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 February 2021 are postponed with March 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 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.

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

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.

New LMA Podcast: Brexit Bites

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.

LMA jointly publishes ESG disclosure guide with the ELFA

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.

LMA releases results of its members' survey: outlook for the syndicated loan market in 2021

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 signs project contract with Allen & Overy and Avvoka to establish a document automation platform for syndicated loan templates

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.

Recent Activity

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

Submission (25 August 2020)

LMA responds to UK HM Revenue & Customs consultation and the accompanying draft guidance on taxation impacts arising from the withdrawal of LIBOR

Documentation (24 August)

LMA publishes note on revised replacement of screen rate clause containing additional supplement

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


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.