We use cookies to improve your experience. By using BondbloX, you agree to our use of cookies.
Bond Market News
Yes Bank’s AT1 Write-Down Overturned
October 16, 2026
India’s Supreme Court has overturned Yes Bank’s 2020 write-off of INR 84bn ($883.7mn) in AT1 bonds, upholding a 2023 Bombay High Court ruling and delivering a major victory to bondholders. The securities were written off during the lender’s restructuring after it faced insolvency concerns, while equity investors were subject only to a three-year lock-in on 75% of their shares. The Supreme Court ruled that the bank’s administrator wrongly assumed he retained the authority to write down the bonds after the restructuring scheme was finalised, concluding that the write-off was impermissible. It also found that Yes Bank had breached RBI rules by actively selling these high-risk instruments to individual investors, despite restrictions intended to limit their sale to institutional investors. The court criticised the RBI for failing to intervene adequately as the bank’s core equity capital ratio fell to 0.6% by end-2019, well below the required 7.375%. The verdict benefits retail and institutional bondholders. Restoring the AT1 bonds could result in a one-time loss for the bank and weaken its capital adequacy ratio. The lender said it was reviewing the final judgment. Japan’s SMBC currently holds ~24% of Yes Bank.
For more details, click here
– Vandit P
Go back to Latest bond Market News
Related Posts:
Sinopec Returns to the Dollar Bond Market for a Second Time in 2017
September 13, 2017
S&P Upgrades Yanlord by One Notch to ‘BB’
March 16, 2018
Our Awards
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.