The ISDA Determination Committee has reached a decision
No government intervention constituting a credit event has occurred for Credit Default Swaps on Credit Suisse subordinated bonds
Jean-François Mion
— 22 May 2023
Of course, the full consequences of the Credit Suisse rescue are not yet known. Between March 16 and 19, the Federal Council, the SNB, FINMA and the Boards of Directors of UBS and Credit Suisse took the decisions that enabled the two banks to merge (see https://cdbf.ch/1272/). The SNB granted extraordinary loans to Credit Suisse, secured by two federal loans. A first urgent commitment credit was granted in the form of a default risk guarantee of up to CHF 100[...]