Latest News

Getting Started in Sustainable Finance

We have launched our new introductory guide to sustainable finance, 'Getting Started in Sustainable Finance', produced in conjunction with the Association of Corporate Treasurers. 

Intended for use by new entrants to the sustainable lending market, this guide describes the background to the emergence of sustainable lending, the global commitments driving the sustainability agenda, the range of products on offer and further resources at hand to help. 

New EU Rules on Non-performing Loans

This webinar gives an overview of the new EU Directive on Non-Performing Loans and its impact for syndicated loan market participants, including:

  • New obligations on EU banks selling non-performing loans;
  • New obligations on purchasers of non-performing loans; and
  • New obligations on entities providing credit servicing activities.

LMA publishes South African law revised replacement of screen rate language to assist with JIBAR transition

We have published a user guide and revised recommended form of replacement of screen rate clause for the LMA’s South African law documents (“SA revised replacement of screen rate clause”). 

The SA revised replacement of screen rate clause is based on the LMA’s existing 2018 revised replacement of screen rate clause (as updated) produced in the context of LIBOR transition. However, it also has regard to the work of the MPG on sample reference language for bilateral loans and reflects specifics of the South African market and JIBAR transition. In order to provide additional context, there are footnotes explaining any differences in the LMA clause and the MPG sample clause.

Sustainable Finance in the Mid-market

We are pleased to have published an article focussing on mid-market sustainable finance, following a Regional Early Evening Seminar which we co-hosted with Browne Jacobson on 13 September 2023.

Small and medium sized enterprises (SMEs) occupy a large market share of the global economy, and it is therefore vital that SMEs are not left behind as economies transition towards sustainable economies. There are however various factors that may be limiting SMEs from accessing sustainable finance products. This article explores how to overcome such obstacles, highlighting the importance of supply chain finance, and approaching the 'Social' aspects of ESG as ways to drive engagement with sustainable finance products.

 

LMA publishes updated CORRA Schedule and updated compounded TONA Schedule

We are pleased to have published an updated CORRA Schedule which provides drafting for term CORRA in addition to compounded CORRA.    

In addition, we have updated both our CORRA Schedule and TONA Schedule to reflect the updated definition of the “Daily Rate” in the updated IG compounded rate documents to provide for an interim fallback to a historic rate (prior to the application of a central bank rate plus any adjustment spread). This addresses what is sometimes referred to as the “Good Friday issue”.

Recent Activity

Documentation (2 November 2023)

LMA publishes South African law revised replacement of screen rate language to assist with JIBAR transition. 

Documentation (31 October 2023)

LMA publishes updated CORRA Schedule and updated compounded TONA Schedule.

Regulation (27 October 2023)

LMA response to FCA and PRA Securitisation Rules consultations.

Documentation (26 October 2023)

LMA publishes exposure draft term €STR rate switch document for member feedback and updated IG compounded rate documentation.

Regulation (26 October 2023)

LMA responds to MPG consultation on market conventions for ZARONIA-linked loans.

Regulation (12 October 2023)

LMA letter commenting on adopted ITS on NPL data templates and seeking additional guidance.

Documentation (12 October 2023)

LMA publishes Term Sheet for Draft Provisions for Sustainability-Linked Loans.

Documentation (5 October 2023)

The LMA, in conjunction with the European Leveraged Finance Association, published the updated Best Practice Guide to Sustainability-Linked Leveraged Loans.

Article (27 September 2023)

The LMA published a co-authored article with Norton Rose Fulbright LLP, focussing on financing sustainability in shipping. 

Regulation (14 June 2023)

LMA response letter on EBA final report on draft ITS on NPL transaction data templates.

Article (6 June 2023)

The LMA published a co-authored article with Norton Rose Fulbright LLP, focussing on financing a sustainable future for the aviation industry. 

Documentation (25 May 2023)

LMA publishes its exposure draft term SOFR documentation as recommended form as well as an updated term SOFR commentary. 

Documentation (4 May 2023)

LMA publishes model provisions for sustainability-linked loans.

Regulation (28 April 2023)

LMA responds to Finance Denmark consultation regarding a recommendation for a fallback rate for CIBOR.

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.

Social Loan Principles (SLP)

The SLP aim to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the social loan market.

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.