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.

On 28 January 2021, we published two exposure draft multicurrency term and revolving facilities agreements incorporating backward-looking compounded rates and forward looking interbank term rates (the "Multicurrency Compounded Rate/Term Rate Facilities Agreements") accompanied by a term sheet and a commentary. One exposure draft is based on observation shift and the other without observation shift. The Multicurrency Compounded Rate/Term Rate Facilities Agreements also incorporate rate switch mechanics.

Listen now to the LMA's first Brexit podcast, presented by LMA Managing Director Nick Voisey. Nick is joined by Simon Gleeson, partner at International Law Firm Clifford Chance, to discuss the consequences of the Brexit Trade and Cooperation Agreement signed between the UK and the EU for the loan market, particularly, changes to passporting rights, legal enforceability of English law, and the impact on credit ratings, capital weightings and GDPR.

The LMA has jointly published a Guide for Company Advisers to ESG Disclosure in Leveraged Finance Transactions (the Guide) with the European Leveraged Finance Association (ELFA). The Guide has been drafted by a working group of senior legal and banking professionals and outlines for company advisers, including law firms, banks, and private equity sponsors, how to best integrate ESG information into offering materials and ongoing company reporting. The key topics covered in the Guide were discussed in an ESG workshop held in November 2020, which attracted over 85 senior professionals across law firms, banks, private equity sponsors, credit rating agencies, senior fund managers and trade associations.

In November 2020, we surveyed our membership on the outlook for the syndicated loan market over the next 12 months. The survey comprised 17 multiple choice questions covering the primary and secondary markets; real estate finance, the developing markets, green finance and FinTech specifically; and lastly regulation. The results were collected anonymously and represent the personal views of our members actively working in the loan market today. The commentary is provided by us and includes comparison, where possible, of the results from this year’s survey with those of the previous year.

LMA.Automate, a wholly owned subsidiary of the Loan Market Association, is delighted to announce that it has entered into a project contract with Allen & Overy and Avvoka, to establish a documentation automation platform in respect of certain LMA recommended form documents, as well as other ancillary services. Starting as a documentation automation service, the LMA.Automate platform will also have the functionality for negotiation and execution of loan documents to create a comprehensive collaboration tool over time.