Credit Suisse bonds slide, CDS rise
2022.11.28 05:26
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo
(Reuters) – Credit Suisse bonds fell and the cost of insuring exposure to its debt rose on Monday following reports of fresh troubles at the Swiss lender.
Five-year credit default swaps widened 4 basis points (bps) from Friday’s close to 349 bps, the highest since at least early October, according to data from S&P Global (NYSE:) Market Intelligence.
Bonds also came under pressure, with the additional tier 1 dollar-denominated issues down as much as 1.7 cent, hitting the lowest level since mid-October.
The head of Credit Suisse’s Swiss unit said on Sunday that “some customers have withdrawn some of their money, but very few have actually closed their accounts.”
