UPDATE: 2023-03-15 @ 15:55 EST

As predicted this morning there had to more to come following the string of denials from Management and investors. In a first for a global bank since 2008 here is latest from Reuters.

Reuters: Swiss financial regulator FINMA and the nation’s central bank said on Wednesday that the Swiss National Bank would provide Credit Suisse (CSGN.S) liquidity “if necessary”, a first for a global bank since the financial crisis.

Original post

A string of denials from Credit Suisse owners, management and investors caught my attention..

The cost to insure against default for the bank has reached levels not seen since the Greek debt crisis reaching prices in excess of 1,000 basis points. That level is considered rare for Senior bank CDS.

The bank stock fell 22% after its shareholder, Saudi National Bank Chairman Ammar Al Khudairy, ruled out investing any more in the company.

They are in the midst of a complex restructuring. It is reported client money is being pulled out ant very high levels.

Chairman Axel Lehmann said Wednesday that government assistance “isn’t a topic” and reiterated their situation cannot be compared to SVB.

Time will tell. More from Bloomberg below and I would recommend following this story there.

BloomBerg reports in a note this morning

Spotlight

More woes for Credit Suisse. Here’s the latest:

The cost of insuring Credit Suisse bonds against default in the near term is approaching a level that typically signals serious investor concerns. That’s about 18 times more than for UBS and 9 times for Deutsche Bank.

Chairman Axel Lehmann said government assistance “isn’t a topic” for the lender and that it wouldn’t be accurate to compare the bank’s current problems with the SVB collapse.

Credit Suisse’s top shareholder ruled out providing more financial assistance to the struggling Swiss bank, citing regulatory issues. “The answer is absolutely not,” Saudi National Bank Chairman Ammar Al Khudairy said.

Shares in the Swiss lender hit a record low.