David goldman
Ξ September 24th, 2008 | → 0 Comments | ∇ Uncategorized |
Libor Rises as Banks Hoard Cash
the bank funding market continues to be under grief. to some caste, this was anticipated, as diverse market participants saw signs that the year-put to death liquidity bleed, and the months preceding it, would be worse than last year, which was unpropitious enough to lead to the creation of the first special liquidity channel, the term auction deftness.note that if central banks, who procure the greatest talents to influence transitory term rates and money bazaar conditions, cannot do so via their routine liquidity measures and the new alphabet soup of fed facilities, it it not clear that the paulson bailout plan will play a joke on any more success. the immediate remedy would be to increase the size of the taf.from bloomberg:money-market interest rates increased as banks sought to buttress balance sheets amid deepening concern a bailout of economic institutions won’t cook quickly adequacy to ease short-incumbency funding constraints.the equal-month london interbank offered clip, or libor, to go to dollars jumped 22 basis points to 3.43 percent, the highest up since january, the british bankers’ association said today. the corresponding rate in euros rose 7 basis points to 4.91 percent and the pound worth also advanced 7 basis points, to 5.91 percent.“there’s no real term funding markets except instead of central banks,” said meyrick chapman, a fixed-income strategist in london at ubs ag. “the libor is meaningless. it’s destined for unsecured lending and there is no unsecured lending as far as i can dream of.”…`we’ve seen unequivocally a bit of upward pressure in the past couple of weeks and the in reality that the taf came in at over 50 essence points aloft yesterday’s one-month libor will no doubt add to that,” said barry moran, a dublin-based money-buy trader at bank of ireland, the country’s second-biggest bank.the dissimilitude between the libor to three-month viagra bestellen dollar loans and the overnight indexed swap rate, the libor-ois spread that measures the availability of funds in the market, widened 30 basis points to 165 point of departure points today, the highest level since at least december 2001. that compares with an average of 8 basis points in the 12 months to july 31, 2007, before the credit squeeze started.to help ease the gridlock in dollar funding, the fed arranged $30 billion in swap lines today with central banks in norway, sweden, denmark and australia.
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