Why
is the LIBOR differential getting larger?
London, UK - 7th December 2007, 09:19 GMT
Dear Open ATCA & Philanthropia Friends
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
Although the Bank of England has cut base rates by 25 basis
points yesterday to 5.5%, the real challenge lies in the increasing differential
between base rates and LIBOR (London Interbank Offered Rate) for sterling,
euro and dollar in the money markets, pointing to a clear erosion of trust
in interbank lending. Three month sterling LIBOR, which was fixed yesterday
at 6.64%, last peaked in September at a differential of 112 basis points and
the spread this morning stands at 114 basis points (bps). What are your views
in regard to the graph below?
3 month LIBOR - 3 month OIS spread (bps)
[ENDS]
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In. We look forward to your further thoughts, observations and
views.
Best wishes
DK Matai,
Chairman, Asymmetric Threats Contingency Alliance (ATCA)
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