The strategic objectives of the LMA are to promote and enable liquidity, efficiency, and transparency in the EMEA loan markets. You will have seen communications about our focus on loan markets’ primary and secondary operations with market guidelines published on Primary Delayed Settlement Compensation and the commitment to reduce secondary settlement times by 25% over the course of 2024 supported by our new periodical Challenging the Timeline.

Click to find out more about the LMA Agency Meetings 

The Loan Markets Association (“LMA”) has established an Institutional Investor Committee to better represent the interests of our investor members and determine future activities that align with the LMA’s strategic goals – enabling and promoting liquidity, efficiency, and transparency across the loan markets.

The Committee will consist of senior representatives from both the buy side and sell side – initially Deutsche Bank, Morgan Stanley, Invesco, Barings, M&G, and PGIM – with the first meeting to be held in October. 

Click to find out more about the Institutional Investor Committee 

On 2 September 2024, we responded to the FSB's Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation consultation report. Our response concentrated particularly on the impact on CLOs. We noted that CLO structures have proved resilient throughout both the GFC and more recent instances of market disruption and provided evidence to support this position by emphasising the structural robustness of the product and the performance over a considerable period of time, with data on defaults and rating movements. In our response, we note that much of the post-GFC regulatory reforms in as much as they impact CLOs were and are unnecessary and have stifled what has been a key source of funding for corporates that access the European broadly syndicated leveraged loan market. Click here to access our full response.

On 7 August 2024, we responded to ESMA’s Call for Evidence on the review of the UCITS Eligible Assets Directive.

In our response, we focused on the treatment of loans under the UCITS EAD and recommended that it should be possible for loans to constitute Eligible Assets.

Click Read more to access a copy of our response.

We are pleased to have published a joint open letter with the APLMA urging loan market participants to take all necessary steps to complete USD LIBOR transition. The FCA has made clear that the remaining tenors of USD synthetic LIBOR will be discontinued by end-September. 

We urge all loan market stakeholders to pass this message on to ensure no-one is left unprepared. The LMA and APLMA are on hand to support the market through this critical period, so please contact us with any specific issues or concerns.

Click Read more to access the full open letter.