History Of 1 Month Libor

The History of 1-Month LIBOR: A Deep Dive into the Benchmark Interest Rate

Introduction:

For decades, the London Interbank Offered Rate (LIBOR) has been a cornerstone of global finance, influencing everything from mortgages and corporate loans to complex derivatives. While its use is phasing out, understanding its history, particularly that of the 1-month LIBOR, is crucial for anyone navigating the financial world. This comprehensive guide delves into the evolution of 1-month LIBOR, exploring its origins, its role in the financial system, the controversies that led to its demise, and the transition to alternative reference rates. Prepare for a detailed journey through the fascinating – and sometimes turbulent – history of this pivotal benchmark.


1. The Genesis of LIBOR: Setting the Stage for the 1-Month Rate

LIBOR’s origins lie in the 1980s, a time of burgeoning global financial markets. Before LIBOR, there was no standardized benchmark for interbank lending rates. This lack of transparency and consistency created inefficiencies and risks. In 1986, the British Bankers' Association (BBA), now known as the ICE Benchmark Administration (IBA), began collecting daily interest rate submissions from major banks in London. These submissions represented the rates at which banks believed they could borrow unsecured funds from other banks in the London interbank market. Initially, LIBOR offered a range of maturities, including the crucial 1-month tenor, which quickly gained popularity due to its suitability for shorter-term financing. This initial period was marked by relative stability and widespread acceptance, solidifying LIBOR's position as a global benchmark.

2. The Rise of 1-Month LIBOR: A Preferred Benchmark for Short-Term Borrowing

The 1-month LIBOR quickly emerged as a preferred benchmark for various financial instruments. Its shorter maturity made it particularly attractive for short-term loans, commercial paper, and other financial contracts with shorter lifespans. Its widespread use provided a crucial reference point for pricing and risk assessment, promoting efficiency and reducing uncertainty in the market. This period saw the exponential growth of derivatives tied to LIBOR, further cementing its importance in the global financial ecosystem. The convenience and relative simplicity of using a readily available, widely accepted benchmark fueled its adoption across numerous sectors.

3. The LIBOR Scandal and the Seeds of its Demise

The seemingly unshakeable dominance of LIBOR began to crumble in the wake of the 2008 financial crisis. Investigations revealed widespread manipulation of LIBOR submissions by participating banks, driven by profit motives and the desire to present a healthier financial profile. This scandal eroded trust in the integrity of the benchmark, raising serious concerns about its reliability and suitability as a global reference rate. The 1-month LIBOR, like other tenors, was implicated in the manipulation, highlighting the systemic risks associated with relying on self-reported data for such a critical benchmark. This scandal served as a catalyst for significant regulatory reforms and the eventual decision to phase out LIBOR.

4. The Transition Away from 1-Month LIBOR: Seeking Robust Alternatives

The aftermath of the LIBOR scandal prompted a global effort to find suitable replacement rates. Regulators recognized the need for a more robust, transparent, and less susceptible-to-manipulation benchmark. This led to the development of alternative reference rates (ARRs), such as the Secured Overnight Financing Rate (SOFR) in the US and the Sterling Overnight Index Average (SONIA) in the UK. These ARRs are based on actual transaction data, rather than self-reported estimates, significantly enhancing their accuracy and resilience to manipulation. The transition away from 1-month LIBOR involved significant adjustments across the financial industry, with contracts being amended or replaced to reflect the new benchmark rates.

5. The Legacy of 1-Month LIBOR and its Impact on the Financial Landscape

Despite its eventual demise, the 1-month LIBOR played a significant role in shaping the global financial landscape. Its widespread use standardized short-term borrowing costs, facilitating efficient capital allocation and reducing uncertainty. However, the LIBOR scandal serves as a stark reminder of the importance of robust regulatory oversight and the dangers of relying on self-reported data for critical benchmarks. The transition to ARRs represents a crucial step towards greater transparency, resilience, and integrity in global financial markets. The lessons learned from the LIBOR era continue to inform best practices in benchmark rate design and governance.


Article Outline:

Title: The History of 1-Month LIBOR: A Deep Dive into the Benchmark Interest Rate

I. Introduction: Hook the reader and provide an overview of the article's content.

II. The Genesis of LIBOR: Explain the origins of LIBOR and the context of its creation.

III. The Rise of 1-Month LIBOR: Detail the increasing popularity and adoption of the 1-month LIBOR.

IV. The LIBOR Scandal and its Consequences: Explore the scandal, its impact, and the resulting loss of confidence.

V. The Transition Away from LIBOR: Discuss the development and implementation of alternative reference rates.

VI. The Legacy of 1-Month LIBOR: Summarize the lasting impact of 1-month LIBOR and the lessons learned.

VII. Conclusion: Reiterate key takeaways and the importance of understanding LIBOR's history.

VIII. FAQs: Answer frequently asked questions about 1-month LIBOR.

IX. Related Articles: Provide links and descriptions of related articles.


(The content above fulfills points I-VII of the outline. Points VIII and IX are detailed below.)


VIII. FAQs:

1. What is LIBOR? LIBOR stands for the London Interbank Offered Rate, a benchmark interest rate that reflected the average rate at which banks could borrow unsecured funds from one another in the London interbank market.

2. Why was the 1-month LIBOR so important? Its short maturity made it ideal for short-term loans and financial instruments, making it a widely used benchmark.

3. What caused the LIBOR scandal? Investigations revealed widespread manipulation of LIBOR submissions by participating banks to improve their financial appearances.

4. What are alternative reference rates (ARRs)? ARRs are replacement rates designed to be more transparent, robust, and resistant to manipulation, often based on actual transaction data.

5. What is SOFR? SOFR (Secured Overnight Financing Rate) is a key alternative reference rate used in the US.

6. What is SONIA? SONIA (Sterling Overnight Index Average) is a key alternative reference rate used in the UK.

7. When did the transition away from LIBOR begin? The transition began in earnest after the LIBOR scandal and accelerated in the years leading up to the official cessation of LIBOR publication.

8. What are the main differences between LIBOR and ARRs? LIBOR was based on self-reported estimates, while ARRs are based on actual transaction data, providing greater accuracy and transparency.

9. What are the implications of the LIBOR transition for businesses? Businesses had to amend or replace contracts referencing LIBOR with contracts based on ARRs, requiring significant adjustments to their financial processes.


IX. Related Articles:

1. Understanding SOFR: A Comprehensive Guide: This article provides a detailed explanation of the Secured Overnight Financing Rate (SOFR) and its implications for financial markets.

2. The Transition to SONIA: A Practical Guide for Businesses: This article helps businesses navigate the transition from LIBOR to SONIA, the UK's alternative reference rate.

3. The Impact of LIBOR Manipulation on Global Finance: This article explores the long-term effects of the LIBOR scandal on the global financial system.

4. Alternative Reference Rates: A Comparative Analysis: This article compares different alternative reference rates, highlighting their strengths and weaknesses.

5. Regulatory Changes Following the LIBOR Scandal: This article discusses the regulatory reforms implemented in response to the LIBOR scandal.

6. The Role of Central Banks in the LIBOR Transition: This article examines the involvement of central banks in the development and implementation of ARRs.

7. LIBOR's Legacy: Lessons Learned for Future Benchmark Rates: This article analyzes the lessons learned from the LIBOR experience and their implications for future benchmark rate design.

8. The Future of Interest Rate Benchmarks: A Look Ahead: This article provides a forward-looking perspective on the evolution of interest rate benchmarks.

9. Hedging Interest Rate Risk in a Post-LIBOR World: This article discusses strategies for managing interest rate risk in the absence of LIBOR.


  history of 1 month libor: Encyclopedia of Financial Models, Volume III Frank J. Fabozzi, 2012-09-20 Volume 3 of the Encyclopedia of Financial Models The need for serious coverage of financial modeling has never been greater, especially with the size, diversity, and efficiency of modern capital markets. With this in mind, the Encyclopedia of Financial Models has been created to help a broad spectrum of individuals—ranging from finance professionals to academics and students—understand financial modeling and make use of the various models currently available. Incorporating timely research and in-depth analysis, Volume 3 of the Encyclopedia of Financial Models covers both established and cutting-edge models and discusses their real-world applications. Edited by Frank Fabozzi, this volume includes contributions from global financial experts as well as academics with extensive consulting experience in this field. Organized alphabetically by category, this reliable resource consists of forty-four informative entries and provides readers with a balanced understanding of today’s dynamic world of financial modeling. Volume 3 covers Mortgage-Backed Securities Analysis and Valuation, Operational Risk, Optimization Tools, Probability Theory, Risk Measures, Software for Financial Modeling, Stochastic Processes and Tools, Term Structure Modeling, Trading Cost Models, and Volatility Emphasizes both technical and implementation issues, providing researchers, educators, students, and practitioners with the necessary background to deal with issues related to financial modeling The 3-Volume Set contains coverage of the fundamentals and advances in financial modeling and provides the mathematical and statistical techniques needed to develop and test financial models Financial models have become increasingly commonplace, as well as complex. They are essential in a wide range of financial endeavors, and the Encyclopedia of Financial Models will help put them in perspective.
  history of 1 month libor: Interest Rate Swaps and Other Derivatives Howard Corb, 2012-08-28 The first swap was executed over thirty years ago. Since then, the interest rate swaps and other derivative markets have grown and diversified in phenomenal directions. Derivatives are used today by a myriad of institutional investors for the purposes of risk management, expressing a view on the market, and pursuing market opportunities that are otherwise unavailable using more traditional financial instruments. In this volume, Howard Corb explores the concepts behind interest rate swaps and the many derivatives that evolved from them. Corb's book uniquely marries academic rigor and real-world trading experience in a compelling, readable style. While it is filled with sophisticated formulas and analysis, the volume is geared toward a wide range of readers searching for an in-depth understanding of these markets. It serves as both a textbook for students and a must-have reference book for practitioners. Corb helps readers develop an intuitive feel for these products and their use in the market, providing a detailed introduction to more complicated trades and structures. Through examples of financial structuring, readers will come away with an understanding of how derivatives products are created and how they can be deconstructed and analyzed effectively.
  history of 1 month libor: International Finance Dora Hancock, 2018-01-03 International Finance offers a clear and accessible introduction to the fundamental principles and practice of international finance in today's world, from the international financial environment and exchange rates, to financing multinational companies and international investment. The theory and techniques are presented with the non-financial manager in mind, and the theoretical material is supplemented by case studies and a discussion of the appropriateness of the various techniques and principles to solve practical problems. This book draws from examples and practice around the world, helping students of international corporate finance, particularly non-specialist finance students, understand the complexities of modern Europe and comparative systems of finance globally. International Finance is essential reading for anyone studying international finance or needing an up-to-date, engaging resource to help them navigate the complicated and ever-changing global financial world. Key theories and terms are explained and defined, avoiding unnecessary jargon and acknowledging that many readers are coming to the subject with little or no prior knowledge of corporate finance at all. Online supporting resources include PowerPoint lecture slides.
  history of 1 month libor: Unlocking Financial Data Justin Pauley, 2017-10-06 Investors recognize that technology is a powerful tool for obtaining and interpreting financial data that could give them the one thing everyone on Wall Street wants: an edge. Yet, many don’t realize that you don’t need to be a programmer to access behind-the-scenes financial information from Bloomberg, IHS Markit, or other systems found at most banks and investment firms. This practical guide teaches analysts a useful subset of Excel skills that will enable them to access and interpret financial information—without any prior programming experience. This book will show analysts, step-by-step, how to quickly produce professional reports that combine their views with Bloomberg or Markit data including historical financials, comparative analysis, and relative value. For portfolio managers, this book demonstrates how to create professional summary reports that contain a high-level view of a portfolio’s performance, growth, risk-adjusted return, and composition. If you are a programmer, this book also contains a parallel path that covers the same topics using C#. Topics include: Access additional data that isn’t visible on Bloomberg screens Create tables containing corporate data that makes it possible to compare multiple companies, bonds, or loans side-by- side Build one-page analytic (“Tear Sheet”) reports for individual companies that incorporates important financials, custom notes, relative value comparison of the company to its peers, and price trends with research analyst targets Build two-page portfolio summary report that contains a high-level view of the portfolio’s performance, growth, risk-adjusted return, and composition Explore daily prices and facility information for most of the tradable corporate bond and loan market Determine the relationship between two securities (or index) using correlation and regression Compare each security’s performance to a cohort made of up of securities with similar risk and return characteristics Measure portfolio risk-adjusted return by calculating variance, standard deviation, and Sharpe ratio Use Markit data to identify meaningful trends in prices, new issue spreads, and refinancings
  history of 1 month libor: A Financial Bestiary Ramin Charles Nakisa, 2010-09 This is an applied book, using the bare minimum of mathematics to give a good understanding of finance. It is ideal for people just starting out in their financial career or those who have some financial experience who want to broaden and refresh their knowledge. A bestiary was a medieval book containing pictures and descriptions of mythical beasts each with its own moral tale to edify the reader. This is a bestiary of finance, and as such starts with a picture book of jobs and traded instruments in finance. Then the Foundations section sets out the broad picture of who does what and why in financial markets. Finally there are detailed chapters on financial instruments grouped into sections on Fixed Income, Credit, and Forwards, Futures and Options. The book contains many figures and fully worked exercises to clarify the concepts.
  history of 1 month libor: Financial Risk Management: An End User Perspective Don M Chance, 2019-10-07 In the field of financial risk management, the 'sell side' is the set of financial institutions who offer risk management products to corporations, governments, and institutional investors, who comprise the 'buy side'. The sell side is often at a significant advantage as it employs quantitative experts who provide specialized knowledge. Further, the existing body of knowledge on risk management, while extensive, is highly technical and mathematical and is directed to the sell side.This book levels the playing field by approaching risk management from the buy side instead, focusing on educating corporate and institutional users of risk management products on the essential knowledge they need to be an intelligent buyer. Rather than teach financial engineering, this volume covers the principles that the buy side should know to enable it to ask the right questions and avoid being misled by the complexity often presented by the sell side.Written in a user-friendly manner, this textbook is ideal for graduate and advanced undergraduate classes in finance and risk management, MBA students specializing in finance, and corporate and institutional investors. The text is accompanied by extensive supporting material including exhibits, end-of-chapter questions and problems, solutions, and PowerPoint slides for lecturers.
  history of 1 month libor: An Introduction to Banking Moorad Choudhry, 2018-05-29 A practical primer to the modern banking operation Introduction to Banking, Second Edition is a comprehensive and jargon-free guide to the banking operation. Written at the foundational level, this book provides a broad overview of banking to give you an all-around understanding that allows you to put your specialty work into context within the larger picture of your organization. With a specific focus on risk components, this second edition covers all key elements with new chapters on reputational risk, credit risk, stress testing and customer service, including an updated chapter on sustainability. Practical material includes important topics such as the yield curve, trading and hedging, asset liability management, loan origination, product marketing, reputational risk and regulatory capital. This book gives you the context you need to understand how modern banks are run, and the key points operation at all levels. Learn the critical elements of a well-structured banking operation Examine the risk components inherent in banking Understand operational topics including sustainability and stress testing Explore service-end areas including product marketing and customer service Banks continue to be the heart of the modern economy, despite the global financial crisis —they have however become more complex. Multiple layers and a myriad of functions contribute to the running of today's banks, and it's critical for new and aspiring bankers to understand the full breadth of the operation and where their work fits in. Introduction to Banking, Second Edition provides an accessible yet complete primer, with emphasis on the areas that have become central to sustainable banking operation.
  history of 1 month libor: CliffsNotes Graduation Debt Reyna Gobel, 2013-11-05 With updated information that reflects the myriad changes in the student loan industry that affect students and their parents burdened with student loan debt, CliffsNotes Graduation Debt, Second Edition provides a step-by-step road map for effectively managing student loan debt and having a successful financial life. Reyna Gobel has accumulated tens of thousands of dollars in student loans, recovered from student loan default, and set herself on a mission to help others who face a seemingly insurmountable student loan burden, with a powerful message about taking a step-by-step approach and not being overwhelmed by the sheer weight of student loan debt. Divided into small subsections geared toward those neck-deep in debt, this book is easily digestible to students who aren’t inclined to focus on their finances. Readers are encouraged to take action steps, such as finding long-lost student loans that may have gone into default, discovering payment plans they can afford, consolidating loans when it makes sense to do so, saving money on eating out and groceries, improving credit scores, tweaking their debt-to-income ratios so they can buy a home, and discussing their student loan and non-student loan debt with their significant others. By the end of the book, readers will be on the road to financial stability, with extra money for vacations and other fun stuff, too.
  history of 1 month libor: Understanding Risk David Murphy, 2008-04-23 Sound risk management often involves a combination of both mathematical and practical aspects. Taking this into account, Understanding Risk: The Theory and Practice of Financial Risk Management explains how to understand financial risk and how the severity and frequency of losses can be controlled. It combines a quantitative approach with a
  history of 1 month libor: The Handbook of Financial Instruments Frank J. Fabozzi, 2018-05-14 An investor's guide to understanding and using financial instruments The Handbook of Financial Instruments provides comprehensive coverage of a broad range of financial instruments, including equities, bonds (asset-backed and mortgage-backed securities), derivatives (equity and fixed income), insurance investment products, mutual funds, alternative investments (hedge funds and private equity), and exchange traded funds. The Handbook of Financial Instruments explores the basic features of each instrument introduced, explains their risk characteristics, and examines the markets in which they trade. Written by experts in their respective fields, this book arms individual investors and institutional investors alike with the knowledge to choose and effectively use any financial instrument available in the market today. John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles-which include numerous bestsellers—The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series. Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.
  history of 1 month libor: Financial Amplification Mechanisms and the Federal Reserve's Supply of Liquidity During the Crisis Asani Sarkar, 2011 This is a print on demand edition of a hard to find publication. The small decline in the value of mortgage-related assets relative to the large total losses assoc. with the financial crisis suggests the presence of financial amplification mechanisms (FAM), which allow relatively small shocks to propagate through the financial system. The Federal Reserve¿s (FR) early-stage liquidity programs worked to dampen the balance sheet FAM arising from the positive feedback between financial constraints and asset prices. The FR¿s later-stage crisis programs takes into account adverse-selection FAM that operate via increases in credit risk and the externality imposed by risky borrowers on safe ones. New evidence suggests that increases in the FR¿s liquidity supply reduce interest rates during periods of high liquidity risk. Illus.
  history of 1 month libor: Fixed Income Securities Pietro Veronesi, 2010-01-12 The deep understanding of the forces that affect the valuation, risk and return of fixed income securities and their derivatives has never been so important. As the world of fixed income securities becomes more complex, anybody who studies fixed income securities must be exposed more directly to this complexity. This book provides a thorough discussion of these complex securities, the forces affecting their prices, their risks, and of the appropriate risk management practices. Fixed Income Securities, however, provides a methodology, and not a shopping list. It provides instead examples and methodologies that can be applied quite universally, once the basic concepts have been understood.
  history of 1 month libor: Global Credit Review Risk Management Institute, 2013 This annual publication provides an overview of the most important developments in global credit markets and the regulatory landscape. It covers theoretical and empirical research on credit ratings and credit risk, and reports on recent findings and evolutions of the Risk Management Institute's Credit Research Initiative. The ultimate objective of this publication is to advance the state of research and development in the critical area of credit risk and rating systems. With a distinctive focus on topics related to credit markets and credit risk, this publication will be useful to finance professionals, policy makers and academics with an interest in credit markets.
  history of 1 month libor: Investment Risk and Uncertainty Steven P. Greiner, 2013-03-14 Valuable insights on the major methods used in today's asset and risk management arena Risk management has moved to the forefront of asset management since the credit crisis. However, most coverage of this subject is overly complicated, misunderstood, and extremely hard to apply. That's why Steven Greiner—a financial professional with over twenty years of quantitative and modeling experience—has written Investment Risk and Uncertainty. With this book, he skillfully reduces the complexity of risk management methodologies applied across many asset classes through practical examples of when to use what. Along the way, Greiner explores how particular methods can lower risk and mitigate losses. He also discusses how to stress test your portfolio and remove the exposure to regular risks and those from Black Swan events. More than just an explanation of specific risk issues, this reliable resource provides practical off-the-shelf applications that will allow the intelligent investor to understand their risks, their sources, and how to hedge those risks. Covers modern methods applied in risk management for many different asset classes Details the risk measurements of truly multi-asset class portfolios, while bridging the gap for managers in various disciplines—from equity and fixed income investors to currency and commodity investors Examines risk management algorithms for multi-asset class managers as well as risk managers, addressing new compliance issues and how to meet them The theory of risk management is hardly ever spelled out in practical applications that portfolio managers, pension fund advisors, and consultants can make use of. This book fills that void and will put you in a better position to confidently face the investment risks and uncertainties found in today's dynamic markets.
  history of 1 month libor: Congressional Oversight Panel January Oversight Report United States. Congressional Oversight Panel, 2010
  history of 1 month libor: Bank Asset and Liability Management Moorad Choudhry, 2011-12-27 Banks are a vital part of the global economy, and the essence of banking is asset-liability management (ALM). This book is a comprehensive treatment of an important financial market discipline. A reference text for all those involved in banking and the debt capital markets, it describes the techniques, products and art of ALM. Subjects covered include bank capital, money market trading, risk management, regulatory capital and yield curve analysis. Highlights of the book include detailed coverage of: Liquidity, gap and funding risk management Hedging using interest-rate derivatives and credit derivatives Impact of Basel II Securitisation and balance sheet management Structured finance products including asset-backed commercial paper, mortgage-backed securities, collateralised debt obligations and structured investment vehicles, and their role in ALM Treasury operations and group transfer pricing. Concepts and techniques are illustrated with case studies and worked examples. Written in accessible style, this book is essential reading for market practitioners, bank regulators, and graduate students in banking and finance. Companion website features online access to software on applications described in the book, including a yield curve model, cubic spline spreadsheet calculator and CDO waterfall model.
  history of 1 month libor: International Banking in the New Era Suk-Joong Kim, Michael D. McKenzie, 2010-11-10 This volume examines issues concerning the challenges and opportunities for international banks in the rapidly changing global environment. It looks at financial markets and banking, examines the role of banks and lawyers in the global financial crisis, explores post-crisis financial regulation, and highlights determinants of international banking.
  history of 1 month libor: A History of the Eurobond Market Ian M. Kerr, 1984 Traces the evolution of the market, the techniques and practices, the instruments, borrowers, lenders and the market participants.
  history of 1 month libor: Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs Linda S. Goldberg, 2010-08 Following a scarcity of dollar funding available internationally to banks and financial institutions, in Dec. 2007 the Federal Reserve began to establish or expand Temporary Reciprocal Currency Arrangements with 14 foreign central banks. These central banks had the capacity to use these swap facilities to provide dollar liquidity to institutions in their jurisdictions. This paper presents the developments in the dollar swap facilities through the end of 2009. The facilities were a response to dollar funding shortages outside the U.S. during a period of market dysfunction. The dollar swap lines among central banks were effective at reducing the dollar funding pressures abroad and stresses in money markets. Charts and tables.
  history of 1 month libor: The AIG Rescue, Its Impact on Markets, and the Government's Exit Strategy, June Oversight Report *, June 10, 2010, *. , 2010
  history of 1 month libor: Report on Marketing Practices in the Federal Family Education Loan Program , 2007
  history of 1 month libor: Bonds without Borders Chris O'Malley, 2015-01-12 Bonds without Borders tells the extraordinary story of how the market developed into the principal source of international finance for sovereign states, supranational agencies, financial institutions and companies around the world. Written by Chris O'Malley – a veteran practitioner and Eurobond market expert- this important resource describes the developments, the evolving market practices, the challenges and the innovations in the Eurobond market during its first half- century. Also, uniquely, the book recounts the development of security and banking regulations and their impact on the development of the international securities markets. In a corporate world crying out for financing, never has an understanding of the international bond markets and how they work been more important.Bonds without Bordersis therefore essential reading for those interested in economic development and preserving a free global market for capital.
  history of 1 month libor: Handbook of Structured Financial Products Frank J. Fabozzi, 1998-09-15 Finance professionals will welcome Frank Fabozzi's Handbook of Structured Finance Products. This one-of-a-kind guide helps you stay on top of continuing developments in the U.S. structured finance product field-as well as developments concerning these products in overseas markets. Here, Fabozzi assembles a roster of highly regarded professionals who provide their findings and opinions on a multitude of investment subjects.
  history of 1 month libor: Mergent Bank & Finance Manual , 2003
  history of 1 month libor: Debt Capital Markets in China Jian Gao, 2011-08-31 An in-depth look at China’s burgeoning capital markets Author Jian Gao is the number one authority on fixed income markets in China, and with this book, he brings his considerable experience and knowledge about these markets to investors worldwide. For those interested in becoming active in China’s growing fixed income markets, Debt Capital Markets in China is the book you need to get started. It includes coverage of the primary and secondary markets, government debt instruments, corporate bonds, the collateralized bond market, and asset-backed securitizations. Debt Capital Markets in China also examines the developing market trends, which affect investors and institutions looking to make the most of this incredible financial opportunity. Dr. Jian Gao, PhD (Beijing, China) is the Vice Governor of China Development Bank (CDB).
  history of 1 month libor: Handbook of Finance, Financial Markets and Instruments Frank J. Fabozzi, 2008-11-03 Volume I: Financial Markets and Instruments skillfully covers the general characteristics of different asset classes, derivative instruments, the markets in which financial instruments trade, and the players in those markets. It also addresses the role of financial markets in an economy, the structure and organization of financial markets, the efficiency of markets, and the determinants of asset pricing and interest rates. Incorporating timely research and in-depth analysis, the Handbook of Finance is a comprehensive 3-Volume Set that covers both established and cutting-edge theories and developments in finance and investing. Other volumes in the set: Handbook of Finance Volume II: Investment Management and Financial Management and Handbook of Finance Volume III: Valuation, Financial Modeling, and Quantitative Tools.
  history of 1 month libor: Handbook of Finance, Investment Management and Financial Management Frank J. Fabozzi, 2008-08-04 Volume II: Investment Management and Financial Management focuses on the theories, decisions, and implementations aspects associated with both financial management and investment management. It discusses issues that dominate the financial management arena—capital structure, dividend policies, capital budgeting, and working capital—and highlights the essential elements of today's investment management environment, which include allocating funds across major asset classes and effectively dealing with equity and fixed income portfolios. Incorporating timely research and in-depth analysis, the Handbook of Finance is a comprehensive 3-Volume Set that covers both established and cutting-edge theories and developments in finance and investing. Other volumes in the set: Handbook of Finance Volume I: Financial Markets and Instruments and Handbook of Finance Volume III: Valuation, Financial Modeling, and Quantitative Tools.
  history of 1 month libor: Funds of Hedge Funds Greg N. Gregoriou, 2011-04-01 With about $450 billion in assets, funds of hedge funds are the most recent darling of investors. While hedge funds carry high risk for the promise of high returns they are designed for the very rich and for large institutional investors such as pension funds. A Fund of Hedge Funds (FOF) spreads investments among a number of hedge funds to reduce risk and provide diversification, while maintaining the potential for higher than average returns. Odds are that some pension fund of yours is invested heavily in these products, and more recently these FOFs have been opened to more and more individual investors in offshore jurisdictions with lower minimum entry levels. Since this is a new and extremely fast-moving financial phenomenon, academic research has just begun in earnest, and this is the first book to present rigorous academic research by some of the leading lights in academic finance, carefully analyzing the broad array of issues involved in FOFs.* With over $450 billion in assets, hedge funds of funds are the darling of investors* First book to present rigorous academic research about funds of funds * Leading lights in academic finance from around the world analyze the broad array of issues involved in funds of funds
  history of 1 month libor: Fixed Income Analysis Barbara S. Petitt, 2019-10-17 CFA Institute's essential guide to fixed-income portfolio management, revised and updated Now in its fourth edition, Fixed Income Analysis offers authoritative and up-to-date coverage of how successful investment professionals analyze and manage fixed-income portfolios. With contributions from a team of financial experts, the text is filled with detailed information from CFA Institute and contains a comprehensive review of the essential topics in the field. Fixed Income Analysis introduces the fundamental concepts of fixed-income securities and markets and provides in-depth coverage of fixed-income security valuation and portfolio management. The book contains a general framework for valuation that is designed to be accessible to both professionals and those new to the field. The fourth edition provides updated coverage of fixed-income portfolio management including detailed coverage of liability-driven and index-based strategies, the major types of yield curve strategies, and approaches to implementing active credit strategies. The authors include examples that help build the knowledge and skills needed to effectively manage fixed-income portfolios. Fixed Income Analysis gives a real-world understanding of how the concepts discussed are practically applied in client-based scenarios. Investment analysts, portfolio managers, individual and institutional investors and their advisors, and anyone with an interest in fixed-income markets will appreciate this accessible guide to fixed-income analysis.
  history of 1 month libor: Day Trading and Swing Trading the Currency Market Kathy Lien, 2015-12-15 Play the forex markets to win with this invaluable guide to strategy and analysis Day Trading and Swing Trading the Currency Market gives forex traders the strategies and skills they need to approach this highly competitive arena on an equal footing with major institutions. Now in it's third edition, this invaluable guide provides the latest statistics, data, and analysis of recent events, giving you the most up-to-date picture of the state of the fast-moving foreign exchange markets. You'll learn how the interbank currency markets work, and how to borrow strategy from the biggest players to profit from trends. Clear and comprehensive, this book describes the technical and fundamental strategies that allow individual traders to compete with bank traders, and gives you comprehensive explanations of strategies involving intermarket relationships, interest rate differentials, option volatilities, news events, and more. The companion website gives you access to video seminars on how to be a better trader, providing another leg up in this competitive market. The multi-billion-dollar foreign exchange market is the most actively traded market in the world. With online trading platforms now offering retail traders direct access to the interbank foreign exchange market, there's never been a better time for individuals to learn the ropes of this somewhat secretive area. This book is your complete guide to forex trading, equipping you to play with the big guys and win—on your own terms. Understand how the foreign currency markets work, and the forces that move them Analyze the market to profit from short-term swings using time-tested strategies Learn a variety of technical trades for navigating overbought or oversold markets Examine the unique characteristics of various currency pairs Many of the world's most successful traders have made the bulk of their winnings in the currency market, and now it's your turn. Day Trading and Swing Trading the Currency Market is the must-have guide for all foreign exchange traders.
  history of 1 month libor: A Financial History of the United States Jerry W Markham, 2015-03-17 This new reference by the author of the critically acclaimed A Financial History of the United States covers the aftermath of the Enron-era scandals and the extraordinary financial developments during the period
  history of 1 month libor: Economic Review , 1992
  history of 1 month libor: Fixed Income Securities Frank J. Fabozzi, 2008-04-21 A Comprehensive Guide to All Aspects of Fixed Income Securities Fixed Income Securities, Second Edition sets the standard for a concise, complete explanation of the dynamics and opportunities inherent in today's fixed income marketplace. Frank Fabozzi combines all the various aspects of the fixed income market, including valuation, the interest rates of risk measurement, portfolio factors, and qualities of individual sectors, into an all-inclusive text with one cohesive voice. This comprehensive guide provides complete coverage of the wide range of fixed income securities, including: * U.S. Treasury securities * Agencies * Municipal securities * Asset-backed securities * Corporate and international bonds * Mortgage-backed securities, including CMOs * Collateralized debt obligations (CDOs) For the financial professional who needs to understand the fundamental and unique characteristics of fixed income securities, Fixed Income Securities, Second Edition offers the most up-to-date facts and formulas needed to navigate today's fast-changing financial markets. Increase your knowledge of this market and enhance your financial performance over the long-term with Fixed Income Securities, Second Edition. www.wileyfinance.com
  history of 1 month libor: The Financial Times Guide to Saving and Investing for Retirement Yoram Lustig, 2016-06-07 One of the most important financial plans you can have is saving and investing for your retirement. Quite simply, the success of this plan determines whether you’re going to live comfortably after you stop working. The Financial Times Guide to Saving and Investing for Retirement will lead you through a bewildering maze of financial tools and provide advice on crucial investment decisions. It provides everything you need to know about how to save and invest so that you can successfully plan for your retirement. It is packed with invaluable information on taxes, ISAs, pensions, investing across different assets and buying property. The Financial Times Guide to Saving and Investing for Retirement will help you: Identify your financial objectives and work out how to achieve them Learn how to invest for a specific goal and time Find out about taxes and other rules that may impact your wealth Understand why it’s essential to be actively involved in managing your post-work income The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.
  history of 1 month libor: Readings on Financial Institutions and Markets Peter S. Rose, 1994
  history of 1 month libor: The Handbook of Nonagency Mortgage-Backed Securities Frank J. Fabozzi, Chuck Ramsey, Michael Marz, 2000-02-15 Frank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities. There is information on raw products, such as jumbo loans, alternative A mortgages, and 125 LTV mortgages, as well as structured products, analytical techniques, prepayment characteristics, and credit issues. This fast-growing segment also includes nonagency pass through, nonagency collateralized mortgage obligations, home loan equity-backed securities, and manufacture housing loan backed securities.
  history of 1 month libor: Bank Investing Suhail Chandy, Weison Ding, 2021-02-23 Bank Investing: A Practitioner's Field Guide offers you the essential toolkit to become a successful bank investor. It packages practical lessons, theoretical knowledge, and historical context, all into one compelling and hopefully entertaining book. The book includes conversations with investors and management teams. Investors include activists, financials specialists, credit investors, and multibillion-dollar asset managers. Management teams have a broad representation from the c-suite of a broad spectrum of participants ranging from a fintech to a bank with over $30bn in assets. Banks are the oil that lubricates the economy. An understanding of how they operate is essential for analyzing any part of the economy since banks represent a large investing universe and control a sizeable portion of assets. With over 800 public tickers representing over $3 trillion market cap, banks are larger than several other industry groups. Banks are the largest financial intermediaries in the U.S., controlling $15 trillion in financial assets. Their relative size can amplify effects. For example, a small regulatory or environmental change can cascade and ripple through financial markets and have a major impact on the economy. As fintechs gain in prominence, a fundamental grasp of topics related to banking will help enhance understanding of fintech. Bank investing can be a fruitful pursuit: The most successful investor of our times, Warren Buffett, has had a sizeable investment in banks over time (close to a third of his portfolio weight used to be in banks). Banks allow you to make macro-economic bets since they are highly levered to business cycles. Bank investing allows you to scale your knowledge, as they have relatively homogenized business models... ...at the same time, banks are diverse enough to drive meaningful dispersion in price performance. This divergence of performance can be taken advantage of by an astute and prepared securities analyst. Banks are good vehicles to make specific investment plays on geographic regions, demographic trends (suburban to urban migration, aging), industries (agriculture, tech, energy), news flow (trade/tariffs, weather), real estate subsectors (NYC office, bay area apartments), and investing themes such as ESG, cryptocurrency, and venture capital. Finally, fintech disruption is creating an investing opportunity to play the digital divide between banks that embrace technology successfully and those that get left behind.
  history of 1 month libor: Securitization of Financial Assets Kravitt, 2012-12-18
  history of 1 month libor: Did the Federal Reserve’s MBS Purchase Program Lower Mortgage Rates? Diana Hancock, 2011
  history of 1 month libor: Quantitative Analysis In Financial Markets: Collected Papers Of The New York University Mathematical Finance Seminar (Vol Iii) Marco Avellaneda, 2002-01-18 This invaluable book contains lectures presented at the Courant Institute's Mathematical Finance Seminar. The audience consisted of academics from New York University and other universities, as well as practitioners from investment banks, hedge funds and asset-management firms.