London Interbank Offered Rate – The rate at which many large international banks lend to each other. It is a major international benchmark upon which the rates of numerous loans and debt instruments are calculated. It is based on five currencies: USD, GBP. EUR, CHF, JPY and is established for the following overnight, weekly and monthly maturities: ON , 1W, 1M, 2M, 3M, 6M, 12M. The most commonly quoted is the 3M USD LIBOR.