the authoritative voice of the EMEA market

What's New?

Working Group on Sterling Risk-Free Reference Rates publishes paper on loan transactions referencing Sterling LIBOR

The Working Group on Sterling Risk-Free Reference Rates has published a paper addressed to loan market participants who continue to reference Sterling LIBOR in new and legacy transactions. The paper sets out: (i) the potential considerations associated with legacy or new loan agreements referencing LIBOR; (ii) steps which can be taken to mitigate these considerations for new transactions; and (iii) measures which can be taken to mitigate these considerations for legacy transactions.

While the note principally discusses sterling LIBOR, the considerations in the paper are likely to have relevance for syndicated loans in any currencies for which LIBOR is quoted.

Working group on euro risk-free rates seeks market feedback on transition from EONIA to ESTER and ESTER-based term structure methodologies

The working group on euro risk-free rates has published a report on the transition from the euro overnight index average ('EONIA') to the euro short-term rate ('ESTER') and a second public consultation on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts.

Both papers seek feedback from market participants and other stakeholders by 17:00 Central European Time on 1 February 2019.

Loan Market Insight

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

Green Evaluations
S&P Global Ratings Report

Infrastructure Finance Outlook Newsletter (Q2 2018)
S&P Global Ratings Report

EMEA Syndicated Loan Insights (December 2018)
Bloomberg Report

Leveraged Finance Chart Book Europe (December 2018)
Bloomberg Report

Secondary Market Volumes (3Q18)
Refiinitiv Report

Loan Market Data and Analytics (October 2018)
Refinitiv Report

Loan Market Data & Analytics (September 2018)
Refinitiv Report

European High-Yield and Leveraged Credit (December 2018)
Fitch Ratings Report
European Leveraged Loan Chart Book 1H18
Fitch Ratings Report
EMEA Corporate View 2Q (August 2018)
Fitch Ratings Report

2018 Loans Highlights (January 2019)
Dealogic Insight

US Institutional Leveraged Loan (December 2018)
Dealogic Insight

Bankers feast on LBO Wallet in Europe (November 2018)
Dealogic Insight

High Yield Interest (November 2018)
Moody's Report
High Yield Interest (October 2018)
Moody's Report
High Yield Interest (September 2018)
Moody's Report

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

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 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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Update to Green Loan Principles (GLP)

The LMA, together with the APLMA and LSTA, has published an extended iteration of the Green Loan Principles (GLP), providing a more in-depth explanation as to how the GLP can be applied to revolving credit facilities whilst maintaining the integrity of the green loan product.