the authoritative voice of the EMEA market

What's New?

Selection of ESTER as the new euro risk-free rate

On 13 September 2018, the working group on euro risk-free rates recommended the euro short-term rate (ESTER) as the risk-free rate for the euro. ESTER will replace EONIA, which no longer meets the criteria of the EU Benchmarks Regulation ("BMR") and so will see its use restricted as of 1 January 2020. ESTER will also provide a basis for developing fallbacks for contracts referencing EURIBOR, as the compliance of its new hybrid methodology with the BMR will be assessed in 2019 (with no guarantee of a favourable outcome).

Loan Market Insight

CreditMatters EMEA (September 2018)
S&P Global Ratings Report

Capital Markets View: High Yield and Leveraged Finance (June 2018)
S&P Global Ratings Report

Infrastructure Finance Outlook Newsletter (Q2 2018)
S&P Global Ratings Report

EMEA Syndicated Loan Insights (August 2018)
Bloomberg Report

Leveraged Finance Chart Book Europe (August 2018)
Bloomberg Report

Global Loan Market Data & Analytics (June 2018)
Thomson Reuters LPC Report

2018 Annual (January 2018)
Thomson Reuters LPC Report

Secondary Market Volumes (Q2 2018)
Thomas Reuters LPC Report

Q417 European Leveraged Loan Chart Book (March 2018)
Fitch Ratings Report

Unitranche Versus Syndicated Leveraged Loans (February 2018)
Fitch Ratings Report

US Institutional Leveraged Loans – High Hand For Investors? (August 2018)
Dealogic Insight

LevFin Wallet Share Holds Tight (August 2018)
Dealogic Insight

H1 2018 Loans Highlights (July 2018)
Dealogic Insight

Global Speculative-grade Default Rate Dips Again (August 2018)
Moody's Report
EBITDA Adjustments On The Rise (June 2018)
Moody's Report

High Corporate Leveraged Report (May 2018)
Moody's Report

Recent LMA Submissions

LMA responds to EU Proposal for a Directive on credit servicers, credit purchasers and the recovery of collateral

LMA responds to EU Proposal for a Regulation on the law applicable to the third-party effects of assignments of claims

LMA responds to EMMI Consultation Paper EURIBOR Hybrid Methodology


LMA launches Green Loan Principles (GLP)

The GLP have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the green loan market, with a view to promoting the development and integrity of the green loan product.

LMA revisions to Chapter 17 of the JMLSG Guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry go live on JMLSG website

More than 12 months on from the publication of a consultation by JMLSG in 2017 on proposed revisions to Parts II and III of its guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry (the "Guidance"), Chapter 17, which relates specifically to syndicated lending and which has been re-written by the LMA, has now been approved and published by the JMLSG board.


This video interview with Neil McLeod, Head of Group Treasury Markets Trading at Erste Group Bank AG, considers the ISDA consultation on IBOR fallbacks published in July 2018.


Consultations on LIBOR transition – industry responses required

Two important consultations on LIBOR transition were launched in July 2018: (i) the Bank of England is seeking comments on the proposed creation of term SONIA reference rates; and (ii) ISDA is seeking input on approaches to addressing technical issues with adjustments to apply to fallbacks to risk free rates. Whilst the LMA will look to respond to the consultations, we encourage all market participants to submit responses directly to ensure the views of the loan market are represented.

Click here to view the BoE consultation (closes 30 September). Click here to view ISDA's consultation (closes 12 October).