the authoritative voice of the EMEA market

What's New?

LIBOR ​Trade Association Working Group – Publication of minutes

Since Andrew Bailey's speech of July 2018, trade associations representing different product areas across the global financial markets have been in regular communication to discuss the key issues involved in the transition away from LIBOR to risk-free rates and to update each other on developments in relation to the transition. To raise awareness of this global and cross-product communication, minutes of the meetings of this joint group will be published going forward.

Loan Market Insight

CreditMatters EMEA (November 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 (October 2018)
Bloomberg Report

Leveraged Finance Chart Book Europe (October 2018)
Bloomberg Report

Loan Market Data and Analytics (October 2018)
Refinitiv Report
Loan Market Data & Analytics (September 2018)
Refinitiv Report
Secondary Market Volumes (Q2 2018)
Refinitiv 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

Wind of change hits insurers (October 2018)
Dealogic Insight
Europe-Levfin-Loans (October 2018)
Dealogic Insight
Loan Market Highlights 2018 (October 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

US consultation on LIBOR fallbacks

The US Alternative Reference Rates Committee (ARRC) has issued a consultation on draft fallback language for syndicated business loans that reference USD LIBOR, which closes on 26 November.

The ARRC will issue final contract language recommendations for voluntary use by market participants following the consultations. Members are encouraged to respond to this consultation. Click here to view.

Recent LMA Submissions

LMA has responded to a BEIS consultation relating to the National Security and Investment White Paper

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

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

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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.

Recent LMA Documentation

LMA announces publication of new Schuldschein Loan Agreements and User Guide

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, which is now publicly available on the Bank of England website

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

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New Schuldscheindarlehen E-learning Module

This new stand-alone module provides an overview of the Schuldscheindarlehen product, the parties involved and the timeline to market. We hope that this module will help educate those less familiar with the product about its key features and characteristics.

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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.