Credit Suisse five-year credit default swaps fall after debt buyback plan

The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland September 26, 2022. REUTERS/Arnd Wiegmann/File Photo

LONDON, Oct 7 (Reuters) - The cost of insuring exposure to debt issued by Credit Suisse (CSGN.S) dropped on Friday after the Swiss lender said it would buy back up to 3 billion Swiss francs ($3 billion) of debt. read more

Credit Suisse's five-year credit default swaps (CDS) fell 42 basis points from Thursday's close to 308 bps, data from S&P Global Market Intelligence showed.

Shares in the bank rose by 3% on the day to their highest since Sept. 23, while the price of Credit Suisse's bonds also ticked higher, reflecting a degree of relief among investors.

Reporting by Alun John, editing by Amanda Cooper

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