LMA Members' Survey: Outlook for the Syndicated Loan Market 2023

Latest News

LMA reaches 800+ Members

We are delighted to announce that over 800 organisations are now members of the LMA. What an amazing achievement and how fitting to reach this number as we celebrate 25 years of the LMA. Thank you to all our members around the world who continue to support and work with us. We now have members in over 65 countries.

We never take members’ support for granted, because it is together that we have made the LMA the institution it is today.

LMA releases guidance note on the Register of Overseas Entities regime

We have published a guidance note on the Register of Overseas Entities (ROE) regime. The ROE regime was established by the Economic Crime (Transparency and Enforcement) Act 2022 and came into force in two phases: on 1 August 2022 and 5 September 2022.

The guidance note covers a range of key issues to the ROE regime and its impacts in the real estate finance (REF) context, including drafting for a new condition precedent to be included in LMA REF facility agreements that document deals to which the ROE regime applies. 

LMA London Early Evening Seminar, 1 December

Our final UK event of 2022 will be our Early Evening Seminar in London on 1 December 2022. This event for LMA members only, will be a panel discussion on the EMEA syndicated loan market, reviewing the year about to pass, and exploring what lies ahead for 2023. It will cover: Market outlook, structure and volumes; Key challenges and opportunities; Loan market after COVID-19; What is the new normal?; and Investor appetite. 

Registration and refreshments will open at 16:15, with the seminar starting at 17:00. The seminar will finish at 18.00 and will be followed by a drinks reception open to all attendees. 

Updates to the LMA Intercreditor Agreement for Leveraged Acquisition Finance Transactions

We have updated our Intercreditor Agreement for Leveraged Acquisition Finance Transactions (Senior/Mezzanine) (Compounded Rate/Term Rate) to fix a number of cross-references within the document. We have also produced a mark-up of this document against the LIBOR-referencing Intercreditor Agreement for Leveraged Acquisition Finance Transactions. 

Secondary trade confirmations now available on LMA.Automate platform

LMA.Automate Limited, a wholly owned subsidiary of the Loan Market Association, has today launched automated LMA recommended form secondary trade confirmations on the LMA.Automate platform to support the secondary loan market. Subscribers will now be able to generate secondary trade confirmations from an automated template incorporating all versions and options available in the latest static versions of the LMA recommended forms. Secondary loan market participants should also note that the LMA recommended form confidentiality undertakings have already been automated and are available on the platform.  

LMA publishes new and updated exposure draft term SOFR documentation for investment grade and developing markets

We have published a new exposure draft multicurrency term and revolving facilities agreement incorporating term SOFR (the IG Term SOFR Exposure Draft). We have also released an updated exposure draft single currency term and revolving facilities agreement for use in developing markets jurisdictions, alongside an updated commentary (the Term SOFR Commentary), to reflect the IG Term SOFR Exposure Draft.

Recent Activity

Documentation (28 November 2022)

LMA releases a guidance note on the Register of Overseas Entities regime.

Documentation (17 November 2022)

LMA updated its Intercreditor Agreement for Leveraged Acquisition Finance Transactions (Senior/Mezzanine) (Compounded Rate/Term Rate) to fix a number of cross-references within the document. 

Documentation (12 October 2022)

LMA publishes new and updated exposure draft term SOFR documentation for investment grade and developing markets, alongside an updated commentary.

Regulation (7 October 2022)

LMA responds to FCA consultation on potentially permitting the Long-Term Asset Fund to be marketed to retail investors.

Documentation (29 September 2022)

LMA publishes updated versions of its German Law Euro Term Facility Agreement for Real Estate Finance (REF) Multiproperty Investment Transactions (in both German and English). 

Popular Resources

Website overview video

Watch our video overview of the LMA website providing a virtual tour of the site to help you locate all the interesting and latest content.

LIBOR Transition Glossary

This glossary covers key terms related to the transition from LIBOR to near risk-free rates ("RFRs").

Sustainable Lending Glossary

The sustainable lending glossary will aid transparency of terms in this rapidly evolving area of the market.

Green Loan Principles (GLP)

The GLP have been developed by an experienced working party with a view to promoting the development and integrity of the green loan product.

Sustainability Linked Loan Principles (SLLP)

Sustainability linked loans aim to facilitate and support environmentally and socially sustainable economic activity and growth.

LMA Secondary Settlement Statistics

Collation of settlement statistics from major European trading banks

Understanding the Loan Market

E-learning course comprised of 10 modules providing an overview of the syndicated loan market.

EU Bail-in Legislation Schedule

As part of the co-operation between the LMA, LSTA, APLMA and also ICMA, each of their forms of bail-in clause refer to a common EU Bail-In Legislation Schedule, which has been prepared by the LMA, in order to describe the relevant national implementation legislation and write-down and conversion powers.