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LIBOR Where did the LIBOR rates go?

Since 1 October 2024, no new LIBOR (London InterBank Offered Rate) interest rates have been published. Many currencies and tenors had already ceased earlier. The final remaining series was USD LIBOR, whose publication ceased on 30 September 2024.

The end of LIBOR does not mean the need for reliable benchmark (reference) rates has disappeared. Robust alternatives are now available for all affected currencies. Below you’ll find, for each former LIBOR currency, the overnight replacement and what you can use as a benchmark for longer tenors. Further down this page you can read more background on what LIBOR is/was, its origins and its discontinuation.

Per-currency overview: last publication, replacements and official sources

US Dollar (USD) LIBOR

Pound Sterling (GBP) LIBOR

  • Last publication: 28 March 2024.
  • Overnight replacement: SONIA (Sterling Overnight Index Average).
  • Longer tenors: Compounded SONIA or Term SONIA.
  • Official publication: The Bank of England publishes SONIA (and the SONIA Compounded Index). Term SONIA is published by ICE Benchmark Administration (IBA).

Japanese Yen (JPY) LIBOR

  • Last publication: 30 December 2022.
  • Overnight replacement: TONA/TONAR (Tokyo Overnight Average Rate).
  • Longer tenors: Compounded TONA or TORF (Tokyo Term Risk Free Rate).
  • Official publication: The Bank of Japan publishes TONA. QUICK Benchmarks Inc. publishes TORF.

Swiss Franc (CHF) LIBOR

  • Last publication: End of 2021.
  • Overnight replacement: SARON (Swiss Average Rate Overnight).
  • Longer tenors: Compounded SARON (in arrears).
  • Official publication: SIX (SIX Financial Information) is the administrator and publishes SARON.

Euro (EUR) LIBOR

Australian Dollar (AUD) LIBOR

  • Last publication: End of May 2013.
  • Overnight replacement: AONIA (Australian Overnight Index Average).
  • Longer tenors: BBSW (Bank Bill Swap Rate).
  • Official publication: The Reserve Bank of Australia (RBA) publishes the cash rate/AONIA; ASX publishes BBSW.

Canadian Dollar (CAD) LIBOR

  • Last publication: End of May 2013.
  • Overnight replacement: CORRA (Canadian Overnight Repo Rate Average).
  • Longer tenors: Compounded CORRA or Term CORRA.
  • Official publication: The Bank of Canada publishes CORRA; CanDeal Benchmark Administration publishes Term CORRA.

Swedish Krona (SEK) LIBOR

  • Last publication: End of March 2013.
  • Overnight replacement: SWESTR (Swedish Krona Short Term Rate).
  • Longer tenors: STIBOR (Stockholm Interbank Offered Rate).
  • Official publication: Sveriges Riksbank publishes SWESTR; Swedish Financial Benchmark Facility publishes STIBOR.

Danish Krone (DKK) LIBOR

  • Last publication: End of March 2013.
  • Overnight replacement: DESTR (Denmark Short-Term Rate).
  • Longer tenors: CIBOR (Copenhagen Interbank Offered Rate).
  • Official publication: Danmarks Nationalbank publishes DESTR; Finance Denmark publishes CIBOR.

New Zealand Dollar (NZD) LIBOR

  • Last publication: End of February 2013.
  • Overnight replacement: The overnight benchmark in NZD is NZONIA (New Zealand Overnight Index Average). This rate is based on the OCR, the policy rate of New Zealand’s central bank (the RBNZ).
  • Longer tenors: BKBM (Bank Bill Benchmark Rate).
  • Official publication: The Reserve Bank of New Zealand (RBNZ) publishes the OCR. NZFMA (New Zealand Financial Markets Association) publishes BKBM.

Phased discontinuation of LIBOR

This overview shows the dates on which publication of each LIBOR series ceased. However, the phase-out was more complex than it may appear at first glance. The dates shown refer to the final remaining tenor per currency; earlier tenors may have ceased sooner. In addition, it is important to note that in some cases these are the end-dates of ‘synthetic’ LIBOR variants that were temporarily published to facilitate the transition away from LIBOR. This applies, for example, to the US dollar, pound sterling and Japanese yen, where the original panel-bank LIBOR series had already ceased earlier.

What is LIBOR?

LIBOR stands for London InterBank Offered Rate. Originally, LIBOR was the average interest rate at which a selection of banks were willing to lend unsecured funds to each other on the London money market. In the past there were 150 LIBOR rates: 10 different currencies and 15 tenors per currency. Over time, more and more LIBOR series were discontinued. Since the end of September 2024, when the last USD-LIBOR rates were published, no new LIBOR rates have appeared. For most tenors and currencies, alternative benchmark rates have been introduced (see the overview above).

The official LIBOR rates were, until publication ended, released once a day by ICE Benchmark Administration (IBA).

The origins of LIBOR

In the early 1980s, financial institutions in London needed a benchmark for lending rates, particularly to price financial products such as interest rate swaps and options. Under the auspices of the British Bankers’ Association (BBA), steps were taken from 1984 that led to the first LIBOR rates being published in 1986 (BBA LIBOR).

The end of LIBOR

LIBOR existed for a long time, but faced scandals and changing market dynamics, including fewer underlying interbank transactions. Confidence diminished and regulators opted for a phased wind-down. Publication of LIBOR rates for all currencies has now ended.

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