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Dollar Funding Costs Hold at 12-Week Low in Euro Money Markets

The cost for European banks to borrow in dollars held near the lowest in 12 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 little changed at 22 basis points below the euro interbank offered rate at 8:25 a.m., according to data compiled by Bloomberg. The measure is the lowest since Sept. 21.

The one-year basis swap was little changed at 25 basis points below Euribor. A basis point is 0.01 percentage point.

A measure of European banks’ reluctance to make unsecured loans to one another fell to a four-day low. The difference between Euribor and overnight index swaps, known as the Euribor-OIS spread, was 12.6 basis points from 12.8 yesterday.

The European Banking Federation’s euro overnight index average, or Eonia, of unsecured lending deals was set at 0.071 percent yesterday from a record-low 0.066 percent the day before. The Eonia swap, an estimate of average overnight borrowing costs over the next three months, was little changed at 5.7 basis points.

Lenders increased overnight deposits at the European Central Bank yesterday to 204 billion euros ($267 billion) from a year-low 195 billion euros the day before.

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