ESTR – Euro Short-Term Rate

ESTR – Euro Short-Term Rate
The Euro Short-Term Rate (ESTR or €STR) reflects the cost of unsecured overnight borrowing between financial institutions in the euro area. It is a key indicator of short-term euro funding conditions, published by the European Central Bank (ECB) every business day at 08:00 CET. The rate is based on overnight transactions settled on the previous business day.

Interactive Chart and Historical ESTR Data
The interactive table above allows you to expand and view a graph showing ESTR’s daily evolution. Analyze short-term interest rate trends in the euro area and monitor movements in real-time. This visual representation is ideal for financial analysts, traders, and economic researchers.

Publication Time and Calculation Method
ESTR is calculated based on actual transactions between major European institutions, excluding secured lending. It reflects the volume-weighted average rate of the overnight segment of the euro money market and is considered highly reliable due to its transaction-based methodology.


Frequently Asked Questions about ESTR

What is ESTR?
ESTR (Euro Short-Term Rate) is a reference interest rate measuring the average cost of unsecured overnight borrowing in euros. Introduced by the ECB, it replaced the older EONIA benchmark and now serves as the primary short-term rate in the euro area.

When is ESTR published?
ESTR is published by the European Central Bank (ECB) every business day at 08:00 CET, reflecting transactions from the previous day’s trading session.

What is the difference between ESTR and EURIBOR?
ESTR is based on actual unsecured overnight transactions, while EURIBOR reflects estimated interest rates for longer maturities (1 week to 12 months). ESTR is generally more stable and based on real market activity.

How does ESTR compare to SOFR?
Both are overnight unsecured rates, with ESTR for the euro area and SOFR for the U.S. dollar. They serve similar functions and are widely used as alternatives to legacy rates like LIBOR.

How is ESTR calculated?
ESTR is a volume-weighted average of interest rates on overnight unsecured transactions between large banks in the euro area. It is calculated from real trades, ensuring accuracy and transparency.

Where can I view ESTR historical data?
You can explore historical ESTR data using the interactive chart above. Choose your desired time range to study past performance and analyze interest rate trends over time.

Is ESTR used in financial products?
Yes. ESTR is already being used as a benchmark in derivatives, bonds, and structured financial products denominated in euros. It is gradually replacing EONIA across euro-denominated markets.