the authoritative voice of the EMEA market

What's New?

Working Group on Euro Risk-Free Rates consults on draft EONIA to €STR Legal Action Plan

The Working Group on Euro Risk-Free Rates has published a public consultation on an EONIA legal action plan.

The EONIA legal action plan addresses two events: (i) the proposed change to the methodology for computing EONIA on 2 October, whereby it will become €STR plus a spread; and (ii) the discontinuation of EONIA at the end of 2021. It covers legacy and new contracts referencing EONIA in different asset classes (derivative transactions, collateral agreements and cash products). There are sections in the action plan covering syndicated loans.

The consultation closes on 12 June 2019 (17:00 CET).

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

EMEA Syndicated Loans Insights (April 2019)

Bloomberg Report

Leveraged Finance Chart Book (April 2019)
Bloomberg Report

Leveraged Finance Chart Book (1Q19)
Bloomberg Report

Secondary Loan Trading Volumes (1Q19)
Refinitiv Report

Loan Market Data and Analytics (April 2019)
Refinitiv Report

LPC's Emerging Market (March 2019)
Refinitiv Report

European CLO Index 1Q19 (April 2019)

Fitch Ratings Report

Unitranche Versus Syndicated Leveraged Loans (February 2019)
Fitch Ratings Report

European Leveraged Loan Chart Book (February 2019)
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 (April 2019)
Moody's Report

March Default Report (April 2019)
Moody's Report

High Yield Interest (March 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