UBS credit default swaps hit decade high after Credit Suisse blow out
Reuters
Published Oct 03, 2022 17:49
Updated Oct 03, 2022 18:03
LONDON (Reuters) - The cost of insuring exposure to debt issued by Swiss lender UBS rose to a decade high on Monday after peer Credit Suisse (SIX:CSGN) was caught in the market spotlight amid concerns about its ability to revamp its business and bolster its capital.
UBS five-year credit default swaps (CDS) rose 12 basis points from Friday's close to 118 bps, its highest level since 2013, data from S&P Global (NYSE:SPGI) Market Intelligence showed.
Credit Suisse CDS last stood at 335 bps, well above Friday's close of 250 bps but below the 355 bps hit earlier on Monday.
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Written By: Reuters
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