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Dollar Funding Costs Rise to One-Week High in Euro Money Markets

The cost for European banks to borrow in dollars rose to the highest in a week, 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 23.5 basis points below the euro interbank offered rate at 8:30 a.m., from minus 23 yesterday, according to data compiled by Bloomberg. The measure is the costliest since Dec. 10.

The one-year basis swap was 25.5 basis points below Euribor from minus 26 yesterday. A basis point is 0.01 percentage point.

A measure of European banks’ reluctance to make unsecured loans to one another held near a three-week low. The difference between Euribor and overnight index swaps, known as the Euribor-OIS spread, was 12.2 basis points from 12 yesterday, the lowest since Nov. 27.

The European Banking Federation’s euro overnight index average, or Eonia, of unsecured lending deals was set at 0.071 percent yesterday from 0.074 percent on Dec. 14. The Eonia swap, an estimate of average overnight borrowing costs over the next three months, was little changed at 6.1 basis points.

Lenders increased overnight deposits at the European Central Bank yesterday to the highest in more than a month. Banks placed 249 billion euros ($328 billion) with the Frankfurt-based central bank, the most since Nov. 12, from 225 billion euros on Dec. 14.

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