MORGAN STANLEY ON YES BANK ; UNDERWEIGHT | TP ₹17

• Supreme Court order on AT1 bonds is prima facie negative. • Await clarity on what proportion of AT1 bonds will ultimately be allowed to be written off. • Post-tax impact of ~₹6,300 Cr equals ~12% of net worth. • Potential impact could reduce CET1 by ~190 bps from the current ~14%. • AT1 issue remains a key overhang; Morgan Stanley will watch for any review petition or clarification from the bank.

YES BANK LIMITED

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