A cost that was traditionally viewed as a fixed cost
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See London Inter Bank Mean rate.
Today I spent the whole afternoon in meetings, then came out and penned a couple of descriptions. Phew. Time for a run now.
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A swap in which one of the legs is a fixed rate and the other is Libor-in-Arrears (i.e. Libor set and paid at the end of each period, rather than set at the beginning and paid at the end of each period as with a normal swap). Used to take a view on short term forward rates. Can also be structured with one leg as Libor-In-Arrears and the other leg as Libor plus or minus a spread
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