- 28 April 2022LMA publishes revised versions of real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset
We have published revised versions of our real estate investment property facility agreement, development property facility agreement and associated term sheets which envisage the use of RFRs from the outset. Cumulative mark-ups against the previous LIBOR referencing documents have also been published so that members may see the changes which have been made.
- 11 April 2022LMA publishes security agreement and associated users guide for use in various common law African jurisdictions
We have published a security agreement and associated users guide for use in various common law African jurisdictions (these being Kenya, Nigeria, Tanzania, Uganda and Zambia) in the hopes that this will facilitate standardisation in cross border African deals by introducing a common framework and boilerplate across different legal systems.
- 18 February 2022LMA publishes revised Trade Confirmations for Secondary Trading
The LMA is pleased to have published revised Trade Confirmations with an effective date of 18 February 2022. The revised Trade Confirmations incorporate amended wording in Other Terms of Trade tick-boxes for the exclusion of CAS and inclusion of zero floor options where Delayed Settlement Compensation applies. The revised Trade Confirmations (and amended wording for the tick-boxes) has not changed the position on these commercial issues and whether or not they apply to a particular trade must continue to be agreed by the parties at the time of trade. The Standard Terms & Conditions dated 4 January 2022 also remain unchanged.
- 21 January 2022LMA publishes compounded TONA schedule, the French language version of the RFR French law document, an updated designated entity clause and updated RFR destination table
The LMA is pleased to have published further documentation to assist the market with the transition to RFRs including a compounded TONA schedule, the French language version of the RFR French law document, an updated designated entity clause and updated RFR destination table.
- 04 January 2022LMA publishes revised Secondary Debt Trading documentation (effective date of 4th January 2022) to assist secondary loan market with LIBOR transition
The LMA is pleased to have published revised Standard Terms and Conditions, Trade Confirmations and forms of Participation Agreement to the Secondary Trading Documentation page under the LMA Documentation Index with an effective date of 4 January 2022. The revised Standard Terms and Conditions will therefore apply to all trades with a Trade Date on or after 4 January 2022 and will replace the previously published version.
- 22 December 2021LMA publishes RFR Destination Table and RFR versions of its German, Spanish and French law documentation
The LMA has published its RFR Destination Table, which is intended to assist members in identifying the LMA RFR-referencing document which is most directly comparable to any given LMA LIBOR-referencing document. Where there is no direct equivalent, the table sets out the RFR-referencing document(s) which is/are most closely related and may be most helpful. The LMA has also published versions of the existing suite of German, Spanish and French law investment grade documentation based on compounded RFRs from the outset in place of LIBOR along with accompanying updated user guides.
- 15 December 2021LMA publishes leveraged RFR suite of documentation and updated compounded rate facilities commentary to assist the market with LIBOR transition
The LMA has published versions of the existing suite of leveraged documentation, including facility and intercreditor agreements, based on compounded RFRs from the outset. Each facility agreement provides the option for users to select observation shift or not (rather than two versions being produced of each agreement). The commentary to the LMA compounded rate facilities agreements has also been updated.
- 01 November 2021LMA publishes updated Exposure Draft of Standard Terms and Conditions for secondary debt trading together with accompanying documentation to assist the secondary loan market with LIBOR transition
In line with its core aim of improving liquidity in secondary syndicated loan markets, the LMA is pleased to have published an updated Exposure Draft of its Standard Terms and Conditions for secondary debt trading together with an accompanying Explanatory Note (and Example Settlement Calculations) and updated Trade Confirmations.
- 27 October 2021LMA publishes term SOFR exposure draft and commentary for use in developing markets
The LMA is pleased to have published an exposure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions alongside a commentary.
- 29 September 2021LMA publishes a new recommended form of borrowing base facility agreement
The LMA is pleased to have published a recommended form of revolving facilities agreement for use in borrowing base transactions (the "Borrowing Base Finance Document"). A user guide has been published alongside the Borrowing Base Finance Document.
- 03 August 2021LMA publishes practical guidance for the documentary amendment process when transitioning legacy LIBOR facilities
The LMA is pleased to have published a note providing practical guidance for the documentary amendment process for parties transitioning legacy LIBOR syndicated loan facilities to compounded risk-free reference rates (RFRs).
- 28 July 2021Revised version of Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions with/without Observation Shift
Following publication on 19 July 2021, the LMA has today published a revised version of its Single Currency Term Facility Agreement for Real Estate Finance Multiproperty Investment Transactions with/without Observation Shift (the REF RFR Facility Agreement).
- 19 July 2021LMA publishes further RFR documentation to assist the market with LIBOR transition
The LMA is pleased to have published a real estate finance facility agreement for investment property transactions to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").
- 22 June 2021LMA Publishes Exposure Draft Trade Confirmations
The LMA is pleased to have published Exposure Drafts of LMA Trade Confirmation (Claims) and LMA Trade Confirmation (Risk Participation).
- 11 June 2021LMA publishes Exposure Draft of Standard Terms and Conditions for secondary debt trading together with accompanying documentation to assist the secondary loan market with LIBOR transition
The LMA is pleased to have published an Exposure Draft of its Standard Terms and Conditions for secondary debt trading (the 'Exposure Draft') together with an accompanying Explanatory Note and updated Trade Confirmation (Bank Debt). The Exposure Draft, Explanatory Note and updated Trade Confirmation have been produced after engagement and feedback from market participants to facilitate secondary loan market trading as the syndicated loan market transitions away from the use of LIBOR to compounded risk-free rates.
- 04 June 2021LMA publishes updated reference rate selection agreement for use in legacy transactions
The LMA is pleased to have published today an updated version of the reference rate selection agreement for use in legacy transactions transitioning from LIBOR to risk-free rates. The reference rate selection agreement has also been published as a recommended form following a process of market feedback (which has been open since October 2019).
- 04 June 2021New ESG Diligence Questionnaire Published
We are delighted to announce the publication of our first ESG Diligence Questionnaire: "ESG Diligence Questionnaire – Asset Manager". This Questionnaire was developed together with the LSTA and ELFA and our respective working groups and is designed to be completed by asset managers and shared with investors.
- 28 May 2021LMA publishes further RFR documentation to assist the market with LIBOR transition
The LMA is pleased to have published a further suite of documentation to facilitate the syndicated loan market in transitioning away from the use of LIBOR to compounded risk-free rates ("RFRs").
- 27 May 2021The LMA, APLMA and LSTA publish updated Sustainability Linked Loan Principles and accompanying guidance
Following the launch of the Sustainability Linked Loan Principles (SLLP) in March 2019, there has been a staggering increase in the volume of sustainability linked loans seen across the syndicated loan market. The APLMA, LMA and LSTA have therefore taken this opportunity to reflect on recent market trends and are delighted to announce the publication of a revised version of the SLLP and accompanying Guidance on Sustainability Linked Loan Principles (SLLP Guidance).
- 13 April 2021The LMA, APLMA and LSTA publish Social Loan Principles
The LMA, APLMA and LSTA today announced the publication of the 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, whilst allowing the loan product to retain its flexibility and preserving the integrity of the social loan market while it develops.
- 30 March 2021LMA updates exposure draft RFR documentation to recommended forms and publishes single currency RFR facilities agreements
The LMA is pleased to have published its exposure draft RFR documentation as recommended forms. The documentation has also been updated to reflect, amongst other things, the recent updates to the £RFR Working Group's conventions supporting materials. The LMA has also published two new recommended form single currency RFR facilities agreements and updated the RFR Terms and notes outlining LIBOR transition considerations for the LMA's wider suite of documentation.
- 26 March 2021LMA publishes considerations note in respect of the use of forward-looking term SONIA reference rates
The LMA is pleased to announce the publication of a note outlining considerations for market participants relating to the use of forward-looking term SONIA reference rates ("TSRRs").
- 03 February 2021LMA publishes notes outlining LIBOR transition considerations for LMA's wider suite of documentation
The LMA is pleased to announce the publication of 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.
- 28 January 2021LMA publishes exposure draft documentation for multicurrency compounded rate/interbank term rate facilities
The LMA is pleased to announce the publication of 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.
- 23 November 2020LMA publishes new and updated documentation in respect of LIBOR transition and active transition mechanisms
The LMA is pleased to announce the publication of several documents to further assist market participants when including active transition mechanisms in their loan documentation for LIBOR transition.
- 18 November 2020LMA publishes consolidated and updated note on Brexit documentary implications and two EU legislative references destination tables
The LMA has 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.
- 21 October 2020LMA note on "LMA Revised Replacement of Screen Rate Clause and pre-cessation trigger"
This note is intended to highlight to market participants points to consider 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.
- 11 September 2020LMA publishes exposure draft multicurrency rate switch facility agreement
The LMA is pleased to announce the publication of an exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions ("Multicurrency Rate Switch Facility Agreement"). This exposure draft is based on lookback without observation shift.
- 24 August 2020LMA Note on the Revised Replacement of Screen Rate Clause and documentary recommendations published by the Working Group on Sterling Risk-Free Reference Rates
This note discusses the April and July 2020 documentary recommendations and contains a supplement to the LMA's Revised Replacement of Screen Rate Clause designed to facilitate one means of potential satisfaction of the recommendations.
- 01 July 2020LMA launches new REF Security Documents
The LMA is pleased to announce the launch of two new security agreements intended for use on real estate finance transactions (the "New REF Security Documents"), as well as consequential changes to the LMA REF facility agreements.
- 19 June 2020DAC6 and LMA recommended forms of facility documentation
The LMA has published a guidance note and optional riders relating to EU rules enacted under the Directive on Administrative Cooperation (commonly known as "DAC6").
- 27 May 2020An updated version of the Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions
An updated version of the Senior/Mezzanine Facility Agreement Drafting Guide for Real Estate Finance Transactions dated 20 March 2020 has been uploaded to include a full mark-up at Section 6 (Mezzanine Drafting).
- 05 May 2020Launch of new guidance documents to support the Green Loan Principles and the Sustainability Linked Loan Principles
Global loan market associations launch new guidance documents to support the Green Loan Principles and the Sustainability Linked Loan Principles.
- 20 March 2020Update to Facility Agreements
Further to the publication of revised IG and REF investment facility agreements on 28 February 2020, we have today published revised versions of a number of our other recommended form facility agreements, Users Guides, RFR documentation and other associated documents.
- 28 February 2020Update to LMA Facility Agreements
We have published revised versions of our recommended forms of Investment Grade Facility Agreements, Users Guide, REF Investment Facility Agreements, RFR documentation and other associated documents. The main change that has been made to the facility agreements is the inclusion of the LMA recommended form of replacement of screen rate clause as part of the amendments and waivers clause.
- 20 February 2020LMA note on "LMA Exposure Drafts of Compounded RFR Facilities Agreement – outstanding requirements for the production of LMA recommended forms"
This note is intended to highlight to market participants the outstanding requirements that need to be satisfied before the Exposure Drafts can be published as LMA recommended form documentation.
- 18 December 2019LMA Rider – Revised Definition of Delayed Period Commencement Date
The LMA has published a Rider, "LMA Rider – Revised Definition of Delayed Period Commencement Date" which can be agreed by the parties to a secondary par loan trade transaction at the time of trade and included as an "Other Term of Trade" in the Trade Confirmation.
- 25 October 2019The LMA publishes exposure draft of reference rate selection agreement for transition of legacy transactions to risk-free rates
The LMA is pleased to announce the publication of an exposure draft reference rate selection agreement ("Reference Rate Selection Agreement") for use in relation to legacy transactions transitioning from LIBOR to alternative reference rates.
- 02 October 2019The LMA releases guidance note on €STR publication and changes to EONIA
The LMA has published a note, '€STR publication and changes to EONIA', which provides guidance for market participants in respect of the publication of the euro short term rate (€STR) by the ECB and the changes made to EONIA as of 2 October 2019.
- 23 September 2019The LMA publishes exposure drafts of compounded risk-free rate facility agreements for sterling and US dollars
The LMA is pleased to announce the publication of exposure drafts of: (i) a compounded SONIA based sterling term and revolving facilities agreement; and (ii) a compounded SOFR based dollar term and revolving facilities agreement (the "Exposure Drafts"). SONIA and SOFR are the chosen replacement near risk-free rates ("RFRs") for LIBOR in the sterling and US dollar markets respectively.
- 07 August 2019LMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads
The LMA has published a note, 'LMA Revised Replacement of Screen Rate Clause and considerations in respect of credit adjustment spreads', which provides guidance for market participants in relation to considerations to be borne in mind in respect of the application of credit adjustment spreads in the context of the move from LIBOR to near risk-free rates ("RFRs").
- 05 July 2019The LMA publishes LSTA Market Advisory on Risks of Trading English Law Loans on LSTA Par/Near Par
The LMA has made available on its website (with thanks to the LSTA) an LSTA market advisory which addresses situations where market participants are trading syndicated loans issued under a facility agreement governed by English law on a Par/Near Par Trade Confirmation published by the LSTA.