Coronavirus Update

At the present time, our priority is the health and wellbeing of LMA staff, as well as our members and those of you who we work with on a daily basis. In line with government policy all LMA staff are working from home and events to the end of May 2021 are postponed with June 2021 onwards under review. In addition, all working party and other meetings will take place by conference call.

Our team is well set up to work remotely and remains available by phone and email. We have the necessary technology set up to conduct meetings via conference call. We are confident that the quality of service you receive from us will continue but we ask for your support and patience as we work through this unprecedented period.

If you have any questions in relation to our planning, please get in touch via your usual LMA contacts.

Thank you once again for your ongoing support during this exceptionally challenging time. We aim to continue working remotely on all LMA projects and look forward to the situation stabilising in the coming weeks.

Latest News

LMA, APLMA and LSTA publish Social Loan Principles

The LMA, APLMA and LSTA today announced the publication of the 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, whilst allowing the loan product to retain its flexibility and preserving the integrity of the social loan market while it develops. The SLP build on and refer to the Social Bond Principles (SBP) administered by the International Capital Markets Association (ICMA), with a view to promoting consistency across financial markets.

LMA updates exposure draft RFR documentation to recommended forms and publishes single currency RFR facilities agreements

We published our exposure draft RFR documentation as recommended forms. We replaced the existing single currency SONIA and SOFR exposure drafts with two recommended form single currency RFR facilities agreements (one based on observation shift and one without shift) (the "Single Currency Compounded Rate Facilities Agreements") and updated the RFR Terms and notes outlining LIBOR transition considerations for the LMA's wider suite of documentation.

LMA Publishes Updated EU Bail-In Legislation Schedule and associated Users Guide

On 10 March 2021, we updated our EU Bail-In Legislation Schedule to reflect the enacting legislation that has recently come into effect in Iceland and to remove the UK bail-in regime from the Schedule. We have also updated the associated Users Guide. The EU Bail-In Legislation Schedule and the associated Users Guide can be accessed on the Documents Index of the LMA website.

LMA Developing Markets Virtual Conference

Bringing together experts in their fields across the EMEA developing markets, this virtual conference will help participants understand not just the impact of the Covid-19 pandemic, but also the underlying challenges and opportunities in these markets. With the opportunity to watch panel discussions with live speaker Q&A, take part in interactive debates and to network online with LMA members around the world, register now to secure your place.

Updates to LMA's Privacy Notice

On 8 March 2021, the LMA updated its privacy notice. The LMA's privacy notice contains information about how we process and use your data and the rights that you have in respect of your personal data.

A copy of the LMA's privacy notice can be found here. Please contact us at lma@lma.eu.com should you have any queries in relation to the updates to the LMA's privacy policy.


LMA publishes notes outlining LIBOR transition considerations for the LMA's wider suite of documentation

On 3 February 2021, we published a number of notes which outline, at a high level, considerations for market participants relating to the impact of LIBOR transition on LMA documentation outside of the context of English law investment grade documentation. Our previously published exposure draft rate switch agreements and multicurrency compounded rate/term rate facility agreements are based on the LMA's form of investment grade multicurrency term and revolving facilities agreement, governed by English law, and therefore necessarily address that market. We are mindful that our suite of documentation addresses other loan product areas and jurisdictions.

Recent Activity

Documentation (30 March 2020)

LMA updates exposure draft RFR documents to recommended forms and publishes new single currency RFR documents

Documentation (10 March 2021)

LMA publishes updated EU Bail-In Legislation Schedule and associated Users Guide

Documentation (3 February 2021)

LMA publishes notes outlining LIBOR transition considerations for LMA's wider suite of documentation

Documentation (28 January 2021)

LMA publishes exposure draft documentation for multicurrency compounded rate / interbank term rate facilities

Documentation (21 December 2020)

LMA publishes revised Secondary Terms and Conditions and Secondary Confidentiality Letters to go live on 1 January 2021

Documentation (23 November 2020)

LMA publishes new and updated LIBOR transition documents

Documentation (18 November 2020)

LMA publishes three Brexit-related notes

Documentation (21 October 2020)

LMA publishes note on Revised Replacement of Screen Rate Clause and pre-cessation trigger

Documentation (11 September 2020)

LMA publishes an exposure draft multicurrency rate switch facility agreement

Documentation (26 August 2020)

LMA publishes a revised version of the German law Facility Agreement for Real Estate Finance Multiproperty Investment Transactions and Supplemental Users Guide

Documentation (26 August 2020)

LMA publishes a revised version of the German law Investment Grade Facilities Agreement and Supplemental Users Guide

Virtual Events

During this current crises, a key area where we are changing the way we deliver our services is, naturally, our events and training programme.

Last year, we produced a substantial number of webinars and virtual events/panel discussions. All this content can be viewed on demand on "LMA Player", our new video and audio recording hub. We also delivered our LMA Syndicated Loans Conference virtually for the first time in September 2020.

Virtual Events/Webinars Schedule Q1 2021

LMA Syndicated Loans virtual Conference
LMA Player
LMA Syndicated Loans virtual Conference
LMA Player

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

The LMA 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").

Green and Sustainable Lending Glossary

Our new green and 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.