Credit Suisse debt default insurance won’t pay out

UBS bought Credit Suisse in a shotgun marriage organised by the Swiss government. Photo: Arnd Wiegmann/Reuters© REUTERS

Giulia Morpurgo

Credit default swaps (CDS) tied to Credit Suisse Group subordinated debt are tumbling after a panel ruled that the wipeout of the Additional Tier 1 notes won’t trigger a payout.