So, what is LIBOR? LIBOR—the London Interbank Offered Rate—is one of the most ubiquitous benchmarks for determining short-term interest rates in bank (and other) lending. LIBOR rates are short-term fixed rates quoted for interest periods of, typically, one, two, three and six months; overnight and 12-month interest periods are also available. Insofar as these rates are set for discrete periods of time, they are good for the duration of those periods and are reset at the end of the respective periods to the then available rates reflecting market conditions....
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