Latest News

Member alert – Updates to the LMA’s Data Protection Privacy Notice

On 25 November 2021, the LMA updated its data protection privacy notice to, amongst other things, add YUDU (ebook publisher) as an additional service provider for the LMA.

To access a copy of the updated privacy notice, please click here.

LMA publishes term SOFR exposure draft and commentary for use in developing markets jurisdictions

On 27 October, the LMA published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions ("Term SOFR Exposure Draft"), alongside a commentary. The Term SOFR Exposure Draft and the accompanying commentary are intended to facilitate awareness of the issues involved in structuring syndicated loans for developing markets jurisdictions which reference CME term SOFR and the development of an approach to these issues by market participants.

On Demand: Transition from LIBOR in the loan market – LMA Webinar Update September 2021

Available now on demand is the recording of the LIBOR webinar streamed live on 17 September. Presented by Kam Hessling and Keith Taylor of the LMA, it provides an update on transition since the previous webinar in June 2021. In particular, it covers the following key topics: Recent developments and latest timelines; Update on 'loan market' transition; and What loan market participants need to be doing.

LMA.Automate

LMA.Automate is a secure, cloud-based documentation automation platform powered by Avvoka software and fully hosted by Allen & Overy on a private Microsoft Azure cloud environment. It is available to existing LMA members initially for a free trial period and thereafter for a competitive annual subscription, based on number of individual users. The platform aims to offer an end-to-end solution with a focus on the automation of LMA template documents, but with the functionality to cater for the entire document lifecycle.

Publication of Best Practice Guide to Sustainability Linked Leveraged Loans

We are delighted to announce the publication of our best practice guidance to Sustainability Linked Leveraged Loans, produced in conjunction with the European Leveraged Finance Association. This Guide provides practical guidance as to the application of the Sustainability Linked Loan Principles (SLLP) to leveraged loans (known as Sustainability Linked Leveraged Loans), setting out what borrowers, finance parties and their respective advisors should consider when looking to integrate sustainability factors into their loan agreements.

New Guide: Inhibitors to Liquidity in the Loan Market

This Guide was developed in collaboration with our Institutional Investor Committee. It addresses key issues which have the potential to impact liquidity in the loan market. The Guide focuses primarily on those issues prevalent in the leveraged loan market including, among other things, potential frustrations and delays in relation to Know Your Customer obligations, utilisation and interest periods, minimum holds, minimum transfer amounts, white lists and consent language, as well as around confidentiality and amendments to LMA templates.

Recent Activity

Documentation (1 November 2021)

LMA publishes updated Exposure Draft of its Standard Terms and Conditions for secondary debt trading together with accompanying Explanatory Note (and Example Settlement Calculations) and updated Trade Confirmations.

Documentation (27 October 2021)

LMA publishes term SOFR exposure draft and commentary for use in developing markets jurisdictions.

Submission (15 October 2021)

LMA responds to FCA consultation on the proposed decisions on the use of LIBOR (Articles 23C and 21A BMR).

Submission (30 September 2021)

LMA responds to EBA's Consultation Paper on revised draft of Regulatory Technical Standards.

Documentation (29 September 2021)

LMA publishes a new recommended form of borrowing base facility agreement.

Submission (16 September 2021)

LMA response to the targeted consultation on the functioning of the EU securitisation framework.

Submission (1 September 2021)

LMA responds to UK HM Treasury Consultation on the review of securitisation regulation.

Documentation (3 August 2021)

LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities

Documentation (28 July 2021)

LMA publishes a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").

Submission (29 June 2021)

LMA second letter on the Proposed Directive of the European Parliament and of the Council on credit servicers and credit purchasers.

Resources

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

We 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").

Sustainable Lending Glossary

Our new 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.