REFILE-Credit Suisse stocks drop to fresh record lows, bonds suffer

Follow us on Google News:
 REFILE-Credit Suisse stocks drop to fresh record lows, bonds suffer
Image source: ©2022 Kalkine Media®

(refiles story to remove extraneous letter in headline)


Nov 30 (Reuters) - Credit Suisse stocks sunk to fresh record lows on Wednesday and the cost of insuring its debt soared to a new peak amid little sign that investors' concerns over the outlook for the Swiss lender were fading.

Credit Suisse shares were down more than 1% in their ninth straight session in the red with the stock having lost 66% since the start of the year.

Credit Suisse rights for its 2.24-billion-francs cash call were up 1% though that comes after suffering a 30% tumble on Tuesday.

The bank's fixed income assets were also under pressure, with additional tier 1 dollar issues down more than 2 cents and many sinking below the levels seen during the early October selloff, Tradeweb data showed.

The cost of insuring exposure to its debt scaling a record high of 409 basis points (bps), up 2 bps from Tuesday's close, according to S&P Global Market Intelligence. Credit Suisse credit default swaps had started the year at 57 bps. (Reporting by Chiara Elisei and Danilo Masoni, editing by Karin Strohecker)

Disclaimer

The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles