At least nine European banks have seen a sharp increase in risk indicators following the failure of Silicon Valley Bank.
Risk indicators such as the rates on credit default swaps are rising for the European banking sector following the failure of Silicon Valley Bank last week. CDS — a type of financial derivative — rise in value as the risk of default increases. The contracts, which are traded, allow some investors to hedge against a fall in share or bond prices, while others might seek to profit in a declining market. Swiss lender Credit Suisse Group saw the largest jump at more than 5.43 percentage points to 7.
The table below shows banks in the STOXX Europe 600 Banks Index that have credit default swaps on their bonds: The jump in investors' perception of default rose after that SVB's collapse last week, the second largest bank failure in U.S. history, which has sparked "widespread concern" of contagion taking root while interest rates remain high.
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