On 25 November 2021, the LMA updated its data protection privacy notice to, amongst other things, add YUDU (ebook publisher) as an additional service provider for the LMA.
To access a copy of the updated privacy notice, please click here.
Following a co-ordinated outreach exercise on behalf of our members, we, together with the ELFA, have published an updated Best Practice Guide for Term Sheet Completeness to support greater ESG transparency and combat greenwashing in the syndicated loan market. The updates follow a further investor survey in Q3 2021 alongside additional working group consultations to determine the material ESG terms to be included at term sheet stage. The checklist has been updated to reflect that input and to encourage more information flow on ESG provisions.
On 27 October, the LMA published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions ("Term SOFR Exposure Draft"), alongside a commentary. The Term SOFR Exposure Draft and the accompanying commentary are intended to facilitate awareness of the issues involved in structuring syndicated loans for developing markets jurisdictions which reference CME term SOFR and the development of an approach to these issues by market participants.
Available now on demand is the recording of the LIBOR webinar streamed live on 17 September. Presented by Kam Hessling and Keith Taylor of the LMA, it provides an update on transition since the previous webinar in June 2021. In particular, it covers the following key topics: Recent developments and latest timelines; Update on 'loan market' transition; and What loan market participants need to be doing.
LMA.Automate is a secure, cloud-based documentation automation platform powered by Avvoka software and fully hosted by Allen & Overy on a private Microsoft Azure cloud environment. It is available to existing LMA members initially for a free trial period and thereafter for a competitive annual subscription, based on number of individual users. The platform aims to offer an end-to-end solution with a focus on the automation of LMA template documents, but with the functionality to cater for the entire document lifecycle.
LMA publishes updated Exposure Draft of its Standard Terms and Conditions for secondary debt trading together with accompanying Explanatory Note (and Example Settlement Calculations) and updated Trade Confirmations.
LMA publishes term SOFR exposure draft and commentary for use in developing markets jurisdictions.
LMA responds to FCA consultation on the proposed decisions on the use of LIBOR (Articles 23C and 21A BMR).
LMA responds to EBA's Consultation Paper on revised draft of Regulatory Technical Standards.
LMA publishes a new recommended form of borrowing base facility agreement.
LMA response to the targeted consultation on the functioning of the EU securitisation framework.
LMA responds to UK HM Treasury Consultation on the review of securitisation regulation.
LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities
LMA publishes a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").
LMA second letter on the Proposed Directive of the European Parliament and of the Council on credit servicers and credit purchasers.
On Demand Events
We 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.
E-learning course comprised of 10 modules providing an overview of the syndicated loan market.
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.
Loan Market Insight