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Three-Month Dollar Libor Rises to 0.43%; Most Since August 2010

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Nov. 1 (Bloomberg) -- The rate at which London-based banks say they can borrow for three months in dollars rose to the highest level since August 2010.

The London interbank offered rate, or Libor, for three-month dollar loans climbed to 0.43167 percent from 0.42944 percent yesterday, data from the British Bankers’ Association showed. That’s the highest level since Aug. 3, 2010.

Credit Agricole Corporate & Investment Bank submitted the highest rate today among the contributing panel of 19 lenders, at 0.515 percent, up from 0.505 yesterday. HSBC Holdings Plc posted the lowest, unchanged at 0.2750 percent.

The dollar Libor-OIS spread, a gauge of banks’ reluctance to lend, was little changed at 34.72 basis points at 11:55 a.m. London time. It reached 34.74 basis points yesterday, the highest closing level since July 3, 2009, according to data compiled by Bloomberg.

The TED spread, or the difference between what lenders and the U.S. government pay to borrow for three months, narrowed to 43.17 basis points from 44.47 basis points yesterday, the highest closing level since June 17, 2010.

To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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