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Within the multifactor LIBOR market model, we examine three types of interest ratespread options: LIBOR vs.LIBOR, LIBOR vs.swap rate and swap rate vs.swap rate.These financial products are widely-traded in the marketplace or are embedded in structure notes, such as CMS range accruals and steepeners.In the first case, we show that the drift has an impact on the pricing which differs from the result given in Fu (1996).We also present a new approach to approximate the distribution of a forward swap rate under the LIBOR market model and then employ it to price CMS spread options.The numerical examples show that the approximate pricing formulas are robustly accurate as compared with Monte Carlo simulation by using the recent two-year data.