Money markets | ECB Data Portal (2024)

FAQs

What is € ster? ›

The euro short-term rate (€STR) is published on each TARGET2 business day based on transactions conducted and settled on the previous TARGET2 business day.

€STR is described as a risk-free, or near risk-free, rate as unlike EURIBOR or Euro LIBOR it does not contain material term risk or bank credit risk. 2. €STR is an overnight rate which is published in arrears. In contrast EURIBOR and Euro LIBOR are term rates which are published at the start of the relevant period.

How does the ESTR work? The ESTR works by using the transaction data collected as part of the daily reporting on monetary exchanges from the 52 largest eurozone banks. It represents the average interest rate attached to loans throughout a business day.

The euro short-term rate (€STR) reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area.

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These wholesale rates are typically used with banks and institutional investors such as pension funds. One of the key reasons for the switch to ESTER is that there will be more banks contributing to the average ESTER rate than currently with EONIA.

€STR is a bid rate while EONIA is an offered rate, therefore liquidity premium calculations need to be corrected accordingly. Market participants using EONIA in their FTP models should create a transition plan, covering all relevant FTP-related systems and policies.

The interest rate on a three-month U.S. Treasury bill (T-bill) is often used as the risk-free rate for U.S.-based investors. The three-month U.S. Treasury bill is a useful proxy because the market considers there to be virtually no chance of the U.S. government defaulting on its obligations.

Euro Short-Term Rate is at 3.91%, compared to 3.91% yesterday and 2.90% last year.

What is a ESTR swap? ›

ESTR (Euro Short-Term Rate) is a new alternative reference rate for the Euro interbank lending market. It was introduced as a replacement for the legacy overnight rate, the Euro Overnight Index Average (EONIA), which was phased out at the end of 2021.

The euro short-term rate (€STR) reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area. The ECB publishes on its website the €STR at 08:00 CET on each TARGET2 business date.

At first glance, SONIA may appear to cost less than LIBOR. That's because, as a risk-free rate, SONIA is looking at the cost of lending in a risk-free situation. It doesn't include the extra cost that a lender would charge for a riskier loan over a longer period of time.

Basic Info. Overnight Federal Funds Rate is at 5.33%, compared to 5.33% the previous market day and 4.83% last year.

Both Term SOFR and “raw” SOFR (i.e. compounded daily in arrears) are used for syndicated or bilateral loans in US Dollars, whereas “raw” SONIA (as opposed to Term SONIA) is the predominate rate used for Sterling loans.

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