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The Guardian - UK
The Guardian - UK
Business
Ben Butler and agencies

Cost of insuring against Credit Suisse defaulting reaches record high

Credit Suisse Suisse Ulrich Körner
The logo of Swiss bank Credit Suisse is seen at a branch office in Bern beneath window planters of red flowers
Credit Suisse is preparing to reveal a plan for getting itself out of its financial hole, which may include job cuts and selling assets. Photograph: Arnd Wiegmann/Reuters

The cost of buying insurance against Credit Suisse defaulting on its debt soared to a record high on Monday, amid fears on markets about the solidity of the balance sheet at the globally significant Swiss bank.

There was a sell-off in the bank’s shares and bonds while investors rushed instead to buy credit default swaps (CDS) – insurance against the bank failing to meet its debts.

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