Latest News

LMA publishes recommended form of extension option and users guide (21 May 2024)

We are pleased to have published a form of drafting of an extension option for users of the LMA's recommended forms of facility agreements for investment grade transactions. 

The intention of the extension option is to provide a position that broadly reflects general market practice for an extension option in a syndicated facility to a corporate borrower with an investment grade credit rating. As with all our recommended form documents, it is recognised that the negotiated terms of individual extension options can vary widely and the extension option seeks to provide a sensible starting point only. The users guide sets out the basis on which the extension option is drafted, as well as highlighting in a non-exhaustive manner some of the negotiation points which may arise.

Updates to the LMA's Data Protection Privacy Notice

On 20 May 2024, we updated our privacy notice in relation to, amongst other things, information transfers for certain overseas events.

Click read more to access the privacy notice.

LMA publishes South African law JIBAR rate switch agreement to assist with market transition to ZARONIA (9 May 2024)

We are pleased to have published further South African law documentation to assist the loan market in transitioning away from JIBAR to compounded ZARONIA. 

The Unsecured Single Currency Single Borrower Term and Revolving Facilities Agreement Incorporating Rate Switch Provisions (the “Exposure Draft SA Rate Switch Agreement”) provides for an in-built switch from JIBAR to a backward-looking compounded ZARONIA on the occurrence of specified trigger events. It includes mechanics and provisions for transition which are intended to mitigate the risk of a further amendment being required.

LMA’s response considered in FCA’s policy statement on Rules Relating to Securitisation

On 30 April 2024, the FCA published a policy statement on Rules Relating to Securitisation (PS24/4). This policy statement summarises feedback received on its previous consultation paper (CP23/17) to which the LMA responded in October 2023.

We were pleased to see that both the FCA and PRA took into consideration our response to the consultation, including:

  • To provide market participants with sufficient notice ahead of the final provisions entry into force (we now expect an implementation date of 1 November 2024);
  • To broadly align their drafting so as to avoid unnecessary or unintentional divergence; and
  • To implement a principles-based approach to due diligence for institutional investors and move away from template-based reporting requirements for non-UK originators/ sponsors/ SSPEs​​​​​

LMA publishes updated DAC6 guidance note (2 May 2024)

On 2 May 2024, we published an updated guidance note in relation to the Directive on Administrative Cooperation (commonly known as "DAC6"). This follows a consultation on 28 March 2023 whereby the rules implementing DAC6 in the UK were repealed and replaced with The International Tax Enforcement (Disclosable Arrangements) Regulations 2023 (the "Regulations").

The guidance note covers the applicability of both regimes.

Recent Activity

Popular Resources

Recent Activity

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. 

Regulation (14 March 2024)

LMA responds to ESMA Consultation Paper on Securitisation Disclosure Templates

Documentation (16 February 2024)

LMA publishes updated Schuldschein loan agreement documents (both English and German languages). 

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.