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 December are postponed with January 2021 onwards under review for postponement. 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

Best Practice Guide to Term Sheet Completeness

The provision of a term sheet to prospective participants in a syndicated loan transaction is a well-established and key component of the primary syndication phase of any deal. However, a lack of consistency with respect to content, and sufficiency of content, negatively impacts an investor's ability to appropriately analyse risk at a key stage of the investment decision process. 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.

The LMA publishes new and updated documentation in respect of LIBOR transition and active transition mechanisms

On 23 November 2020, we published the following documents to further assist market participants when including active transition mechanisms in their loan documentation for LIBOR transition: Revised exposure draft rate switch facility agreement (lookback without observation shift); new exposure draft rate switch facility agreement (lookback with observation shift); revised commentary relating to rate switch facility agreements; term sheet for rate switch facility agreements; and RFR terms for use with supplement to revised replacement of screen rate language.

The LMA publishes 3 new Brexit-related documents

On 18 November 2020, we published a note entitled "Documentary implications of the end of the Brexit transition period for LMA facility Documentation" ("Brexit Note") which consolidates and updates the earlier Brexit notes published in September 2016 and April 2019, as well as two EU legislative references destination tables. The Brexit Note and destination tables are intended to provide participants in the syndicated loan market with prior notice of the changes that will be made by the LMA to its English law facility documentation to take account of the end of the Brexit transition period.

The LMA publishes note on Revised Replacement of Screen Rate Clause and pre-cessation trigger

On 21 October 2020, we published a note (the "pre-cessation note") highlighting considerations relating to inclusion, in the LMA's Revised Replacement of Screen Rate Clause, of a specific pre-cessation trigger relating to a benchmark rate no longer being representative.

Update to LMA Data Protection Privacy Notice

On 19 October, the LMA has updated its Data Protection Privacy Notice to clarify the service providers to whom the LMA can disclose personal data to (e.g. professional advisers).

Click here to view the updated policy.

Member Alert - Unauthorised activity on LMA website

The LMA has recently become aware of unauthorised activity on an archived copy of its website, which it is in the process of investigating. We understand that names and email addresses of members have been accessed, but not passwords which were protected by encryption, or any other personal data.

As a precautionary measure, we would advise that members change their LMA password and passwords on any sites where they use the same password as for their members' LMA log-in.

Read more to learn how to change your password.

Recent Activity

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

Submission (13 July 2020)

LMA responds to European Commission Consultation on the Renewed Sustainable Finance Strategy

Documentation (1 July 2020)

LMA launches new REF Security Documents

Documentation (25 June 2020)

Note on Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Intercreditor Considerations

Documentation (19 June 2020)

DAC6 and LMA recommended forms of facility documentation

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.

Since April we have 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.

Virtual Events/Webinars Schedule Q4 2020

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.

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.

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.

LMA Secondary Settlement Statistics

Collation of settlement statistics from major European trading banks