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Addicted to Eonia

Swap referencing Eonia, the eurozone’s outgoing benchmark rate for overnight unsecured lending, which expire after its planned obsolescence, have increased by over one-third year-to-date, European Central Bank data shows. Between January 1 and October 28, outstanding notional amounts of overnight index swaps referencing Eonia that mature after January 3, 2022, when the rate ceases, climbed 37% to €3.96 trillion. Trading in these “zombie” contracts also became more frenzied. The number of trades increased 19% to 47,385 over the period.

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