Euribor vs SOFR

Guide · 12-month Euribor · Euribor.site

A large share of English queries for “euribor rate” now come from outside Spain. Search Console on a sister site already showed United States impressions for the word Euribor while the pages were still in Spanish. This English page exists so a U.S. reader gets a U.S.-readable map, not a translated notary FAQ.

SOFR — the Secured Overnight Financing Rate — is published by the Federal Reserve Bank of New York. It is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. After dollar LIBOR ended, SOFR became the workhorse U.S. wholesale fallback.

12-month Euribor is unsecured, in euros, and has a one-year term. Collateral, currency and tenor all differ. You can hold both ideas in one head. You cannot paste one print into the other formula and call it research.

Where Euribor still touches a U.S. desk: euro floating-rate notes, European subsidiaries, dual-currency facilities, hedge accounting questions, and any rental or mortgage you kept after a posting to Madrid, Milan or Lisbon. The index follows the contract currency and the clause, not your passport.

Policy cycles also differ. The Federal Reserve and the ECB do not move on the same day for the same reason. SOFR and 12-month Euribor can drift for a year. That drift is information about two currency areas. It is not a bug in either print.

Term SOFR exists as a separate CME product derived from futures. People then ask “why isn’t there term SOFR on your Euribor chart?” Because this chart is the EMMI 12-month euro fixing. Adding CME term SOFR without a documented feed would be costume jewelry.

How to keep a clean notebook

Column A: SOFR overnight (New York Fed). Column B: any term SOFR you actually trade, with source dated. Column C: 12-month Euribor daily. Column D: 12-month Euribor monthly average from this site or EMMI. Never average A with C.

If a credit agreement is governed by New York law and drawn in dollars, start with SOFR language. If it is a euro facility with a European borrower, start with the named Euribor tenor. Cross-border deals sometimes have both. Read twice.

New York Fed SOFR page and EMMI Euribor page are the two official doors. Our door is a 12-month euro mirror with charts and calculators: today, history from 1999.

Students writing a comparison essay should cite both administrators and one historical chart each. Do not scrape a screenshot from a random aggregator and treat it as Federal Reserve data. That is how footnotes die in review.

Expats often google the European word because the Spanish or Italian bank app still shows “Euribor + 0.89.” That screen is telling the truth for that loan. Your U.S. credit card APR is a different animal walking on the same afternoon.

Related: definition, €STR, payment impact tool if the euro loan is the one that pays this month.

If you only need one sentence for a slide: SOFR is secured overnight dollars; 12-month Euribor is an unsecured one-year euro term rate used in many European floating loans. Everything else on the slide is decoration.

We will not forecast where SOFR or Euribor “should” meet. Correlation in a risk model is a modelling choice. It is not a promise this website can sign.

Field guide: an afternoon with both indexes open

Left browser: New York Fed SOFR. Right browser: this site’s 12-month table. Do not drag cells between windows.

Ask which currency the cashflows use. Dollars → SOFR family. Euros → Euribor family unless the paper says otherwise.

A U.S. parent with a Spanish subsidiary often has both. Treasury should label the legal entity on every hedge summary. Unlabelled summaries create ghost basis risk.

Classroom version: overnight secured dollars versus one-year unsecured euros. If a student cannot say that sentence, the essay is not ready, whatever the bibliography length.

Correlation studies belong in a risk pack with dates and a method. They do not belong in a consumer FAQ as “SOFR leads Euribor by six weeks.” Sometimes it does. Sometimes it does not. This site will not pick a lead-lag trophy.

Household version for dual citizens: the U.S. house follows U.S. mortgage-market quotes. The European flat follows the deed. Google will show you both words on the same day. Your calendar should not merge the payment dates.

When emailing a U.S. advisor about a European loan, paste the clause and the monthly average. Do not paste a SOFR graph “for context.” Context without a label is noise.

This page is the English on-ramp those Search Console queries were asking for. It is not a promise that Google USA will rank it tomorrow. It is the content the query deserved.

Time zones add fake drama. A New York afternoon story about SOFR does not update our Madrid-timed 12-month print. Refresh in the European morning if you care about the official euro fixing window.

“Rate today” in American English often means a consumer mortgage advertisement. “Euribor today” on this domain means the last 12-month fixing. Same three words, two industries.

Keep a paper strip next to the screen: tenor, month, average, spread, payment. Every extra tab you open without filling that strip is entertainment. Fill the strip first, then read commentary. The strip is the product; the commentary is optional.

When in doubt, open the history chart from January 1999 and sit with it for a minute. Long context lowers the temperature of any single print, including the one in the hero box today.

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