Coronavirus Update

At the present time, our priority is the health and wellbeing of LMA staff, as well as our members and those of you who we work with on a daily basis. In line with government policy all LMA staff are working from home and events to the end of December are postponed with January 2021 onwards under review for postponement. In addition, all working party and other meetings will take place by conference call.

Our team is well set up to work remotely and remains available by phone and email. We have the necessary technology set up to conduct meetings via conference call. We are confident that the quality of service you receive from us will continue but we ask for your support and patience as we work through this unprecedented period.

If you have any questions in relation to our planning, please get in touch via your usual LMA contacts.

Thank you once again for your ongoing support during this exceptionally challenging time. We aim to continue working remotely on all LMA projects and look forward to the situation stabilising in the coming weeks.

Latest News

Update to LMA Data Protection Privacy Notice

On 19 October, the LMA has updated its Data Protection Privacy Notice to clarify the service providers to whom the LMA can disclose personal data to (e.g. professional advisers).

Click here to view the updated policy.




Member Alert - Unauthorised activity on LMA website

The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.

As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.


Read more to learn how to change your password.

The LMA publishes an exposure draft multicurrency rate switch facility agreement

On 11 September 2020, we have published an exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions. This exposure draft is based on lookback without observation shift. The Rate Switch Agreement has been published as an exposure draft and does not constitute a recommended form of the LMA. We would request market participants to send us feedback on the Rate Switch Agreement by close of business on 25 September 2020.

LMA publishes note on revised replacement of screen rate clause containing additional supplement

On 24 August 2020, we have published a note on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates. The note contains a supplement to the LMA's Revised Replacement of Screen Rate Clause designed to facilitate one means of potential satisfaction of the recommendations (i.e. an agreed process for renegotiation).

Corporate Insolvency and Governance Act 2020

We would like to inform our members that we have reviewed the recently enacted Corporate Insolvency and Governance Act 2020 in the context of our template facility documentation and are not planning any changes at the present time. The position will however be monitored in accordance with any evolving market practice.

Launch of New Publication: Guide to Claims Trading

The guide provides (a) a description of the package of documents available for claims trades, (b) guidance on when a loan trade should be carried out as a claims trade, (c) an outline of the key provisions of the trading documents that users should be aware of when trading a claims trade and (d) a suggested timeline for a claims trade.

Recent Activity

Documentation (11 September 2020)

LMA publishes an exposure draft multicurrency rate switch facility agreement

Documentation (26 August 2020)

LMA publishes a revised version of the German law Facility Agreement for Real Estate Finance Multiproperty Investment Transactions and Supplemental Users Guide

Documentation (26 August 2020)

LMA publishes a revised version of the German law Investment Grade Facilities Agreement and Supplemental Users Guide

Submission (25 August 2020)

LMA responds to UK HM Revenue & Customs consultation and the accompanying draft guidance on taxation impacts arising from the withdrawal of LIBOR

Documentation (24 August)

LMA publishes note on revised replacement of screen rate clause containing additional supplement

Submission (14 July 2020)

LMA responds to European Commission Consultation on the Renewed Sustainable Finance Strategy

Documentation (1 July 2020)

LMA launches new REF Security Documents

Documentation (25 June 2020)

Note on Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Intercreditor Considerations

Documentation (19 June 2020)

DAC6 and LMA recommended forms of facility documentation

Submission (12 June 2020)

LMA responds to US ARRC Supplemental Consultation on Spread Adjustment methodology

Documentation (27 May 2020)

Update to Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions

Virtual Events

During this current crises, a key area where we are changing the way we deliver our services is, naturally, our events and training programme.

Since April we have produced a substantial number of webinars and virtual events/panel discussions. All this content can be viewed on demand on "LMA Player", our new video and audio recording hub. We also delivered our LMA Syndicated Loans Conference virtually for the first time in September.

Virtual Events/Webinars Schedule Q4 2020


LMA Syndicated Loans virtual Conference
LMA Player
LMA Syndicated Loans virtual Conference
LMA Player

Resources

LIBOR Transition Glossary

We have published a glossary of key terms related to the transition from LIBOR to near risk-free rates ("RFRs").

Green and Sustainable Lending Glossary

Our new green and 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.

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.

LMA Secondary Settlement Statistics

Collation of settlement statistics from major European trading banks