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EURIBOREurope Interbank Offered Rate
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Philippe Moryoussef received an eight-year sentence for Euribor rigging
The sentences are a welcome fillip for the SFO, which has prosecuted five men and one woman over Euribor rigging to date and secured four convictions, including former Deutsche Bank star trader Christian Bittar and one-time Barclays trader Phillipe Moryoussef in 2018.
Another former executive with Barclays Plc (LSE: BARC) has been convicted in a Euribor re-trial.
If Euribor does not become compliant, the benchmark could no longer be used as a reference rate for new contracts from the start of 2020 and could only be used for legacy contracts with regulatory approval.
Euribor is the rate at which Eurozone banks borrow funds from one another.
It'll be the first time that bankers will face criminal proceedings for alleged Euribor rate rigging as part of a wider, global investigation that has already seen big financial institutions around the world fined billions of dollars and 22 people charged.
Tranche B is a three-years bullet term loan amounting to 1.05 billion euros at a price of Euribor plus 87 basis point.
The larger part of the loan is a EUR2.1bn one-year bridging facility, priced at 45 basis points above the Euro Interbank Offer Rate (EURIBOR) for the first six months and increasing by 15 basis points in each of the following three months.
Tranche A is a twelve months bridge loan amounting to EUR 2.1 billion at a price of EURIBOR plus 45 basis points for the first six months increasing by 15 basis points in each of the following three months.
The Libor scandal erupted in 2012 when British bank Barclays was fined Au290 million by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.
The European Union fined six finance groups a record 1.7 billion euros ($2.3 billion) on Wednesday for rigging the Euribor and Japanese yen Tibor interest rates.