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 February 2021 are postponed with March 2021 onwards under review. 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

The LMA publishes revised Secondary Terms and Conditions and Secondary Confidentiality Letters

In light of the end of the Brexit transition period, the LMA has reviewed its Core Trade Documentation and Secondary Confidentiality Letters. The LMA has published revised Terms and Conditions incorporating a bail-in clause (which is based on the LMA recommended form of bail-in clause). Additionally, the LMA has published revised forms of Secondary Confidentiality Letters which also now include a bail-in clause. These can be found on the pending page of the Documents and Guidelines section of the LMA website and will apply to all trades entered into on or after 1st January 2021.

Transition from LIBOR in the loan market – Webinar Update

The clock is ticking and, as we progress through the final year of LIBOR, key milestones to cease LIBOR lending are rapidly approaching. Regulators across the globe have reiterated that firms cannot rely on LIBOR being published after the end of 2021. They also cannot rely on legislation to solve the transition for them. This live webinar, presented by Kam Mahil and Keith Taylor of the LMA, will provide an update on transition since the previous webinar in September 2020.

LMA jointly publishes ESG disclosure guide with the ELFA

The LMA has jointly published a Guide for Company Advisers to ESG Disclosure in Leveraged Finance Transactions (the Guide) with the European Leveraged Finance Association (ELFA). The Guide has been drafted by a working group of senior legal and banking professionals and outlines for company advisers, including law firms, banks, and private equity sponsors, how to best integrate ESG information into offering materials and ongoing company reporting. The key topics covered in the Guide were discussed in an ESG workshop held in November 2020, which attracted over 85 senior professionals across law firms, banks, private equity sponsors, credit rating agencies, senior fund managers and trade associations.

LMA releases results of its members' survey: outlook for the syndicated loan market in 2021

In November 2020, we surveyed our membership on the outlook for the syndicated loan market over the next 12 months. The survey comprised 17 multiple choice questions covering the primary and secondary markets; real estate finance, the developing markets, green finance and FinTech specifically; and lastly regulation. The results were collected anonymously and represent the personal views of our members actively working in the loan market today. The commentary is provided by us and includes comparison, where possible, of the results from this year’s survey with those of the previous year.

LMA.Automate signs project contract with Allen & Overy and Avvoka to establish a document automation platform for syndicated loan templates

LMA.Automate, a wholly owned subsidiary of the Loan Market Association, is delighted to announce that it has entered into a project contract with Allen & Overy and Avvoka, to establish a documentation automation platform in respect of certain LMA recommended form documents, as well as other ancillary services. Starting as a documentation automation service, the LMA.Automate platform will also have the functionality for negotiation and execution of loan documents to create a comprehensive collaboration tool over time.

The LMA publishes 3 new Brexit-related documents

On 18 November 2020, we published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables. The Brexit Note and destination tables are intended to provide participants in the syndicated loan market with prior notice of the changes that will be made by the LMA to its English law facility documentation to take account of the end of the Brexit transition period.

Member Alert - Unauthorised activity on LMA website (15 September 2020)

The LMA has 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. You can change your password by logging into the LMA website with your username and password and then selecting Personal Profile in the top RHS of the website.

Recent Activity

Documentation (21 December 2020)

LMA publishes revised Secondary Terms and Conditions and Secondary Confidentiality Letters to go live on 1 January 2021

Documentation (23 November 2020)

LMA publishes new and updated LIBOR transition documents

Documentation (18 November 2020)

LMA publishes three Brexit-related notes

Documentation (21 October 2020)

LMA publishes note on Revised Replacement of Screen Rate Clause and pre-cessation trigger

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 (13 July 2020)

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

Documentation (1 July 2020)

LMA launches new REF Security Documents

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.

Last year, we 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 2020.

Virtual Events/Webinars Schedule Q1 2021

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


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.

Best Practice Guide for Term Sheet Completeness

The LMA and the ELFA joined forces with the investor community, and specialist review providers, to identify a list of provisions that are of material importance to investors' investment decisions, which are now set out in this Best Practice Guide.

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.

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.