LIBOR stands for London Interbank Offered Rate. It is the nterest rate benchmarks that represent the cost of short-term, unsecured, borrowing by large banks. IBOR rate gets published for a variety of currencies and tenors. 

This benchmark rate is in existence since 1970. With the passage of time, as things change, so does the old logic. There was a time when LIBOR was considered as the base to reflect correct benchmark rates. However, the volatility and uncertainty in recent times were a signal to think about changing the benchmark rate currently used. Recent times require a more stable, consistent, and reflective benchmark rate to determine the rate of lending. Thus LIBOR will be replaced soon. SOFT is in talks as an alternative benchmark rate to replace LIBOR.

To understand the details about what IBOR, LIBOR, and SOFR mean and how will this LIBOR transition impact us all you need to click on the below link

https://www.finmargin.com/ibor-rate/

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