Credit Suisse has a pretty strong capital position — but the markets are behaving as though it doesn't.
Note: Credit Suisse 3.625% senior notes due 2024, UBS 1.008% senior notes due 2024; Data: MarketAxess' BondTicker; Chart: Axios VisualsWhen it comes to banking, perception can rapidly become reality.A Credit Suisse dollar bond maturing in 2024 traded briefly at a yield above 10% on Wednesday. The bank's shares closed at just 4.11 Swiss francs, giving it a market capitalization of just $11 billion, or less than a quarter of its book value.
The minute that a bank starts looking weak, its clients and counterparties are prone to move their business elsewhere. That can cause losses which cause even more defections, and so on in a vicious cycle.Credit Suisse has so far failed to change the market narrative. What it probably needs is a reassuring
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