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 (September 2018)
Bloomberg Report

Leveraged Finance Chart Book Europe (September 2018)
Bloomberg Report

Loan Market Data and Analytics (August 2018)
Thomson Reuters LPC Reuters
Global Loan Market Data & Analytics (June 2018)
Thomson Reuters LPC Report
Secondary Market Volumes (Q2 2018)

Thomas Reuters LPC Report

European Leveraged Loan Chart Book 1H18
Fitch Ratings Report
EMEA Corporate View 2Q (August 2018)
Fitch Ratings Report

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

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

LevFin Wallet Share Holds Tight (August 2018)
Dealogic Insight

High Yield Interest (October 2018)
Moody's Report
High Yield Interest (September 2018)
Moody's Report
Global Speculative-grade Default Rate Dips Again (August 2018)
Moody's Report

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 26 October). Click here to view ISDA's consultation (closes 22 October).

Recent LMA Submissions

LMA writes to HM Treasury in advance of UK transposition of MLD 5

LMA responds to Working Group on Sterling Risk-Free Reference Rates consultation on Term SONIA Reference Rates

LMA responds to BEIS Open Consultation: Draft Registration of Overseas Entities Bill


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.


We spoke to Edward Eyerman, Managing Director, Leveraged Finance, EMEA at Fitch Ratings following our 2018 Syndicated Loans Conference in London. Edward discusses credit covenant standards, how the leveraged market is performing in comparison to other risk assets and the changing investor base.

Recent LMA Documentation

LMA produces a Mezzanine mark-up of a Senior Facility Agreement for use on REF investment transactions

LMA publishes updated version of revised Replacement of Screen Rate clause

LMA Updates Secondary Documents to Account For The Revocation of The ERISA Fiduciary Rule

LMA Produces Supplementary Note on Documentary Implications of Brexit for LMA Facility Documentation


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. The consultation closes on 22 October.