the authoritative voice of the EMEA market


Developing markets offer great opportunities as global dynamics shift, demand for their resources increases and new technologies evolve. The LMA.... Find out more

What's New?

Developing Market Insight

Loan Market Data & Analytics (September 2017)
Thomson Reuters LPC Report

Emerging Markets Sovereign Rating Trends 2017 (21 July 2017)
S&P Global Ratings Services Report


Developing Markets Quarterly Bulletin - May 2017

Developing Markets Conference 2017 summary; video interview with Conference speaker, David Chmiel; briefing on risk and raising capital in East Africa; South African confidentiality agreement; updated local African law facility agreement; Q1 LMA developing markets event summaries; regulatory submissions; legal and regulatory news; and upcoming LMA events in developing markets.

LMA publishes revised English law investment grade primary documentation and updates its suite of facility agreements

The LMA is pleased to announce the publication of revised forms of its English law investment grade primary documentation; the changes have been incorporated across the suite of documentation, including the Developing Markets, South Africa Investment Grade and Local African Law documentation. The amendments take account of changes made to the LMA's leveraged documentation in November 2016. The documents have also been amended to incorporate increase lender mechanics, expansion of the Agent's Spot Rate of Exchange, updates to the definition of Federal Funds Rate, and expansion of all Lender matters to cover a change in currency of payment.

LMA publishes confidentiality agreement and associated riders under South African law

The LMA has produced a confidentiality agreement and associated riders under South African law, for use in primary syndication. The South African User Guide has also been updated.


We spoke to David Chmiel, Managing Director at Global Torchlight, following our 2017 Developing Markets Conference. In a survey conducted of LMA members before the conference, global macro-economic and political stability was seen as being the most important factor for growth in the syndicated loan market in developing markets. We asked David for his views.


LMA Developing Markets Conference 2017

On 26 April 2017, the LMA held its fourth annual Developing Markets Conference in London. Despite recent market volatility, developing markets continue to offer attractive investment opportunities. The programme featured a plenary morning, with the afternoon split into two breakout sessions; one focusing on CEE/CIS, Turkey and the Middle East; and the other Sub-Saharan Africa.

Foreign lenders should be aware of credit and loan requirements in South Africa

This briefing, produced by Bowmans, considers the credit and loan requirements which foreign lenders should be aware of when lending into South Africa. Click the arrow to view.

Romania: corporate restructuring and insolvency procedures

There is a single gateway insolvency procedure in Romania which leads to a judicial reorganisation and/or bankruptcy proceedings. This briefing, produced by Allen & Overy, considers the Romanian Insolvency Code, which is generally pro-creditor, making judicial restructuring more restrictive and allowing for more expedient liquidation procedures. Click the arrow to view.