Latest News

LMA publishes new guidance and revised documentation to support the export finance market (10 June 2024)

We are pleased to have published a new guidance note on untied ECA financing, updated buyer credit documentation, and a supporting statement from the LMA’s Export Finance Working Party. 

Given the single currency nature of the buyer credit facility, there are now three variations of the buyer credit facility agreement:

  • Agreement for compounded RFR use upfront (compounded SONIA and compounded SOFR)
  • Agreement for term RFR use upfront (term SOFR and term SONIA)
  • Agreement for use of EURIBOR with fallbacks to compounded €STR

We have also published a new term SONIA commentary. The User Guide has also been expanded to cover commonly discussed areas. The new guidance and revised documentation can be accessed on the Export Finance section of the Documents Index page.

 

LMA publishes guidance on documentary considerations when dealing with sovereign obligors (7 June 2024)

We are pleased to have published a guidance note which sets out documentary considerations when dealing with a sovereign borrower or guarantor. The guidance has been produced following demand from our members, partly driven by recent experiences in the market in respect of sovereign distress cases.

The guidance note is intended to be a helpful tool for lenders, investors, borrowers and advisers of the relevant considerations in the context of dealing with sovereign obligors (which includes for these purposes a state-owned entity). 

The note can be found under Issues and Guidance, Export Finance and Developing Markets sections of the Documents Index.

Updates to the LMA's Data Protection Privacy Notice

On 3 June 2024, we made a number of updates to our data protection privacy notice. 

Click read more to access the updated privacy notice.

LMA to take part with ESMA in FTSE Russell conversation on application of guidance on Euro risk-free rates in the loan market

We will be taking part in a FTSE Russell webinar alongside ESMA looking at the progress in the loan market of the adoption of the Euro RFR Working Group’s recommendations on fallbacks to EURIBOR. One of the Working Group’s recommendations was for market participants to include a forward-looking €STR term rate-based fallback into specific segments of the loan and trade finance market.  

We encourage members with EURIBOR-referencing loans to attend this FTSE Russell webinar. This is a unique opportunity for members to hear directly from, and ask questions to, ESMA on the EURIBOR fallback recommendations.  

Date: 26 June 2024

Time: 2:00pm BST / 3:00pm CET with Q&A

Click Read More for more details and to register for the webinar. 

IOSCO publishes Final Report on Leveraged Loans and CLOs Good Practices for Consideration

On 3 June 2024, IOSCO published its Final Report on Leveraged Loans and CLOs Good Practices for Consideration. 

The report lists a set of good practices which IOSCO says do not comprise either standards or recommendations but are designed to support market participants in their decision making.

Click Read More to access the final report

Recent Activity

Popular Resources

Recent Activity

Documentation (10 June 2024)

LMA publishes new guidance note on untied ECA financing, supporting statement from LMA's Export Finance Working Party, new Term SONIA commentary and updated export finance buyer credit facility agreements and user guide.  

Documentation (7 June 2024)

LMA publishes guidance on documentary considerations when dealing with sovereign obligors  

Documentation (21 May 2024)

LMA publishes recommended form of extension option and users guide

Documentation (9 May 2024)

LMA publishes the Exposure Draft South African Rate Switch Agreement and its related Commentary 

Regulation (8 May 2024)

LMA responds to Transition Finance Market Review Call for Evidence

Documentation (2 May 2024)

LMA publishes updated DAC6 guidance note. 

Documentation (18 April 2024)

LMA publishes guidance note on the Building Safety Act 2022

Documentation (8 April 2024)

LMA publishes updated RFR destination table. 

Popular 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.

LIBOR Transition Glossary

This glossary covers key terms related to the transition from LIBOR to near risk-free rates ("RFRs").

Sustainable Lending Glossary

The 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.

Social Loan Principles (SLP)

The SLP aim to create a high-level framework of market standards and guidelines, providing a consistent methodology for use across the social loan market.

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.