April 3, 2018 / 1:39 PM / 21 days ago

MONEY MARKETS-LIBOR/OIS spread narrows for second day

NEW YORK, April 3 (Reuters) - A gauge of stress in the U.S. money markets declined for a second day on Tuesday even as what banks charge each other to borrow dollars for three months reached its highest since November 2008, at the height of the global credit crisis.

At 9:17 a.m. (1317 GMT), the gap between the three-month dollar London interbank offered rate and three-month overnight indexed swap rate narrowed to 60.084 basis points from 60.575 basis points on Thursday, Reuters data showed.

The LIBOR/OIS spread hit 60.900 basis points last Wednesday, the widest since May 2009, according to Reuters data.

Earlier Tuesday, three-month dollar LIBOR was set at 2.32084 percent, the highest in about 9-1/2 years. This compared with 2.31175 percent on Thursday.

UK financial markets were closed on Friday and Monday for the Easter holiday. (Reporting by Richard Leong; Editing by Steve Orlofsky)

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