Euribor vs LIBOR

Guide · 12-month Euribor · Euribor.site

Search Console on this domain already shows “eur libor”, “euro libor” and “euro libor rate”. The words sit next to each other on a keyboard. They do not sit next to each other in a deed. This page is the long split.

Euribor is a euro unsecured term benchmark administered by the European Money Markets Institute in Brussels. The 12-month tenor still prints every TARGET morning. That print is what Euribor today mirrors.

After the LIBOR wind-down, new dollar facilities usually name SOFR or term SOFR. That is a New York / U.S. dollar story. It is not a reason to paste SOFR into a euro 12-month cell. Read the pair on Euribor vs SOFR.

LIBOR had a fixing time and a contributor panel of its own. Euribor has another. Mixing the clocks is how a spreadsheet gets a number that never appears in the loan letter.

Open the contract before you open a “LIBOR calculator”. If the clause says Euribor 12 months plus a spread, the inputs are this site’s 12-month series and that spread. A leftover LIBOR screen is the wrong box.

Build the coupon on rate + spread. See the installment move on loan impact. Shock it on payment delta.

“Euro LIBOR” sometimes meant a euro panel that lived in the LIBOR family years ago. It was never a spare name for the EMMI 12-month average your Spanish or Italian reset letter cites. If a 2012 memo used the nickname, update the memo. Do not update the deed by guesswork.

Courts and regulators treated the LIBOR transition as a market-wide event with fallback language. Euribor did not vanish in that event. Treating every “IBOR” word as the same index is how a fallback clause gets pointed at the wrong tape.

History questions (“what was the rate in 2008?”) are Euribor monthly averages on this site: 2008, 2009, or year lookup. They are not LIBOR yearbooks.

Official methodology and the list of tenors sit at emmi-benchmarks.eu. Policy rates sit at the ECB. Neither page is a LIBOR archive.

A page titled “LIBOR calculator” that silently accepts a Euribor input is a trap. The algebra of an annuity does not care which index you typed. The contract does.

If a broker says “LIBOR is gone so your euro rate is floating on SOFR now”, ask for the clause. Most euro household deeds never named LIBOR. They named a Euribor tenor and a reset month.

Overnight euro cash is €STR, not 12-month Euribor. That split is Euribor vs €STR. Overnight dollar cash is SOFR. Three rooms. Three labels.

A clean sentence for a file: “The facility is euros, the index is 12-month Euribor as published for month M, the spread is S. LIBOR screens are not used.” Date that sentence. It will still make sense next year.

This site does not reconstruct discontinued LIBOR tenors. It mirrors a 12-month Euribor feed. That limit is the point of the page, not a gap to fill with invented cousins.

Next reads: what Euribor is, which number to copy, how the average is built, why it is not an exchange rate.

If you only remember one distinction: LIBOR was a London family that stopped. Euribor 12 months is an EMMI print that did not. The calculator you want is the one that starts from today’s fixing, not from a retired panel.

A short history helps the split stick. LIBOR became a household word after 2008 because dollar and sterling contracts named it everywhere. Investigations and reforms followed. Supervisors then set an end date for most panels. The euro household market was already on Euribor for a large share of floating mortgages. Those deeds did not wake up one morning as SOFR loans.

Geography is not decoration. London, Brussels, Frankfurt and New York publish different objects. A U.S. reader can still need the 12-month Euribor print — a cross-border euro facility, a research note, a comparison table — without living under an EMMI deed. The print is still not LIBOR.

Three checks before you reuse an old spreadsheet: (1) the currency of the cashflows, (2) the index name in the latest amendment, (3) the reset month. If any cell still says LIBOR while the amendment says Euribor, the sheet is lying even if the payment looks plausible.

Fallback language written for “if LIBOR is unavailable” does not fire because you opened the wrong website. It fires when the named index stops. Euribor 12 months has not stopped. Do not volunteer a fallback you were not asked for.

Press shorthand (“IBOR reform”, “the end of Libor”) flattened four stories into one headline. Readers kept the headline. Search boxes kept the mash-up. This page exists so the mash-up has a doorway that leads back to a dated 12-month fixing.

Banks that still show a “LIBOR” field in an old intranet tool sometimes type Euribor into that field because the form was never renamed. Ask for a screenshot of the official letter, not of the intranet. Letters travel; forms rot.

If you need a 2008 or 2009 figure for a dispute, use the Euribor monthly average for the month the deed names. Year lookup is built for that job. A LIBOR yearbook from the same month answers a different case.

Students meet both words in the same chapter. The chapter is allowed to group them. A payment engine is not. Grouping is pedagogy. Substitution is an error.

When someone forwards “euro libor today”, reply with two links: this page and today. That is faster than a lecture and it leaves a dated print in the thread.