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Alan M. Christenfeld, senior counsel at Clifford Chance US, and Shephard W. Melzer, a partner at Bryan Cave, write: By one conservative estimate, $350 trillion of debt instruments, including most of the secured loans in the commercial loan market, are priced based on the London inter-bank offered rate. LIBOR mechanics have been buried for years in the bowels of credit agreements, and practitioners have rarely studied them. LIBOR has been much in the news lately, however, and for the wrong reasons. Although no one blames LIBOR for current market difficulties, questions have arisen recently as to the index's reliability. Thus, today we examine how LIBOR is determined, how it became the market standard interest rate index, why it is currently under fire, suggestions for changes to LIBOR, and alternative indices.
August 07, 2008 at 12:00 AM
1 minute read
Presented by BigVoodoo
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