the authoritative voice of the EMEA market

LMA Guides

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Dealing with Requests for Amendments

December 2016

During the life of a loan, changes to the parties’ positions, regulation and/or the market may cause parties to revisit the terms of the loan agreement. The purpose of this guide is to provide recommendations for best practice for dealing with amendments to the loan agreement, from both a pragmatic and legal standpoint.

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Schuldscheindarlehen – LMA Leitfaden

August 2016

Was sind Schuldscheindarlehen und wie funktionieren sie? Diese und andere Fragen sollen in diesem Leitfaden beantwortet werden. Er wendet sich an Personen, die mit dem Produkt Schuldscheindarlehen weniger vertraut sind, insbesondere an ausländische Darlehensnehmer und Darlehensgeber/Investoren. Der vorliegende Leitfaden enthält neben einer Darstellung der gegenwärtigen Marktlage eine Zusammenfassung der rechtlichen Rahmenbedingungen und Besonderheiten dieses Produktes,

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Schuldscheindarlehen – LMA Product Guide: English Translation

August 2016

What are Schuldscheindarlehen and how do they work? This LMA Product Guide seeks to address these questions and more. It is aimed at persons less familiar with Schuldscheindarlehen, in particular the international borrower and lender/investor. The Guide provides current market perspectives, outlines the legal framework and summarises legal nuances particular to the product.

Please note: the contents of this Guide were drafted in German; the English translation is provided for convenience.

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Comparison of Private Placement Debt Products

July 2016

The purpose of this comparison is to provide an overview of the similarities and differences between the (main) private placement products available in the European market. It is hoped that this comparison will help both credit providers and borrowers to understand the private placement market and to select the product which is most suitable for their requirements.

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Improving Liquidity in the Secondary Market

July 2016

A robust, liquid secondary loan market is an important ingredient for the health of the syndicated loan market as a whole. With this in mind, this guide is intended to assist market participants and their advisors who are involved in the origination and execution of syndicated loans in the primary market, by highlighting certain issues which have the potential to impact liquidity in the secondary market.

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Insolvency in the Loan Market

June 2016

European jurisdictions have witnessed a dynamic evolution of their restructuring and insolvency regimes, aimed at encouraging business rescue to enable value preservation and to save employment. The Guide (updated from the 2014 Edition) is intended to provide a summary of where the law currently stands in the diverse legal systems that operate across Europe, summarising the output from recent initiatives which have sought to amend the underlying insolvency regimes across Western Europe.

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Guide to Secondary Loan Market Transactions

April 2016

The aim of this guide is to provide an overview of the role of the secondary market in the syndicated loan market, identifying, amongst other things, participants active in the secondary loan market, the types of debt available, a typical anatomy of a trade and the different transfer mechanisms.

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Regulation and the Loan Market

September 2015

The numerous regulatory and legislative proposals which are currently before us, are often described as an "alphabet soup". This booklet (updated from the September 2012 edition) is intended to help you digest them. Spanning regulatory measures including AIFMD, Basel III, CRD IV, FATCA, MiFID and Dodd-Frank amongst others, this booklet may not increase your appetite for regulation, but it will certainly increase your understanding of the menu.

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Guide to Agency Protections

April 2015

The purpose of this guide is to provide an overview of the principal protections provided in an LMA facility agreement, and assist agents, arrangers, lenders and those agreeing loan documentation to identify the standard protections that an agent under a loan agreement would expect to benefit from.

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Glossary of Terms for Transfers of Interests in Loans

June 2014

This booklet is intended to assist members active in the secondary market, by providing a comparison of English and U.S. usage for terms commonly used when transferring an interest in a loan

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Guide to Syndicated Loans & Leveraged Finance Transactions

October 2013

The aim of this paper is to provide guidance on syndicated loan transactions and leveraged finance transactions, identifying, amongst other things, the types of facilities commonly seen in the loan market, the parties to a typical loan agreement and common methods used by lenders to transfer loan participations.

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Using English Law in Developing Markets

January 2013

The aim of this guide is to assist those currently unfamiliar with the English law legal framework to understand the principles upon which English law is founded and to recognise the advantages that can be had in using English law governed contracts, whether from a practical, procedural or judicial perspective. The guide also provides an insight into both the mechanics of an English law facility agreement and the typical boilerplate provisions which are likely to be present within any English law contract.

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