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Pam and Russ Martens: Trouble with Credit Suisse causing panic among banks
By Pam and Russ Martens
Wall Street on Parade
Monday, October 3, 2022
The Swiss global bank, Credit Suisse, a derivatives counterparty to major Wall Street banks and U.S. insurers, raised alarm bells in markets on Friday and is raising more anxiety this morning. Its five-year credit default swap, a measurement of its risk of defaulting on its debt, jumped to 250 basis points on Friday and traded as high as 350 basis points in early trade today.
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The big move in the CDS on Credit Suisse is further impacting the price of its common stock. The shares closed on Friday in New York at $3.92, just pennies away from its all-time low, then dropped another 11% in early trading in Europe today.
When a major derivatives counterparty begins to see a blowout in its credit default swaps, that affects the stock prices of all major Wall Street banks with significant exposure to derivatives. It also raises the risk of systemic contagion -- as occurred in the financial crisis of 2008 when Citigroup and Lehman Brothers were teetering and were major derivative counterparties. The chart with this report shows the dramatic declines in not just Credit Suisse over the past year but in Nomura, Deutsche Bank, Bank of America, JPMorgan Chase, and Citigroup. ...
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