That followed assurances from Swiss authorities on Wednesday that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks” and that it could access central bank liquidity if needed.
“However, it will take time to fully regain trust in the franchise. We will update our financial/valuation models to reflect the impacts of recent events and a higher risk perception in the financial sector ,” Venditti said.The cost of insuring against the risk of default on Credit Suisse bonds blew out to distressed levels on Wednesday, while banking shares globally, which had already been pummeled by the collapse of two regional U.S. lenders in the last week, tumbled.
“In our view, status quo is no longer an option as counterparty concerns are starting to emerge as reflected by credit/equity market weakness,” they said. “Credit Suisse is the first major bank, deemed too big to fail, to take up the offer of an emergency lifeline,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.
Source: News Formal (newsformal.com)
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