See "Euro-Commercial Paper"
See "Euro Medium Term Notes"
See "Euro Denominated Interbank Offered Rate"
Euro Denominated Interbank Offered Rate
Euribor (the Euro-denominated interbank offered rate) is the rate at which a first tier bank is willing to lend funds in euros to another first tier bank. Euribor is calculated daily for interbank deposits with a maturity of one week and between one and twelve months; it is the average of the rates, rounded up to three decimal points, offered daily by a representative panel of first-tier banks.
Euro Medium term Notes
This programme allows the Treasury to finance itself in the short, medium, long and very long term (from one month to 100 years) via the issuance of bonds in EUR or in foreign currencies. These issues are only realised if the issuance cost is less or equal to the cost of a linear bond with the same maturity. Additionally, Euro Medium Term Notes can be at a variable rate (FRN), at the very long term (100 years) or even adjusted for inflation. They can also be tailored depending on the needs of investors. Finally, they are invested by dealers designated per issue and are essentially designed for professional investors, even though private individuals can also acquire them.
The ECP programme replaces the Belgian Treasury Bills (BTB) programme, in which commercial paper was issued between 1997 and 2015 in euros or in the currency of a Member State of the OECD and invested by dealers who were specially designated for this purpose by the Treasury. The ECP programme, which was launched in December 2015 and whose title means there is no longer any confusion with T-Bills (Treasury certificates), extends the range of currencies which can be issued. In fact, the authorised currencies for issuing are those for which the European Central Bank publishes a daily reference rate. These short term securities are continually issued on tap and invested by a limited number of dealers.
Private law company operating an electronic trading platform where securities representing Euro-zone sovereign debt are traded, as well as debt from other important private issuers.
The risk to a position concerning one currency relative to another, with regards to the future variation of the exchange rate.