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UBS credit default swaps hit decade high after Credit Suisse blow out

Published 10/03/2022, 12:49 PM
Updated 10/03/2022, 12:52 PM
© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland, January 27, 2017. REUTERS/Arnd Wiegmann/File Photo

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 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.

Latest comments

My God, CS is taking UBS down with it? Alarming possibility. Hope it doesn't happen.
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