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

Banks’ Dollar Funding Costs Decline to Three-Week Low in Europe

June 20 (Bloomberg) -- The cost for European banks to borrow in dollars fell to the lowest in three weeks, according to a money-markets indicator.

The three-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, was 49.5 basis points below the euro interbank offered rate at 10 a.m. in London, from minus 52 yesterday, according to data compiled by Bloomberg. That’s the lowest cost since May 29 when the measure was minus 47.

The one-year basis swap was 48 basis points below Euribor from minus 49. A basis point is 0.01 percentage point. Euribor, the rate banks say they see each other lending in euros, is derived from a survey of banks by the European Banking Federation.

Prices in the forward market for three-month Euribor relative to overnight indexed swaps -- known as the FRA/OIS spread -- were little changed at 33 basis points.

The Euribor/OIS spread was little changed at 43 basis points. The measure reached 2 1/2-month high of 44 basis points on June 18.

Overnight deposits at the Frankfurt-based European Central Bank were little changed at 764 billion euros ($970 billion) yesterday.

To contact the reporter on this story: Katie Linsell 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.