LIBOR swap curve

[SFA]

Wondering if someone here can help me confirm something.
When you see the LIBOR swap curve quoted somewhere, is this showing the fixed rate that only a bank can enter with another bank to receive floating (LIBOR) over a specific period? That is, if a non-bank (eg, corporate) wanted to enter a swap, they would have to pay this quoted fixed rate PLUS an additional spread (ontop of the quoted rate) to compensate the other party (ie, bank) for the credit risk.
Or does the quoted rate typically include a credit spread over the ‘underlying’ SWAP rate?
Thanks a lot guys!

 

[SFA]

Also, has anyone had experience infering the ‘risk free rate’ from the LIBOR swap curve? Any advice would be much appreciated ;-) Thanks.

 

[giuls21]

In a swap you would just pay LIBOR if you took that side of the trade, not LIBOR + an additional spread.

 

[villnius]

You do not need to be a bank to enter into a Libor swap (or a Euribor, OIS, Eonia, or any other swap for that matter).
The quote you get from the dealer is the fixed rate you will pay/recieve against the counterparty receiveing/paying the floating rate.
The impact of credit risk is in initial margin requirements, which you will pay to the cpty in the case of a bilateral trade, or to the clearinghouse in the case of a cleared trade.