Tuesday, January 4, 2011 - 15:45Credit Observer: LIBOR Mostly Steady; TED At Pre-Crisis Lvls
CHICAGO (MNI) - London returned from New Year holiday with U.S. dollar LIBOR rates set mostly steady Tuesday morning (O/N and 6M lower, 8M-9M higher).LIBOR/OIS were a touch higher while forward FRA/OIS basis levels compressed; 3M financial CP drops to 0.23% from 0.29% Friday, effective funds rate at 0.19%.O/N: 0.24688% (-0.0050) vs. 0.25188% Fri 1W: Unched at 0.25438% 1M: Unched at 0.26063% 3M: Unched at 0.30281% 6M: 0.45581% (-0.00013) vs. 0.45594% Fri 12M: Unched at 0.78094%Overnight Index Swap (OIS) had 3M at 12.38 vs. 11.98 last Friday, 1M at 7.96; forward 3M IMM FRA/OIS spreads had Mar11 at 18.32 vs. 18.97, Jun11 at 23.94 vs. 24.99, Sep11 at 27.54 vs. 29.50.Compared to year ago levels, front end to 6M rates were higher, 7M lower -- while the drop accelerated in 8M out to 12M rates.Stone and McCarthy researchers noted the TED spread "often used as a gauge for the health of credit markets and bank lending" as measured by the spread between 3M LIBOR and 3M T-bill rate has receded to pre-crisis levels, to 15.27.READ ORIGINAL POST HERE
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CHICAGO (MNI) - London returned from New Year holiday with U.S. dollar LIBOR rates set mostly steady Tuesday morning (O/N and 6M lower, 8M-9M higher).
LIBOR/OIS were a touch higher while forward FRA/OIS basis levels compressed; 3M financial CP drops to 0.23% from 0.29% Friday, effective funds rate at 0.19%.
O/N: 0.24688% (-0.0050) vs. 0.25188% Fri 1W: Unched at 0.25438% 1M: Unched at 0.26063% 3M: Unched at 0.30281% 6M: 0.45581% (-0.00013) vs. 0.45594% Fri 12M: Unched at 0.78094%
Overnight Index Swap (OIS) had 3M at 12.38 vs. 11.98 last Friday, 1M at 7.96; forward 3M IMM FRA/OIS spreads had Mar11 at 18.32 vs. 18.97, Jun11 at 23.94 vs. 24.99, Sep11 at 27.54 vs. 29.50.
Compared to year ago levels, front end to 6M rates were higher, 7M lower -- while the drop accelerated in 8M out to 12M rates.
Stone and McCarthy researchers noted the TED spread "often used as a gauge for the health of credit markets and bank lending" as measured by the spread between 3M LIBOR and 3M T-bill rate has receded to pre-crisis levels, to 15.27.
READ ORIGINAL POST HERE
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LIBOR, other interest rate indexes
The LIBOR is among the most common of benchmark interest rate indexes used to make adjustments to adjustable rate mortgages. This page also lists some other less-common indexes.
Click on the links below to find a fuller explanation of the term.
Ratings methodology
Who are they for? These indexes are of interest to investors and borrowers alike, especially those who have mortgages or business loans tied to these indexes.What's included? The Bond Buyer 20 bond index is a barometer for yields on tax-free bonds issued by state governments and local municipalities. The Fannie Mae 30-year mortgage commitment for delivery within 60 days helps mortgage lenders determine what rates to charge on 30-year fixed rate mortgages that are to be sold to Fannie Mae within the next 60 days. The LIBOR rates, which stand for London Interbank Offered Rate, are benchmark interest rates for many adjustable rate mortgages, business loans, and financial instruments traded on global financial markets.
Read more: LIBOR | 1 Month Libor 3 Rate 6 Month Rates Bond Index Current One 90 day 30 Day http://www.bankrate.com/rates/interest-rates/libor.aspx#ixzz1A506Tfmc
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