Credit Suisse bondholders received another blow in their attempt to capture an insurance payout from its acquisition by cross-town rivals UBS, with a panel responsible for decisions on payouts for credit default swaps rejecting a second claim that centred on whether a "bankruptcy credit event" had occurred at the bank before the merger.

In a unanimous 22 May decision, the Credit Derivatives Determination Committee said that Credit Suisse's shotgun marriage to UBS did not constitute a bankruptcy event. It is the second time in recent days that the panel has rejected a claim from investors.