Zurich The shares of the crisis-plagued Credit Suisse crashed again on Wednesday. The shares of the major Swiss bank collapsed on the Zurich stock exchange by more than 21 percent to a new record low of 1.75 francs. The stock was then repeatedly suspended from trading.
At the same time, the price for hedging against defaults on bank bonds rose again. Five-year credit default swaps (CDS) for debt securities rose to 553 basis points, data from S&P Market Intelligence showed. This means that an investor has to pay 553,000 euros to insure bonds worth 10 million euros.
The Saudi major shareholder of Credit Suisse has meanwhile expressed satisfaction with the restructuring of the bank. The President of the Saudi National Bank, Ammar Al Khudairy, also does not think that the institute needs additional money.
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