Latest News

LMA RFR Documentation Survey – Please complete by 2 August 2024

Click Read more to take part in our survey on the LMA’s RFR documentation suite. The results of the survey will help inform us as we review and consolidate our documentation suite.  

The survey consists of 12 questions and requests your views on various RFR related documentation topics including EURIBOR fallbacks, alternative term rates, term SOFR fallbacks, baseline CAS and the most often used interest rate drafting. The survey should take no more than ten minutes to complete and should be completed in one go. 

Synthetic US dollar LIBOR: FCA publishes 3-months to go reminder

On 28 June 2024, the FCA published a reminder of the expected cessation of the remaining synthetic US dollar LIBOR settings (the 1-, 3- and 6-month settings) at the end of September 2024.

The FCA urged market participants with outstanding US dollar LIBOR exposures to ensure they are prepared for these remaining LIBOR settings to cease by the expected deadline. The cessation of these remaining settings will be the last milestone in the transition away from LIBOR, marking the end of LIBOR overall.

LMA publishes new guidance and revised documentation to support the export finance market (10 June 2024)

We are pleased to have published a new guidance note on untied ECA financing, updated buyer credit documentation, and a supporting statement from the LMA’s Export Finance Working Party. 

Given the single currency nature of the buyer credit facility, there are now three variations of the buyer credit facility agreement:

  • Agreement for compounded RFR use upfront (compounded SONIA and compounded SOFR)
  • Agreement for term RFR use upfront (term SOFR and term SONIA)
  • Agreement for use of EURIBOR with fallbacks to compounded €STR

We have also published a new term SONIA commentary. The User Guide has also been expanded to cover commonly discussed areas. The new guidance and revised documentation can be accessed on the Export Finance section of the Documents Index page.


LMA publishes guidance on documentary considerations when dealing with sovereign obligors (7 June 2024)

We are pleased to have published a guidance note which sets out documentary considerations when dealing with a sovereign borrower or guarantor. The guidance has been produced following demand from our members, partly driven by recent experiences in the market in respect of sovereign distress cases.

The guidance note is intended to be a helpful tool for lenders, investors, borrowers and advisers of the relevant considerations in the context of dealing with sovereign obligors (which includes for these purposes a state-owned entity). 

The note can be found under Issues and Guidance, Export Finance and Developing Markets sections of the Documents Index.

Updates to the LMA's Data Protection Privacy Notice

On 3 June 2024, we made a number of updates to our data protection privacy notice. 

Click read more to access the updated privacy notice.

Recent Activity

Popular Resources

Recent Activity

Documentation (10 June 2024)

LMA publishes new guidance note on untied ECA financing, supporting statement from LMA's Export Finance Working Party, new Term SONIA commentary and updated export finance buyer credit facility agreements and user guide.  

Documentation (7 June 2024)

LMA publishes guidance on documentary considerations when dealing with sovereign obligors  

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. 

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.