Deutsche Bank Shares Slide , as Cost of Default Insurance Rises.
Markets Insider reports that Deutsche Bank shares dropped 14% on March 24.
Its U.S.-listed shares dropped 11% in premarket trading.
The losses occurred after insurance against default increased on March 23.
According to Refinitiv, the price of credit default swaps tied to the bank's bonds shot up from 142 basis points to 173 basis points in just one day.
That is the greatest one-day increase on record.
Banking system fears continue to mount in both the U.S. and Europe following the closures of SVB and Signature Bank as well as Credit Suisse's bailout by UBS.
Banking system fears continue to mount in both the U.S. and Europe following the closures of SVB and Signature Bank as well as Credit Suisse's bailout by UBS.
Banking system fears continue to mount in both the U.S. and Europe following the closures of SVB and Signature Bank as well as Credit Suisse's bailout by UBS.
Other European banks to endure stock losses on March 24 include UBS and France's Société Générale, each dipping 7%.
Other European banks to endure stock losses on March 24 include UBS and France's Société Générale, each dipping 7%.
And Germany's Commerzbank sliding 8%.
After the events of the last few weeks investors are clearly jittery, particularly when it comes to the banking sector, Michael Field, Morningstar equity analyst, to Markets Insider.
Deutsche has been through a long restructuring period, selling off toxic assets along the way, but there is still some investor skepticism around the quality of the bank, Michael Field, Morningstar equity analyst, to Markets Insider.
When banking shares are being beaten up, as they are today, Deutsche will likely take it worse than peers, Michael Field, Morningstar equity analyst, to Markets Insider
