Credit Suisse was trending for all the wrong reasons this weekend, as social media was in a frenzy debating whether one of the 30 global systemically important banks would collapse altogether.
The bank did open its doors on Monday. The bad news was, its shares CSGN,
CS,
fell 11% at the open to a new record low, and have dropped 59% this year.
The market that has really caught the attention of traders is that of credit-default swaps. Those are effectively batch on whether a debt issuer will survive. The 5-year credit default swap widened on Friday to 250