Credit Suisse credit default swaps hit record high
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LONDON, March 13 (Reuters) - The cost of insuring Credit Suisse bonds against a default on Monday rose to a record high as the collapse of startup-focused Silicon Valley Bank triggered concern about broader banking sector contagion.
Five-year credit default swaps for the Swiss lender rose to as high as 451 basis points, a record high, data from S&P Global Market Intelligence showed.
Bank shares globally plunged on Monday as the United States' move to guarantee the deposits of the collapsed tech-focused lender Silicon Valley Bank failed to reassure investors that other banks remain financially sound.
Credit Suisse shares hit a new record low and were last down 12%. (Reporting by Chiara Elisei, editing by Dhara Ranasinghe)
