the authoritative voice of the EMEA market

What's New?

LIBOR transition: Feedback required on conventions for referencing risk-free rates in new agreements

On 19 March 2019, the Working Group on Sterling Risk-Free Reference Rates published a discussion paper on "Conventions for referencing SONIA in new contracts". This is part of the Working Group's efforts to enable a transition to SONIA (the sterling risk-free rate) from sterling LIBOR. Whilst the discussion paper is focused on SONIA and the sterling market, the conventions discussed in it are also of key importance and relevance for the transition to risk-free rates in other currencies.

Loan Market Insight

Capital Markets View (March 2019)
S&P Global Ratings Report

CreditMatters EMEA (March 2019)
S&P Global Ratings Report

Infrastructure Finance Outlook (February 2019)
S&P Global Ratings Report

Leveraged Finance Chart Book (Q119)

Bloomberg Report

EMEA Syndicated Loans Insights (March 2019)
Bloomberg Report

EMEA Syndicated Loans Insights (February 2019)
Bloomberg Report

Loan Market Data and Analytics (April 2019)
Refinitiv Report

LPC's Emerging Market (March 2019)
Refinitiv Report

Loan Market Data and Analytics (February 2019)
Refinitiv Report

European CLO Index 4Q18 (January 2019)
Fitch Ratings Report

European High-Yield and Leveraged Credit (December 2018)
Fitch Ratings Report

Q1 Loans Highlights (April 2019)
Dealogic Insight

Quarterly Rankings - Syndicated Loans (Q1 2019)
Dealogic Insight

2018 Loans Highlights (January 2019)
Dealogic Insight

High Yield Interest (March 2019)
Moody's Report

High Yield Interest (January 2019)
Moody's Report

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​LIBOR Lowdown - Developments in Benchmark Replacement

Video of the LIBOR session from the joint LMA/LSTA Conference on 6 March 2019 in London. Speaking are Kam Mahil, Director, Legal, at the LMA and Tess Virmani, Senior Vice President and Associate General Counsel, at the LSTA.

Brexit and LMA Documentation Update

The LMA is aware of the publication of the UK's legislation which is intended to "onshore" EU law with effect from 29 March in the event that the UK leaves the EU without an agreed transition period. As is the case with any potential change in legislation, the LMA is not planning to make any changes to its English law documentation before any proposed change in English law actually takes effect.

The LMA is in the process of considering appropriate changes to be made to the relevant legislative references in its documentation in the event that the UK's onshoring legislation becomes effective on 29 March. If the UK's onshoring legislation becomes effective on 29 March, the LMA's intention is to publish a table of those suggested changes on or about that date so as to release them to members as soon as possible. Those changes will then be incorporated into its documentation suite over the following weeks.

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We have published a paper which seeks to emphasise the number of regulatory issues which could arise in a lending context as a result of a "no deal" scenario, and the negative repercussions that this would create for the wider EU economy.

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Sustainability Linked Loan Principles

The LMA, together with the APLMA and LSTA, has launched the Sustainability Linked Loan Principles (SLLP).

Brexit – UK Parliament rejects Withdrawal Agreement for third time. What happens next?

The UK Government has failed to secure the approval by the House of Commons of the Withdrawal Agreement on its third attempt. The UK will now leave the EU with "no deal" on 12 April 2019 unless an alternative route is found. This briefing by Clifford Chance sets out the next steps, possible alternatives and their implications.

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Recent LMA Submissions

LMA responds to the second public consultation on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts

LMA responds to ESMA on the technical standards on disclosure requirements under Securitisation Regulation

LMA responds to PRA Consultation Papers CP25/18 and CP26/18

LMA responds to FCA Consultation Paper 18/36 - Brexit: Proposed changes to the Handbook and Binding Technical Standards - second consultation