LIBOR, the London Inter-Bank Offered Rate, was an interest rate benchmark calculated from estimates submitted by a panel of leading banks in London stating what they believed they would be charged to borrow from other banks, published across several currencies and maturities. For decades it served, alongside the Euribor, as a primary benchmark for short term interest rates worldwide, underpinning the pricing of a very large volume of loans, bonds and derivatives. Following a rate rigging scandal and a loss of confidence in the underlying interbank lending market it was meant to measure, LIBOR was discontinued, with its last rates published on 30 June 2023, and replaced by rates such as the Secured Overnight Financing Rate.
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