各位金融大侠,问个LIBOR利率的问题

如何理解:
At that time,interest rates on commercial paper were some three-quarters of a per cent lower than the alternative dollar LIBOR rate.
这个COMMERCIAL PAPER 的利率是3/4%,也就是0.75% lower than the alternative dollar LIBOR rate吗?昨天教授说COMMERCIAL PAPER 的利率低于LIBOR 的利率是不可能的.可是他给我的材料上就是这么写的呀.是我理解错了吗?唉,
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libor是个基准利率,你说的COMMERCIAL PAPER 的利率怎末会低于libor的利率,我没想太明白,你把全文发上来,我看看。但如果是在欧洲除了英国,一般都是用eulibor的.:naughty:

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谢谢两位大狭的指点.我正想着这么多天没人回答我,我直接问教授好了,因为他当时给我指出来了我做的PRESENTATATION 错了,觉得想不通,所以发个贴问.谢谢大狭哈.继续咱们的讨论.

这是我做的英国的Cadbury Schweppes的一个案例,在1983年Cadbury Schweppes为了减少它的财务成本,并且想到美国资本市场去融资,就在美国发行了US commercial paper.他为了得到一个低利率的US commercial paper,做了很多工作说服评级机构给了它一个最高的信用等级(A1),也因此得到了一个最低的利率,相比他其他短期债务.我的材料上对它的US commercial paper的利率描述就是上述这样一句话,我把那一段都写在这,老大门再研究研究.

CS(Cadbury schweppes)was rated A1 by Standard and Poor's and Prime 1,or P1,by Moody's. CS therefore gained the highest credit rating normally afforded to a non-US private-sector company, and hence could offer the lowest interest rates on its short-term debt.At that time,interest rates on commercial paper were some three-quarters of a per cent lower than the alternative dollar LIBOR rate.The company attributed this to the elimination of the bank's spread,combined with the rating and guaranteed liquidity afforded by commercial paper.

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这是我教授给我的回复
libor rate defines daily borrowing cost on money market loans from a bank. cp rates refer to borrowing through certificates in the money market. it is therefore very likely that interest rates do differ, in this case, cp rates are 75b.p. below libor rates(daily money is more flexible, but has a higher cost). regs
他也是承认是比LIBOR利率低是吧?

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