Short term rates volatility frustrates CP investors

Banks took up Eu218bn of funds against the Eu284bn maturing in the ECB’s weekly and one month refinancing operations on Tuesday, draining the system of Eu66bn of excess central bank liquidity.

  • 11 Feb 2011

The figures caused the Eonia (Euro Overnight Index Average) to jump 41.6bp to 1.093% on Wednesday, although by Thursday night it had dropped back to 1.023%. The volatility frustrated dealers and investors in what was otherwise a steady week of trading.

"Nobody cares where Eonia fixes, so long as ...

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