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Bank Dollar Funding Cost Increases in European Money Markets

The cost for banks to borrow dollars increased to the highest level in more than a month in European money markets.

The three-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, was 26 basis points below the euro interbank offered rate at 9:27 a.m. in London, compared with minus 25.7 basis points yesterday, according to data compiled by Bloomberg. That’s the most expensive since Oct. 3.

The one-year basis swap was at 25.3 basis points, or 0.253 percentage point, below Euribor, from minus 25.5 basis points yesterday.

A measure of European banks’ reluctance to make unsecured loans to one another was little changed, with the difference between Euribor and overnight index swaps, known as the Euribor-OIS spread, at 11.6 basis points, from 11.5 yesterday.

The European Banking Federation’s euro overnight index average, or Eonia, of unsecured lending deals was set at 0.09 percent yesterday, little changed from the end of last week. The Eonia swap, an estimate of average overnight borrowing costs over the next three months, was little changed at 8.3 basis points.

Lenders left overnight deposits at the European Central Bank unchanged at 261 billion euros ($334 billion) yesterday.

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