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Credit default swaps, an instrument that will pay its holder in the event of an issuer defaulting, rose to 337 basis points (bps) from 323 bps, according to S&P Global (NYSE:SPGI) Market Intelligence.
The U.S. Justice Department is investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement, Bloomberg News reported on Tuesday.
Credit Suisse’s additional tier 1 dollar-denominated bonds fell by as much as 0.7 cents to 90.259 cents, while its euro-denominated bonds dropped 0.75 cents to 73.30, according to Tradeweb data.
Shares in the company were down 3.5%.
