Fed Rate Decision\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Indian Bond Yield Rise\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30180826\/Indian-Bond-Yield-Rise.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\/indian-bond-yields-rise-as-markets-await-us-fed-rate-decision\/\">Indian Bond Yields Rise as Markets Await US Fed Rate Decision<\/a><time datetime=\"2026-10-30T18:08:50+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/fd-for-minors-in-india\/\" aria-label=\"FD for Minors in India: Account Rules, Taxation &amp; Required Documents\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"FD for Minors\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30153938\/FD-for-Minors.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/fixed-deposit\/fd-for-minors-in-india\/\">FD for Minors in India: Account Rules, Taxation &amp; Required Documents<\/a><time datetime=\"2026-10-30T15:40:56+05:30\" class=\"wp-block-latest-posts__post-date\">October 30, 2026<\/time><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_Cushion_and_Wider_Fallout\"><\/span><strong>Capital Cushion and Wider Fallout<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes Bank says reinstating the principal would cut its CET-1 ratio by 250 basis points as of June 30, with Tier-1 unchanged at 14%. It says it has various capital-management options and flexibility to take further capital actions, if required, to support growth. It has not recognised any impact in its September-quarter results.<\/p>\n\n\n\n<p>Mutual funds are also affected. In a separate SEBI matter, Nippon Life India AMC said on Thursday it had received in-principle approval to settle a dispute over Yes Bank AT-1 investments after paying Rs 96.76 crore. It said any amounts recovered after the court proceedings would go to investors in the relevant schemes.<\/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>Yes Bank has said it will make further disclosures once its assessment is complete. These should show how it treats the October coupon and the December 23 payment, and whether a review petition follows. Any decision is likely to be measured against the court\u2019s direction on coupons.<\/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 court said coupons should be paid as per the bond documents, but those documents make them discretionary and&hellip;<\/p>\n","protected":false},"author":17,"featured_media":16824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16823","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 Coupon Dispute: Court Ruling vs Discretionary Payment Terms<\/title>\n<meta name=\"description\" content=\"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary\" \/>\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-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/\" \/>\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 Coupon Dispute: Court Ruling vs Discretionary Payment Terms\" \/>\n<meta property=\"og:description\" content=\"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-30T09:08:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-30T09:08:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Deepak Narang | CFA Level 3\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:site\" content=\"@GoldenPiTech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deepak Narang | CFA Level 3\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/\"},\"author\":{\"name\":\"Deepak Narang | CFA Level 3\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/9781cfb40abd7777b2fcbbbd5b6ac0ba\"},\"headline\":\"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary\",\"datePublished\":\"2026-10-30T09:08:43+00:00\",\"dateModified\":\"2026-10-30T09:08:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/\"},\"wordCount\":731,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30143452\\\/Yes-Banks-AT-1-Coupon-Dilemma.jpg\",\"articleSection\":[\"Bond News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/\",\"name\":\"YES Bank AT1 Bond Coupon Dispute: Court Ruling vs Discretionary Payment Terms\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30143452\\\/Yes-Banks-AT-1-Coupon-Dilemma.jpg\",\"datePublished\":\"2026-10-30T09:08:43+00:00\",\"dateModified\":\"2026-10-30T09:08:45+00:00\",\"description\":\"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#primaryimage\",\"url\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30143452\\\/Yes-Banks-AT-1-Coupon-Dilemma.jpg\",\"contentUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/30143452\\\/Yes-Banks-AT-1-Coupon-Dilemma.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Yes Bank\u2019s AT-1 Coupon Dilemma\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/bond-news\\\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\",\"name\":\"GoldenPi | Blogs\",\"description\":\"All about bonds online in India\",\"publisher\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#organization\",\"name\":\"GoldenPi Technology Pvt Ltd\",\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08120536\\\/Logo-01-scaled.png\",\"contentUrl\":\"https:\\\/\\\/d2zny4996dl67j.cloudfront.net\\\/blogs\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/08120536\\\/Logo-01-scaled.png\",\"width\":2560,\"height\":750,\"caption\":\"GoldenPi Technology Pvt Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/goldenpitech\",\"https:\\\/\\\/x.com\\\/GoldenPiTech\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/goldenpi\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/#\\\/schema\\\/person\\\/9781cfb40abd7777b2fcbbbd5b6ac0ba\",\"name\":\"Deepak Narang | CFA Level 3\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g\",\"caption\":\"Deepak Narang | CFA Level 3\"},\"description\":\"Deepak Narang is a high-impact credit professional and investment analyst with over 9 years of expertise across the global financial landscape. Having cleared CFA Level 3, Deepak specializes in identifying risk profiles and investment potential of diverse sectors, ranging from large-scale manufacturing and traditional financial institutions to the high-growth world of new-age startups.\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/in\\\/deepak-narang-a119a08a\\\/\"],\"url\":\"https:\\\/\\\/goldenpi.com\\\/blog\\\/author\\\/deepak-narang\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"YES Bank AT1 Bond Coupon Dispute: Court Ruling vs Discretionary Payment Terms","description":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/","og_locale":"en_US","og_type":"article","og_title":"YES Bank AT1 Bond Coupon Dispute: Court Ruling vs Discretionary Payment Terms","og_description":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary","og_url":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/","og_site_name":"GoldenPi | Blogs","article_publisher":"https:\/\/www.facebook.com\/goldenpitech","article_published_time":"2026-10-30T09:08:43+00:00","article_modified_time":"2026-10-30T09:08:45+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg","type":"image\/jpeg"}],"author":"Deepak Narang | CFA Level 3","twitter_card":"summary_large_image","twitter_creator":"@GoldenPiTech","twitter_site":"@GoldenPiTech","twitter_misc":{"Written by":"Deepak Narang | CFA Level 3","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#article","isPartOf":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/"},"author":{"name":"Deepak Narang | CFA Level 3","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/9781cfb40abd7777b2fcbbbd5b6ac0ba"},"headline":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary","datePublished":"2026-10-30T09:08:43+00:00","dateModified":"2026-10-30T09:08:45+00:00","mainEntityOfPage":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/"},"wordCount":731,"commentCount":0,"publisher":{"@id":"https:\/\/goldenpi.com\/blog\/#organization"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#primaryimage"},"thumbnailUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg","articleSection":["Bond News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/","url":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/","name":"YES Bank AT1 Bond Coupon Dispute: Court Ruling vs Discretionary Payment Terms","isPartOf":{"@id":"https:\/\/goldenpi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#primaryimage"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#primaryimage"},"thumbnailUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg","datePublished":"2026-10-30T09:08:43+00:00","dateModified":"2026-10-30T09:08:45+00:00","description":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary","breadcrumb":{"@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#primaryimage","url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg","contentUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/30143452\/Yes-Banks-AT-1-Coupon-Dilemma.jpg","width":1600,"height":900,"caption":"Yes Bank\u2019s AT-1 Coupon Dilemma"},{"@type":"BreadcrumbList","@id":"https:\/\/goldenpi.com\/blog\/bond-news\/yes-banks-at-1-coupon-dilemma-court-says-pay-per-bond-terms-terms-say-discretionary\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/goldenpi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Yes Bank\u2019s AT-1 Coupon Dilemma: Court Says Pay Per Bond Terms, Terms Say Discretionary"}]},{"@type":"WebSite","@id":"https:\/\/goldenpi.com\/blog\/#website","url":"https:\/\/goldenpi.com\/blog\/","name":"GoldenPi | Blogs","description":"All about bonds online in India","publisher":{"@id":"https:\/\/goldenpi.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/goldenpi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/goldenpi.com\/blog\/#organization","name":"GoldenPi Technology Pvt Ltd","url":"https:\/\/goldenpi.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/05\/08120536\/Logo-01-scaled.png","contentUrl":"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/05\/08120536\/Logo-01-scaled.png","width":2560,"height":750,"caption":"GoldenPi Technology Pvt Ltd"},"image":{"@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/goldenpitech","https:\/\/x.com\/GoldenPiTech","https:\/\/www.linkedin.com\/company\/goldenpi\/"]},{"@type":"Person","@id":"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/9781cfb40abd7777b2fcbbbd5b6ac0ba","name":"Deepak Narang | CFA Level 3","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8b01d4abf2015896c5b35dc4dc883cfc177884bb57ffa342b832705a103d59c1?s=96&d=blank&r=g","caption":"Deepak Narang | CFA Level 3"},"description":"Deepak Narang is a high-impact credit professional and investment analyst with over 9 years of expertise across the global financial landscape. Having cleared CFA Level 3, Deepak specializes in identifying risk profiles and investment potential of diverse sectors, ranging from large-scale manufacturing and traditional financial institutions to the high-growth world of new-age startups.","sameAs":["https:\/\/www.linkedin.com\/in\/deepak-narang-a119a08a\/"],"url":"https:\/\/goldenpi.com\/blog\/author\/deepak-narang\/"}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/comments?post=16823"}],"version-history":[{"count":2,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16823\/revisions"}],"predecessor-version":[{"id":16827,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/posts\/16823\/revisions\/16827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media\/16824"}],"wp:attachment":[{"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/media?parent=16823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/categories?post=16823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldenpi.com\/blog\/wp-json\/wp\/v2\/tags?post=16823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}