When you talk about banking problems, Credit Suisse is a name that is never too far away from making the headlines. However, is this time really different? Well, markets are not fooling around as they are seriously pricing in good odds that the bank will indeed default.

The CDS curve for Credit Suisse is now deeply inverted with 6-months swaps well above 1,000 bps and 1-year swaps (+200 bps roughly today) on the way there. 5-year swaps have also come up considerably to near 600 bps today and you can see below how that figures with the levels of other banks in the region (as of 14 March that is):