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Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday as it grapples with a plummeting share price and a surge in bets against its debt.

The Swiss lender is also selling its famous Savoy Hotel in Zurich’s financial district, prompting some speculation that it is struggling with liquidity.

In a statement Friday regarding the offer to repurchase debt, Credit Suisse said: “The transactions are consistent with our proactive approach to managing our overall liability composition and optimizing interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices.”

The moves came shortly after Credit Suisse’s shares hit an all-time low earlier this week, and credit default swaps soared to a record high amid the market’s turmoil over its future.

The troubled lender is embarking on a massive strategic review under a new CEO after a string of scandals and risk management failures and will give a progress update alongside its quarterly earnings on Oct. 27.

Shares were trading 7% higher following the news Friday. However, they remain 50% lower year to date.

Although rising credit risk among European banks may bring back memories of the 2008 Global Financial Crisis, analysts have stressed that capital buffers are now significantly higher.

MSCI Research highlighted in a note Thursday that although high in historical context — particularly for Credit Suisse and Deutsche Bank

 — the volume of credit-default swaps does not yet indicate imminent sector-wide default.

“Inversion of the curve would reflect investors’ short-term default concerns, and this was observed in 2008 across banks. Credit Suisse is the only major bank for which the curve has recently flattened,” MSCI Research Executive Directors Gergely Szalka and Thomas Verbraken noted.

“A standard model using current CDS pricing shows a market-implied six-month default probability of approximately 2% and 1% for Credit Suisse and Deutsche Bank, respectively, and a five-year default probability of 23% for Credit Suisse and 17% for Deutsche Bank.”

“All that to say, the market data suggests that a Lehman moment for European banks does not seem likely for the time being,” they concluded.