Credit Suisse Shares on Worst Run Since 1989 as Losses Deepen
- Stock down for 13th consecutive day, setting fresh record low
- Chairman says volatility will continue until offer completed
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Credit Suisse Group AG’s losing streak took the stock closer to the price that the Swiss lender is pitching to investors in a crucial capital raise, increasing risks that underwriting banks are left holding unwanted shares.
The stock fell as much as 5.49% to a record low of 2.67 Swiss francs, just 6% above the price of 2.52 francs for subscription rights that Credit Suisse offered existing investors. The bank had set the price at a discount of 32% to its stock value after the strategy presentation in October.