We analyse EUR‑denominated, unsecured money market instruments issued over the year to 31 March 2026, focusing on Euribor panel banks versus the broader universe of European credit institutions. In our previous analysis (14 March 2026) we had only considered 2025 data. We are specifically looking at the impact of Barclay's departure from the panel. The data for the European market is sourced from CMDportal's ISIN-by-ISIN database and our analysis leverages both this and EMMI's well-documented Euribor rate methodology. See the 'Where is this data coming from?' section below to understand the exact filters we used in this post.
Quick Take:
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CP, CD, and FRN Pricing key For Longer Euribor Tenors: While the unsecured interbank market is a key input, over 82% of its volume is concentrated in overnight lending, which is ineligible for Euribor. Consequently, security-based transactions (CP, CD, and FRNs) become the dominant factor in rate determination for longer-dated tenors, particularly in the 3 to 12-month range.
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Erosion of Representativeness Post-Barclays: The departure of Barclays Bank in February 2026 has materially impacted the panel's market coverage. Data indicates a sharp continued decline in representativeness following the exit, with the panel’s share of issuance falling from 29.7% to 17.0% (2 Week Moving Average) and the average daily count of active panel institutions dropping from 4.2 to 2.2.
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Limited Panel Activity and Participation Gaps: Despite comprising 21 institutions, panel activity remains highly concentrated. During the observation period, only 4.2 banks were active on an average day, with several members showing no participation in the security-based market. Expanding the panel to include major non-members such as SMBC or Jyske Bank could raise market coverage to around 50%, strengthening the benchmark’s robustness.
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