At the moment the spread between the high and the low fixing banks still stand at around 11bps. This shows how banks continue to just pay lip service to the definition if LIBOR. Result is that the rate remains lower than it ought to be expected if banks use this as a PR exercise to artificially manage expectations instead to reflecting their true cost of borrowing in this market condition. If you believe the numbers published, we should all go long the French banks...
Eric Tan,
London
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