unspoken assumptions about a Libor value

By default, Libor refer to the USD lending rate. Other currencies are actually covered by Libor too.

Usually people refer to overnight rate or 3-month rate, but actually Libor covers other maturities.

Libor is inter-bank lending. Borrower is a big bank and has the best credit rating but lower credit than US government. That’s why TED spread is always above 0.

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