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LMA exposure draft of reference rate selection agreement for transition of legacy transactions to risk-free rates

The LMA has published an exposure draft reference rate selection agreement ("Reference Rate Selection Agreement") for use in relation to legacy transactions transitioning from LIBOR to alternative reference rates. The Reference Rate Selection Agreement is published as an exposure draft and does not constitute a recommended form of the LMA; it has been published as an exposure draft which is open for comment from market participants. At the current time, there is insufficient established market practice to enable the LMA to publish a recommended form of Reference Rate Selection Agreement. It is for individual market participants to form their own view of the extent to which the exposure draft Reference Rate Selection Agreement is suitable for use as the basis for preparing documentation for transactions.

LMA exposure drafts of compounded risk-free rate facility agreements for sterling and US dollars

The LMA has published exposure drafts of: (i) a compounded SONIA based sterling term and revolving facilities agreement; and (ii) a compounded SOFR based dollar term and revolving facilities agreement (the "Exposure Drafts"). The Exposure Drafts do not constitute recommended forms of the LMA. The intention of the Exposure Drafts is to facilitate awareness of the issues involved in structuring syndicated loans referencing compounded SONIA, SOFR or other RFRs and the development of an approach to these issues by market participants.

Loan Market Insight

Secondary Loan Trading Volumes (3Q19)
Refinitiv Report

Loan Market Data and Analytics (October 2019)

Refinitiv Report

Secondary Loan Trading Volumes (2Q19)
Refinitiv Report

Loans Highlights (October 2019)
Dealogic Insight

Loans Highlights (July 2019)
Dealogic Insight

Q1 Loans Highlights (April 2019)
Dealogic Insight

Leveraged Finance Chart Book (October 2019)
Bloomberg Report

Leveraged Finance Chart Book 3Q19 (October 2019)
Bloomberg Report

EMEA Syndicated Loans Insights (August 2019)
Bloomberg Report






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 (October 2019)
Bloomberg Report

Leveraged Finance Chart Book 3Q19 (October 2019)
Bloomberg Report

EMEA Syndicated Loans Insights (August 2019)
Bloomberg Report



Secondary Loan Trading Volumes (3Q19)
Refinitiv Report

Loan Market Data and Analytics (October 2019)
Refinitiv Report

Secondary Loan Trading Volumes (2Q19)
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

Loans Highlights (October 2019)
Dealogic Insight

Loans Highlights (July 2019)
Dealogic Insight

Q1 Loans Highlights (April 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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An introduction to the LMA Exposure Drafts of Compounded Risk-Free Rate Facility Agreements

This webinar provides an introduction to the Exposure Drafts and discusses: i) the context for, and the purpose of, the development of the Exposure Drafts; ii) the principal features of the Exposure Drafts; and iii) key differences between the Exposure Drafts and the existing LMA Primary Documents.

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An introduction to the LMA exposure draft Reference Rate Selection Agreement

This webinar provides an introduction to the exposure draft Reference Rate Selection Agreement and discusses: (i) the purpose of the Reference Rate Selection Agreement and the approach taken in it to the amendment process for transitioning legacy transactions away from LIBOR; (ii) the principal features of the Reference Rate Selection Agreement; and (iii) the interaction with the Exposure Draft Compounded RFR Facility Agreements

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 31 October 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 31 October. If the UK's onshoring legislation becomes effective on 31 October, 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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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.

Recent LMA Submissions

LMA submits representations relating to the Transposition of the Fifth Money Laundering Directive Consultation

LMA responds to the EBA's consultation paper entitled "Draft Guidelines on Credit Risk Mitigation for institutions applying the IRB Approach with own estimates of LGDs"

LMA responds to the proposed Directive of the European Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral ("Proposed Directive")

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


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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.