the authoritative voice of the EMEA market

What's New?

Upcoming roundtable on euro risk-free rates on 25 September in Frankfurt

Information for market participants on the upcoming second roundtable on euro risk-free rates on 25 September hosted by the ECB is now available on the ECB’s website. This will focus on providing information to market participants on how to transition from EONIA to €STR. Interested market participants are asked to express their interest in attending the roundtable by sending an email to the ECB (Roundtable.EuroRFR@ecb.europa.eu). Note that participation is limited to one representative per institution. Seats are allocated on a first come, first served basis.

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

EMEA Syndicated Loans Insights (August 2019)
Bloomberg Report

Leveraged Finance Chart Book (August 2019)
Bloomberg Report

Leveraged Finance Chart Book 2Q19 (July 2019)
Bloomberg Report


Secondary Loan Trading Volumes (2Q19)
Refinitiv Report

Loan Market Data and Analytics (July 2019)

Refinitiv Report

Secondary Loan Trading Volumes (1Q19)
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 (July 2019)
Dealogic Insight

Q1 Loans Highlights (April 2019)
Dealogic Insight

Quarterly Rankings - Syndicated Loans (Q1 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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LIBOR transition - the loan operations perspective

This video is a recording of a session that was delivered by Kam Mahil (Director, Legal - LMA) and Brian Fraser (Senior Manager, Markets Lending Delivery - Lloyds Banking Group) as part of the LMA Loan Operations Conference on 6 June 2019.


Brexit and LMA Documentation Update

The LMA is aware of the publication of the UK's legislation which is intended to "onshore" EU law with effect from 31 October 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 on 31 October. If the UK's onshoring legislation becomes effective on 31 October, the LMA's intention is to publish a table of those suggested changes on or about that date 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.

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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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Sustainability Linked Loan Principles

The LMA, together with the APLMA and LSTA, has launched the Sustainability Linked Loan Principles (SLLP).

Brexit – UK Parliament rejects Withdrawal Agreement for third time. What happens next?

The UK Government has failed to secure the approval by the House of Commons of the Withdrawal Agreement on its third attempt. The UK will now leave the EU with "no deal" on 12 April 2019 unless an alternative route is found. This briefing by Clifford Chance sets out the next steps, possible alternatives and their implications.

Recent LMA Submissions

LMA submits representations relating to the Transposition of the Fifth Money Laundering Directive Consultation

LMA responds to the EBA's consultation paper entitled "Draft Guidelines on Credit Risk Mitigation for institutions applying the IRB Approach with own estimates of LGDs"

LMA responds to the proposed Directive of the European Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral ("Proposed Directive")

LMA responds to the second public consultation on determining an ESTER-based term structure methodology as a fallback in EURIBOR-linked contracts