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What's New?

Bank of England publishes discussion paper on risk management approach to collateral referencing LIBOR for use in Sterling Monetary Framework

The Bank of England has published a discussion paper on its approach to the risk management of collateral referencing LIBOR for use in the Sterling Monetary Framework. The Bank of England accepts a wide range of eligible collateral, which includes corporate loans and securitisations. A subset of this collateral references LIBOR in some way.

The discussion paper outlines a number of risk management approaches currently under consideration by the Bank of England to ensure that it remains well placed to provide liquidity insurance in support of financial stability. Responses to the discussion paper are due by 27 September 2019.

Loan Market Insight

Capital Markets View (March 2019)
S&P Global Ratings Report

CreditMatters EMEA (March 2019)
S&P Global Ratings Report

Infrastructure Finance Outlook (February 2019)
S&P Global Ratings Report

Leveraged Finance Chart Book 2Q19 (July 2019)
Bloomberg Report

EMEA Syndicated Loans Insights (June 2019)
Bloomberg Report

Leveraged Finance Chart Book (May 2019)
Bloomberg Report

Secondary Loan Trading Volumes (1Q19)
Refinitiv Report

Loan Market Data and Analytics (April 2019)
Refinitiv Report

LPC's Emerging Market (March 2019)
Refinitiv Report

European CLO Index 1Q19 (April 2019)
Fitch Ratings Report

Unitranche Versus Syndicated Leveraged Loans (February 2019)
Fitch Ratings Report

European Leveraged Loan Chart Book (February 2019)
Fitch Ratings Report

Loans Highlights (July 2019)
Dealogic Insight

Q1 Loans Highlights (April 2019)
Dealogic Insight

Quarterly Rankings - Syndicated Loans (Q1 2019)
Dealogic Insight

High Yield Interest (April 2019)
Moody's Report

March Default Report (April 2019)
Moody's Report

High Yield Interest (March 2019)
Moody's Report

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LIBOR transition - the loan operations perspective

This video is a recording of a session that was delivered by Kam Mahil (Director, Legal - LMA) and Brian Fraser (Senior Manager, Markets Lending Delivery - Lloyds Banking Group) as part of the LMA Loan Operations Conference on 6 June 2019.


Brexit and LMA Documentation Update

The LMA is aware of the publication of the UK's legislation which is intended to "onshore" EU law with effect from 29 March in the event that the UK leaves the EU without an agreed transition period. As is the case with any potential change in legislation, the LMA is not planning to make any changes to its English law documentation before any proposed change in English law actually takes effect.

The LMA is in the process of considering appropriate changes to be made to the relevant legislative references in its documentation in the event that the UK's onshoring legislation becomes effective on 29 March. If the UK's onshoring legislation becomes effective on 29 March, the LMA's intention is to publish a table of those suggested changes on or about that date so as to release them to members as soon as possible. Those changes will then be incorporated into its documentation suite over the following weeks.

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We have published a paper which seeks to emphasise the number of regulatory issues which could arise in a lending context as a result of a "no deal" scenario, and the negative repercussions that this would create for the wider EU economy.

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Sustainability Linked Loan Principles

The LMA, together with the APLMA and LSTA, has launched the Sustainability Linked Loan Principles (SLLP).

Brexit – UK Parliament rejects Withdrawal Agreement for third time. What happens next?

The UK Government has failed to secure the approval by the House of Commons of the Withdrawal Agreement on its third attempt. The UK will now leave the EU with "no deal" on 12 April 2019 unless an alternative route is found. This briefing by Clifford Chance sets out the next steps, possible alternatives and their implications.

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Recent LMA Submissions

LMA submits representations relating to the Transposition of the Fifth Money Laundering Directive Consultation

LMA responds to the EBA's consultation paper entitled "Draft Guidelines on Credit Risk Mitigation for institutions applying the IRB Approach with own estimates of LGDs"

LMA responds to the proposed Directive of the European Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral ("Proposed Directive")

LMA responds to the second public consultation on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts