伦敦银行同业拆放利率

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  伦敦银行同业拆放利率London Inter bank Offered RateLIBOR)已成为全球贷款方及债券发行人的普遍参考利率,是目前国际间最重要和最常用的市场利率基准。

  伦敦银行同业拆放利率是英国银行家协会根据其选定的银行在伦敦市场报出的银行同业拆借利率,进行取样并平均计算成为基准利率。是伦敦金融市场上银行之间相互拆放英镑欧洲美元及其它欧洲货币资金时计息用的一种利率。伦敦银行同业拆放利率是由伦敦金融市场上一些报价银行在每个工作日11时向外报出的。该利率一般分为两个利率,即贷款利率和存款利率,两者之间的差额为银行利润。通常,报出的利率为隔夜(两个工作日)、7天、1个月、3个月、6个月和1年期的,超过一年以上的长期利率,则视对方的资信、信贷的金额和期限等情况另定。

  目前,在伦敦金融市场上,有资力对外报价的银行仅限于那些本身具有一定的资金吞吐能力,又能代客户吸存及贷放资金的英国大清算银行、大商业银行、海外银行及一些外国银行。这些银行被称作参考银行。由于竞争比较充分,各银行报出的价格基本没有什么差异。

  参与伦敦金融市场借贷活动的其它银行和金融机构,均以这些报价银行的利率为基础,确定自己的利率。伦敦银行同业拆放利率作为伦敦金融市场上借贷活动的基础利率,初始于60年代初,随着伦敦金融领域里银行同业之间的相互拆放短期资金活动增多,伦敦同业英镑拆放市场开始取代贴现市场,成为伦敦银行界融资的主要场所,伦敦银行同业拆放利率成为伦敦金融市场借贷活动中计算利息的主要依据。以后,随着欧洲美元市场和其它欧洲货币市场的建立,国际银团辛迪加贷款及各种票据市场的发展,伦敦银行同业拆放利率在国际信贷业务中广泛使用,成为国际金融市场上的关键利率。目前,许多国家和地区的金融市场及海外金融中心均以此利率为基础确定自己的利率。

  例如,一笔辛迪加贷款利率确定为伦敦银行同业拆放利率加上0.75%,如果当时伦敦银行同业拆放利率为10%,那么这笔银行辛迪加贷款的利率便为10.75%


LIBOR的报价信息可以在英国银行家协会的网站(www.bba.org.uk)查询。

目录

London Interbank Offered Rate

The London Interbank Offered Rate (or LIBOR, pronounced /ˈlaɪbɔr/) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market). LIBOR will be slightly higher than the London Interbank Bid Rate (LIBID), the rate at which banks are prepared to accept deposits.

伦敦银行同业拆放利率 (简称LIBOR)是基于银行在伦敦批发货币市场(或称银行同业拆放市场)向他行贷出无担保贷款所报利率的日常参考利率。此外,伦敦银行同业拆借利率(LIBID)是指银行预期借入同业拆放贷款的利率。通常,伦敦银行同业拆放利率略高于伦敦银行同业拆借利率。

Scope

LIBOR rates are widely used as a reference rate for financial instruments such as: 伦敦银行同业拆借利率被广泛用来作为参考利率的金融工具,如下:

  • forward rate agreements远期利率协议
  • short-term interest rate futures contracts 短期利率期货合约  
  • interest rate swaps利率互换
  • floating rate notes浮动利率债券
  • syndicated loans银团贷款
  • variable rate mortgages浮动利率抵押贷款
  • currencies, especially the US dollar (see also Eurodollar).货币通货,特别是美元(另见欧元)

They thus provide the basis for some of the world's most liquid and active interest rate markets.因此,它们提供了世界上最具流动性和利率市场活跃的一些基础。


For the Euro, however, the usual reference rates are the Euribor rates compiled by the European Banking Federation, from a larger bank panel. A Euro LIBOR does exist, but mainly for continuity purposes in swap contracts dating back to pre-EMU times. 然而对于欧元,通常的参考利率是由欧洲银行联合会编制的银行同业拆借利率。欧元伦敦银行同业拆借利率确实存在,但这要追溯到前欧洲货币联盟时代出于连续性目的而进行的互换。

Technical features

LIBOR is published by the British Bankers Association (BBA) after 11:00 am (and generally around 11:45 am) each day, London time, and is a filtered average of inter-bank deposit rates offered by designated contributor banks, for maturities ranging from overnight to one year. There are 16 such contributor banks and the reported interest is the mean of the 8 middle values. The shorter rates, i.e., up to 6 months, are usually quite reliable and tend to precisely reflect market conditions. The actual rate at which banks will lend to one another will, however, continue to vary throughout the day.

LIBOR is often used as a rate of reference for Pound Sterling and other currencies, including US dollar, Euro, Japanese Yen, Swiss Franc, Canadian dollar, Australian Dollar, Swedish Krona, Danish Krone and New Zealand dollar[1].

In the 1990s, Yen LIBOR rates were altered by credit problems affecting some, but not all, of the contributor banks.

For a precise definition of BBA LIBOR, see the BBA website.

Six-month LIBOR is used as an index for some US mortgages. In the UK, the 3 month LIBOR is used for some mortgages especially for those with adverse credit history.

LIBOR-based derivatives

1.Eurodollar contracts

The Chicago Mercantile Exchange's Eurodollar contracts are based on three-month US dollar LIBOR rates. They are the world's most heavily traded short term interest rate futures contracts and extend up to 10 years. Shorter maturities trade on the Singapore Exchange in Asian time.

2.Interest Rate Swaps

Interest rate swaps based on short LIBOR rates currently trade on the interbank market for maturities up to 50 years. A "five year LIBOR" rate refers to the 5 year swap rate vs 3 or 6 month LIBOR. "LIBOR + x basis points", when talking about a bond, means that the bond's cash flows have to be discounted on the swaps' zero-coupon yield curve shifted by x basis points in order to equal the bond's actual market price. The day count convention for LIBOR rates in interest rate swaps is Actual/360.

LIBOR Rate

LIBOR stands for "London Inter-Bank Offered Rate." It is based on rates that contributor banks in London offer each other for inter-bank deposits. From a bank's perspective, deposits are simply funds that are loaned to them. So in effect, a LIBOR is a rate at which a fellow London bank can borrow money from other banks. Rate calculations are complex as they incorporate variables such as time, maturity and currency rates. There are hundreds of LIBOR rates reported each month in numerous currencies. We report the 12 Month LIBOR on or after the first of the month. This is the LIBOR for a twelve month deposit in U.S. Dollars on the last business day of the previous month.

Note: Rates published prior to July 2007 reflect the Fannie Mae LIBOR rate which used a different calculation. Fannie Mae discontinued its use and publication of LIBOR rates at the end of June 2007 and suggested a replacemtent rate using our current methodology, which is similar to the Wall Street Journal LIBOR (WSJ LIBOR).

1 Year LIBOR

  1. Historical Graph

  伦敦银行同业拆放利率(London Inter bank Offered Rate,LIBOR)

  2. Historical Chart
1 Year LIBOR
Month19981999200020012002200320042005200620072008
Jan5.774%5.108%6.659%5.284%2.420%1.477%1.4607%3.2710%4.9412%5.4414%4.22375%
Feb5.836%5.405%6.760%4.925%2.496%1.368%1.3645%3.5114%5.1526%5.3328%2.84938%
Mar5.914%5.307%6.970%4.670%3.006%1.340%1.3401%3.8420%5.2476%5.2009%2.70875%
Apr6.024%5.303%6.964%4.330%2.613%1.362%1.8082%3.7101%5.4217%5.2967%2.48625%
May5.930%5.503%7.453%4.259%2.634%1.2214%2.0764%3.7789%5.4139%5.3885%
Jun5.940%5.803%7.214%4.055%2.251%1.2014%2.4682%3.8632%5.7660%5.4048%
Jul5.897%5.836%7.047%3.835%2.070%1.2789%2.4632%4.1745%5.5910%5.42563%
Aug5.648%6.023%6.978%3.600%1.943%1.4714%2.3001%4.3123%5.4501%5.24500%
Sep5.186%6.053%6.811%2.650%1.813%1.2857%2.4445%4.4067%5.2985%5.27500%
Oct4.865%6.313%6.725%2.311%1.664%1.4551%2.5289%4.6765%5.3348%4.90125%
Nov5.244%6.261%6.618%2.492%1.705%1.4867%2.9607%4.7379%5.2439%4.63750%
Dec5.213%6.508%5.997%2.445%1.447%1.4582%3.1004%4.8226%5.3139%4.45750%
Copyright 2008 MoneyCafe.com.Sources: Fannie Mae, British Bankers' Association

6 Month LIBOR

  1.Historical Graph

  伦敦银行同业拆放利率(London Inter bank Offered Rate,LIBOR)

  2.Historical Chart
6 Month LIBOR
Month19981999200020012002200320042005200620072008
Jan5.750%5.036%6.238%5.361%1.989%1.353%1.2107%2.9582%4.8126%5.4014%4.59625%
Feb5.782%5.168%6.328%4.955%2.068%1.336%1.1695%3.1495%4.9907%5.3723%3.04125%
Mar5.797%5.083%6.530%4.711%2.332%1.262%1.1595%3.3876%5.1196%5.3212%2.93125%
Apr5.868%5.075%6.614%4.231%2.100%1.290%1.3682%3.4151%5.2879%5.3581%2.61438%
May5.805%5.193%7.064%3.990%2.090%1.2232%1.5789%3.5314%5.3215%5.3844%
Jun5.871%5.633%7.014%3.827%1.948%1.1239%1.9420%3.6914%5.6382%5.3817%
Jul5.822%5.680%6.887%3.694%1.863%1.1507%1.9857%3.9235%5.5473%5.38625%
Aug5.692%5.913%6.831%3.479%1.815%1.2098%1.9907%4.0817%5.4501%5.32688%
Sep5.359%5.974%6.761%2.532%1.751%1.1795%2.1695%4.2154%5.3704%5.53500%
Oct5.131%6.144%6.721%2.173%1.618%1.2207%2.3007%4.4467%5.3898%5.13250%
Nov5.280%6.063%6.678%2.101%1.471%1.2295%2.6239%4.5795%5.3495%4.80625%
Dec5.172%6.136%6.208%1.983%1.383%1.2192%2.7751%4.6901%5.3651%4.91000%
Copyright 2008 MoneyCafe.com. Sources: Fannie Mae, British Bankers' Association

3 Month LIBOR

  1.Historical Graph

  伦敦银行同业拆放利率(London Inter bank Offered Rate,LIBOR)

  2.Historical Chart
3 Month LIBOR
Month19981999200020012002200320042005200620072008
Jan5.758%5.032%6.049%5.518%1.862%1.348%1.1320%2.7439%4.6795%5.3601%4.70250%
Feb5.782%5.065%6.104%5.103%1.920%1.336%1.1201%2.9101%4.8192%5.3598%3.11188%
Mar5.758%5.009%6.289%4.877%2.031%1.288%1.1107%3.0995%4.9898%5.3479%3.05750%
Apr5.766%4.993%6.393%4.312%1.913%1.308%1.1764%3.2107%5.1479%5.3555%2.68813%
May5.735%5.053%6.838%3.999%1.896%1.2782%1.3082%3.3292%5.2335%5.3595%
Jun5.785%5.355%6.778%3.791%1.860%1.1164%1.6039%3.5045%5.5085%5.3593%
Jul5.758%5.320%6.715%3.677%1.823%1.1176%1.6945%3.6948%5.4889%5.36000%
Aug5.713%5.505%6.684%3.487%1.816%1.1420%1.7901%3.8720%5.4014%5.35866%
Sep5.422%6.083%6.816%2.597%1.806%1.1598%2.0054%4.0055%5.3725%5.62125%
Oct5.351%6.218%6.755%2.232%1.702%1.1657%2.1582%4.2523%5.3729%5.22875%
Nov5.377%6.122%6.735%2.080%1.432%1.1701%2.4026%4.4139%5.3685%4.89375%
Dec5.172%6.005%6.403%1.883%1.383%1.1570%2.5582%4.5298%5.3601%5.13125%
Copyright 2008 MoneyCafe.com. Sources: Fannie Mae, British Bankers' Association

1 Month LIBOR

  1.Historical Graph
伦敦银行同业拆放利率(London Inter bank Offered Rate,LIBOR)
  2.Historical Chart
1 Month LIBOR
Month19981999200020012002200320042005200620072008
Jan5.704%4.946%5.856%5.622%1.829%1.339%1.0982%2.5892%4.5720%5.3201%4.60000%
Feb5.789%5.003%5.907%5.278%1.883%1.334%1.0973%2.6895%4.6310%5.3214%3.14375%
Mar5.719%4.940%6.133%5.078%1.880%1.306%1.0914%2.8582%4.8260%5.3195%3.11063%
Apr5.688%4.902%6.197%4.435%1.842%1.318%1.1007%3.0826%5.0245%5.3201%2.70300%
May5.696%4.930%6.641%4.059%1.844%1.3189%1.1089%3.1126%5.1071%5.3210%
Jun5.748%5.223%6.649%3.835%1.836%1.1232%1.3582%3.3401%5.3451%5.3195%
Jul5.696%5.178%6.625%3.760%1.818%1.1036%1.4929%3.5107%5.4045%5.32000%
Aug5.727%5.370%6.628%3.584%1.820%1.1170%1.6482%3.6942%5.3314%5.32000%
Sep5.400%5.396%6.620%2.637%1.819%1.1214%1.8401%3.8584%5.3229%5.72000%
Oct5.277%5.410%6.621%2.321%1.741%1.1201%1.9870%4.0882%5.3198%5.12375%
Nov5.048%6.503%6.827%2.145%1.380%1.1157%2.2826%4.2954%5.3479%4.70625%
Dec5.118%5.832%6.565%1.876%1.382%1.1195%2.4178%4.3857%5.3279%5.23625%
Copyright 2008 MoneyCafe.com. Sources: Fannie Mae, British Bankers' Association

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123.151.80.* 在 2008年4月29日 22:42 发表

请问,怎样才能查到每个时期的伦敦银行同业拆放利率。谢谢!

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Angle Roh (Talk | 贡献) 在 2008年4月30日 10:13 发表

123.151.80.* 在 2008年4月29日 22:42 发表

请问,怎样才能查到每个时期的伦敦银行同业拆放利率。谢谢!

关于伦敦银行同业拆放利率已补充。MBA智库百科是基于众网友共同贡献的,欢迎您一起参与!

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99.8.86.* 在 2010年4月4日 03:44 发表

123.151.80.* 在 2008年4月29日 22:42 发表

请问,怎样才能查到每个时期的伦敦银行同业拆放利率。谢谢!

www.bba.org.uk 在这上面可以查到即时的

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77.99.47.* 在 2010年5月24日 04:12 发表

thanx

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Paolo (Talk | 贡献) 在 2012年7月13日 18:53 发表

为什么不翻译成同业拆借率啊

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