Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Dollar Funding Costs Fall to Six-Month Low in Euro Money Markets

Don't Miss Out —
Follow us on:

Feb. 9 (Bloomberg) -- The cost for European banks to borrow in dollars fell for a third day to the lowest level in six months, according to a money-market indicator.

The three-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, was 67.5 basis points below the euro interbank offered rate at 9 a.m. in London, from minus 70 yesterday, data compiled by Bloomberg show. The cost is the lowest since Aug. 5.

The one-year basis swap was 56 basis points less than Euribor, the cheapest level since Sept. 2. It was minus 56.5 yesterday. A basis point is 0.01 percentage point.

A measure of European banks’ reluctance to lend to one another was little changed. The Euribor-OIS spread, the difference between the borrowing benchmark and overnight indexed swaps, was 73 basis points in London, according to data compiled by Bloomberg.

Lenders’ overnight deposits at the European Central Bank were 495 billion euros ($658 billion) yesterday, unchanged from Feb. 7, according to the Frankfurt-based ECB.

To contact the reporter on this story: Andrew Reierson in London at

To contact the editor responsible for this story: Paul Armstrong at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.