DB - Deutsche Bank shares tumble as cost of default insurance spikes
2023-03-24 06:01:45 ET
Deutsche Bank ( NYSE: DB ) shares sank 11% in Frankfurt Friday in a sign that bank worries were not in the rearview mirror.
The stock, down 5% in U.S. premarket trading, was looking at a third-straight day of losses. Shares have lost about a fifth of their value this month.
Five-year credit default swaps jumped to 173 basis points late Thursday from 142 bps in the previous session. That was the largest one-day rise in history, according to Refinitiv data cited by Reuters.
Additional-Tier 1 (AT1) bonds were also under pressure. The 7.5% dollar AT1 bond yield was around 22.9%, double what it was two weeks ago.
More on the Bank Crisis
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- EU regulators to focus on liquidity rules after Credit Suisse debacle
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Deutsche Bank shares tumble as cost of default insurance spikes