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Euro Libor Jumps To One Year High, As Euribor Hits Fresh 2010 High
The most important story nobody talks about continues developing, with both Euro Libor and Euribor (3 Month) jumping to year highs. The much more popular funding rate, Euribor, just hit 0.905%, compared to 0.904% yesterday as tightness across the banking sector continues, on expectations that the ECB may cease providing constant backstops to everyone (1 week Euribor was 0.569%, 1 month: 0.649%). With the European policy rate at 1.0% the collapsing bank lending market may soon pressure banks to go exclusively to the ECB for overnight lending, in addition to all their other funding needs. And to think all this was supposed to be avoided with "successful" completion of the stess farce... And while Euribor has been on a non-stop tear higher, EUR Libor had recently dropped marginally. Well, no more. Market News reports, "The euro 3-month LIBOR rate was up 0.369 basis points on the day to
stand at 0.8348%, edging nearer to the official 1% policy rate and at
its highest level for almost a year. At the monthly press conference Thursday, European Central Bank
head Jean Claude Trichet talked about normalisation of EONIA rates,
and raised no concern about euro market rates moving higher. The euro LIBOR/OIS 3-month spread was almost 0.37 basis points
wider on the day."
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what time will ECRI figures be released today?
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Germans are terrified of inflation, and they don't worry too much about deflation, but that has been because historically they have been surrounded by high inflation neighbors, so it has muted the effect. What we are facing now is a deflationary trap across the Eurozone region, partly through undercapitalized banking system, partly because there are no decent credits left to lend to. I still think the Eurozone economies are in a better state than the US, but the debt collapse will hit just as hard.
Sounds like the Europeans are actually trying to raise money in the capital markets to pay for their bailouts. Interesting policy.
2 yr @ .49....wow. Euribor up, neither piece of news is good... futures @ -85DJ
Chicken?
Paying more for overnight funding than they'll get on a 2yr....
Sorry to keep posting this question every time we discuss the euribor spike (near 2010 highs), but would love to hear an informed opinion re the reason for the spike, since 3-month eurodollar is at 2010 lows and spreads, CDS premiums are relatively contained. In fact, in today's ZH post, Nic Lenoir notes:
Thank you!
There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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