Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Credit Suisse 5-year CDS widen as shares plummet

Published 02/03/2023, 16:40
Updated 02/03/2023, 16:46
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland April 14, 2021.  REUTERS/Arnd Wiegmann
CSGN
-
CS
-

LONDON (Reuters) - The cost of insuring the debt of Credit Suisse (SIX:CSGN) against default rose on Thursday, while shares in the Swiss lender fell to record lows.

By 1628 GMT, Credit Suisse five-year credit default swaps had widened to 347 basis points (bps) from 344 bps at Wednesday's close, according to data from S&P Global (NYSE:SPGI) Market Intelligence.

Shares in the bank fell by as much as 10% earlier in the day to a record low of 2.497 Swiss francs ($2.65). They were last down 6.9% on the day at 2.570 francs.

© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland April 14, 2021.  REUTERS/Arnd Wiegmann

The drop in the shares and the rise in the CDS follow reports this week about talent leaving the bank, as well as measures Credit Suisse is taking to prevent more client outflows.

($1 = 0.9413 Swiss francs)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.