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Pam and Russ Martens: Credit default swaps explode on Credit Suisse as its stock price hits record low
By Pam and Russ Martens
Wall Street on Parade
Thursday, December 1, 2022
That $4 billion capital raise that was supposed to shore up confidence in global banking behemoth Credit Suisse turns out to have been too little, too late. Yesterday, five-year credit default swaps (CDS) on Credit Suisse blew out to 446 basis points. That's up from 55 basis points in January and more than five times where CDS on its peer Swiss bank, UBS, are trading.
... Dispatch continues below ...
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The price of a credit default swap reflects the cost of insuring oneself against a debt default by the bank. Who might be desperate to buy protection against a default by Credit Suisse and driving up the cost of that protection? The mega-banks on Wall Street that are counterparties to its derivative trades come to mind, as well as hedge fund speculators.
Things don’t look any brighter this morning for Credit Suisse. Its shares are trading in Europe at 2.67 Swiss Francs or approximately $2.82 -- an all-time low.
Year-to-date, shares of Credit Suisse have lost 66% of their value as of yesterday's close on the New York Stock Exchange. ...
... For the remainder of the analysis:
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