An interest rate benchmark published by ICE Benchmark Administration Limited that was used as a reference rate for a wide range of financial transactions, including loans and derivatives. LIBOR (the London Interbank Offered Rate) was intended to reflect the average current rate at which certain panel banks can obtain unsecured funding in a specific currency and for a specific term in the London Interbank Market. LIBOR rates were published daily for five currencies (including USD) and for each currency, rates were quoted for deposits with different maturities. LIBOR rates were published daily by Reuters, as well as certain other financial-services publishers.

In July 2017, the Financial Conduct Authority (FCA), the regulatory agency currently responsible for overseeing LIBOR, stated that the lack of active markets on which to base LIBOR quotations has rendered using LIBOR as a benchmark unsustainable and undesirable.

In November 2020, the US federal agencies encouraged banks to cease entering into new contracts that use LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021 and stated that they will examine bank practices accordingly.

On March 5, 2021, the FCA announced that panel bank submissions for all LIBOR settings will cease (after which representative LIBOR rates will no longer be available) on the following dates:

On June 30, 2023, the last panel USD LIBOR rate was published. Most syndicated loans have transitioned to SOFR as a replacement reference rate.

For more information on LIBOR, including replacement rates and fallback language, see: