The London Interbank Offer Rate (LIBOR), an interest rate which major global banks used to lend to one another, was one of the most widely recognized interest rate benchmarks to value various financial products. For many years, LIBOR has established interest rates for common financial products, including credit cards, loans, bonds and adjustable-rate mortgages. LIBOR is a floating rate asset class, which means that loans reset monthly or quarterly to a spread over a base rate. However, LIBOR has…
