Five-year credit default swaps for the Swiss lender rose to as high as 451 basis points, a record high, data from S&P Global Market Intelligence showed. Bank shares globally plunged on Monday as the United States' move to guarantee the deposits of the collapsed tech-focused lender Silicon Valley Bank failed to reassure investors that other banks remain financially sound. Credit Suisse shares hit a new record low and were last down 12%. (Reporting by Chiara Elisei, editing by Dhara Ranasinghe)
LONDON, March 13 (Reuters) - The cost of insuring Credit
Suisse bonds against a default on Monday rose to a
record high as the collapse of startup-focused Silicon Valley
Bank triggered concern about broader banking sector contagion.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.