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Credit Suisse 5-year CDS widen as shares plummet

Reuters
·1-min read
Logo of Credit Suisse is seen in Zurich

LONDON (Reuters) - The cost of insuring the debt of Credit Suisse 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 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.

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)

(Reporting by Amanda Cooper; Editing by Danilo Masoni)