I have a question about the definition and understanding of libor rates. We have the time to maturity tenor, $T$, which is the time over which i borrow or lend money. For libor we also have the reset date, i.e. in Bloomberg we find USD 3 Month LIBOR 25 Year. What does this exactly mean? Here the 3 Month is the reset tenor and 25 Year is the time to maturity. So for sure this is the interest rate over the next 25 Year. But what does the reset tenor mean? I observe daily changes in the market for this rate, so it cant be the interest I borrow or lend over the next 3 Month. One possible ticker in Bloomberg is for example S0023Z 25Y BLC2 Curncy.


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