LMA releases results of its members survey

What's New?

Consultation on credit adjustment spread methodologies for fallbacks in GBP LIBOR cash products

The Working Group on Sterling Risk-Free Reference Rates has published a consultation on credit adjustment spread methodologies for fallbacks in cash products referencing GBP LIBOR. This is part of the Working Group's efforts to enable a transition to SONIA (the sterling risk-free rate) from sterling LIBOR. Whilst the consultation paper is focused on SONIA and the sterling market, the credit adjustment spread methodologies discussed in it are also of key importance and relevance for the transition to risk-free rates in other currencies.

Feedback is requested on the consultation paper by 6 February 2020.

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 (October 2019)
Bloomberg Report

Leveraged Finance Chart Book 3Q19 (October 2019)
Bloomberg Report

EMEA Syndicated Loans Insights (August 2019)
Bloomberg Report



Secondary Loan Trading Volumes (3Q19)
Refinitiv Report

Loan Market Data and Analytics (October 2019)
Refinitiv Report

Secondary Loan Trading Volumes (2Q19)
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 (October 2019)
Dealogic Insight

Loans Highlights (July 2019)
Dealogic Insight

Q1 Loans Highlights (April 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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An introduction to the LMA Exposure Drafts of Compounded Risk-Free Rate Facility Agreements

This webinar provides an introduction to the Exposure Drafts and discusses: i) the context for, and the purpose of, the development of the Exposure Drafts; ii) the principal features of the Exposure Drafts; and iii) key differences between the Exposure Drafts and the existing LMA Primary Documents.

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An introduction to the LMA exposure draft Reference Rate Selection Agreement

This webinar provides an introduction to the exposure draft Reference Rate Selection Agreement and discusses: (i) the purpose of the Reference Rate Selection Agreement and the approach taken in it to the amendment process for transitioning legacy transactions away from LIBOR; (ii) the principal features of the Reference Rate Selection Agreement; and (iii) the interaction with the Exposure Draft Compounded RFR Facility Agreements

Desktop Series

The LMA, with collaboration from the Loan Servicing sub-committee, has produced three new desktop series guides. The desktop series act as operational guides for teams to refer to when carrying out their day-to-day activities. All ten guides are listed below:

DS1 - Types of facility in the syndicated loan market

DS2 - Agent freezes

DS3 - Re-denominations

DS4 - Letter of credit issuance

DS5 - Fees

DS6 - Prepayments

DS7 - Breaks

DS8 - Rollovers

DS9 - Drawdowns

DS10 - Repayments

Brexit and LMA Documentation Update

The LMA is aware of the publication of the UK's legislation which is intended to "onshore" EU law 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. The LMA's intention is to publish a table of those suggested changes as soon as possible if the UK's onshoring legislation becomes effective, 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.

Recent LMA Submissions

LMA responds to the European Commission's Public Consultation Document - Review of the EU Benchmark Regulation

LMA responds to the EBA's Consultation Paper on 'Draft Guidelines on loan origination and monitoring'

LMA responds to the Treasury Committee inquiry on decarbonisation of the UK economy and green finance

LMA responds to the ISDA Consultation on Pre-Cessation Issues for LIBOR and Certain Other Interbank Offered Rates (IBORs)