Soaring U.S. Libor Rate Trickles Into Funding Markets Worldwide [Bloomberg Business News]
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Source: Bloomberg Business News
From Riyadh to Sydney, short-term funding markets worldwide are starting to feel the effects of soaring U.S. dollar Libor rates. The surge in recent weeks in this key global short-term financing indicator may have a mostly technical explanation, meaning it’s probably not flashing warning signals like it was during the credit crunch or the European sovereign debt crisis. Nonetheless, it’s still making funding more costly for some borrowers outside the U.S. The three-month London interbank funding rate rose to 2.25 percent Tuesday, the highest since 2008. The concern is that the Libor blowout may have more room to run , a prospect that borrowers and policy makers in various markets are just beginning to grapple with. “There has been sort of the perfect storm of factors tightening financial conditions,” said Russ Certo, head of rates at Brean Capital in New York. “Banks do have tremendous liquidity still, but it’s at a higher price.” The Libor increase
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