Finance School of Management Credit risk and Intermediation of banks 1120% AAA LIBOR BBB Corp. Corp. 11.15% 1.25% LIBOR LIBOR 11%+0.05% -0.05% LIBOR bank investors investors LIBOR-0.20%(LIBOR-010%) 11.70%(11.80‰ STC23 Finance School of Management Credit Risk and Intermediation of Banks LIBOR-0.20％（LIBOR-0.10％） 11.70％（11.80％） LIBOR +0.05% LIBOR -0.05% 11% 11.15% 11.25% AAA LIBOR Corp. BBB Corp. investors investors bank 11.20% LIBOR +0.5%