Credit Suisse’s Wild Day in Three Charts
Credit Suisse Group AG investors were taken on a wild ride Wednesday after the bank’s biggest shareholder indicated it wouldn’t increase its stake. That sent shares, bonds and credit-default swaps into contortions despite efforts this week by Credit Suisse’s chairman and chief executive officer to reassure investors.
Here are three charts showing the magnitude of the moves:
First, the bank’s bonds are in trouble. Short-term debt for the lender abruptly sold off on Wednesday, shedding as much as 40 cents on the dollar to levels that signal financial distress. Credit Suisse has €41.8 billion ($44 billion) of bonds maturing by the end of 2024, according to data complied by Bloomberg.