Deutsche Bank’s 5 year credit default swaps reach 170, second highest behind Credit Suisse
Deutsche Bank is the world’s 24th largest bank by total assets and Germany’s biggest one
LONDON/FRANKFURT, March 24 (Reuters) – Deutsche Bank shares (DBKGn.DE) fell for a third day on Friday, after a sharp jump in the cost of insuring against the risk of default late the day before fuelled concerns about the overall stability of Europe’s banks.
Deutsche shares, which have lost a fifth of their value so far this month, were last down 5.5% at 8.843 euros ($9.57), not far off Monday’s five-month low.
They closed 3.2% lower on Thursday, while the bank’s credit default swaps (CDS)<DB5YEUAM=MG> – a form of insurance for bondholders – shot up to 173 basis points (bps) from 142 bps the day before, according to data from S&P Market Intelligence on Thursday.
Deutsche Bank Shares Slump as Credit-Default Swaps Surge
DEUTSCHE BANK DOWN OVER 10%
DEUTSCHE BANK: BANK STOCK EXTENDS DROP TO 10%
— First Squawk (@FirstSquawk) March 24, 2023
Deutsche Bank
– Germany's biggest bank with around $1.4 trillion in assets
– $880 billion in assets under management
– $6 billion profit in 2022
– Designated as a systemically important financial institution
– Stock-price down 9% today, down over 24% in the past month
— Win Smart, CFA (@WinfieldSmart) March 24, 2023
Given Credit Suisse's trouble, I'm legitimately shocked.
Ht i/DefNotaZombie pic.twitter.com/5NjEVlYgBj
— Wall Street Silver (@WallStreetSilv) March 24, 2023
h/t pandoira