对于很多机构来说，出RF+SPREAD，他们的RF就是LIBOR

“LIBOR有或无风险”， 都是伪命题，LIBOR和风险不存在必然联系

08给的教训更多体现在CDS的使用上

363俱乐部都是借入3%(约=LIBOR)，借出6%，下午3点golf,但是有一点名字没体现就是用CDS去hedge，这解释了他们为什么把LIBOR当RF

最后多说两句关于风险，实在是一个太宽泛并且不太具备客观属性的词。很多人都认为美联储的债券是世界上风险最高的投资，有句流传很广的话：“Adjusted rate of return guarantees failure of meeting your investment objective”

非常同意关于cds 的结论，08年的经济危机的教训是人们对这些复杂的金融衍生工具研究的还不够，对它们的大量使用会造成更大的风险，尽管很多衍生工具一开始是用来规避风险的。

另外,LIBOR是AA评级银行间相互借贷的利率，作为盈利为目的的银行存在着信用风险，所以就有着default的可能性。这点与T-bill 和treasure bills 不同，因为美元是世界货币，只要产品以美元计价，美国联邦ZF就可以通过增发货币来进行支付。所以从这点来看，美国联邦ZF的信用风险非常低，尽管很多人都认为美元破产是迟早的事情，但是从短期看，这种可能性非常小。

以下选自John Hull 的 OPTIONS, FUTURES, AND OTHER DERIVATIVES 第八版。

The Risk-Free Rate
The ‘‘risk-free rate’’ is used extensively in the evaluation of derivatives. It might be thought that derivatives traders would use the interest rates implied by Treasury bills and bonds as risk-free rates. In fact, they do not do this. As indicated in Business Snapshot 4.1, there are a number of tax and regulatory issues that cause Treasury rates to be artificially low.

Financial institutions have traditionally used LIBOR rates as risk-free rates. For a
AA-rated financial institution LIBOR is the short-term opportunity cost of capital. The
financial institution can borrow short-term funds at the LIBOR quotes of other
financial institutions and can lend funds to other financial institutions at its own
LIBOR quotes. LIBOR rates are not totally free of credit risk. For example, when
funds are lent at 3-month LIBOR to a AA-rated financial institution, there is a small
chance that it will default during the 3 months. However, they are close to risk-free in
normal market conditions. LIBOR rates have maturities up to 1 year. As we will explain
later, traders have traditionally used Eurodollar futures and interest rate swaps to
extend the risk-free LIBOR yield curve beyond 1 year.

The credit crisis that started in 2007 caused many derivatives dealers to critically
review their practices. This is because banks became very reluctant to lend to each other
during the crisis and LIBOR rates soared. Many dealers have now switched to using the
overnight indexed swap (OIS) rate as a proxy for the risk-free rate. This rate will be
explained in Section 7.8. It is closer to risk-free than LIBOR.

Nice...