Saudi National Bank won't provide more assistance to Credit Suisse
Credit Suisse Group AG (NYSE:CS) is in trouble after Saudi National Bank -- the firm's biggest backer -- said it won't provide further assistance to the embattled bank. The shares opened at an all-time low of $1.75, falling alongside other financial institutions following the collapse of SVB Financial Group (SIVB).
The shares were last seen down 24.4% to trade at $1.90, and set to add to their four-day slide. Longer-term, CS is now down 75.5%in the last 12 months, and pacing for its worst single-session percentage drop going back to at least 2004.
Options traders are chiming in. Already today, 42,000 puts and 31,000 calls have been exchanged, which is 27 times the average intraday volume. The most popular contract by far is the March 2.40 put, while new positions are being opened at the most second most popular contract, the 1.50 put from the same monthly contract.
This penchant for bearish bets is nothing new. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 3.03 sits higher than 97% of annual readings.