• 28 November 2024
    South Africa: SARB MPG groups publish recommendations on JIBAR-ZARONIA CAS methodology and “ZARONIA-First” initiative

    On 28 November 2024, the SARB MPG workstreams published various recommendations relevant for the transition from JIBAR to ZARONIA.   

  • 27 September 2024
    LMA publishes exposure draft RFR terms for use with South African Replacement of Screen Rate Clause

    The LMA is pleased to have published exposure draft RFR terms to further assist the market with the transition away from JIBAR to ZARONIA in South Africa. 

  • 23 September 2024
    LMA publishes Leveraged Focus note on the key differences between a TLB and LMA leveraged covenant package

    The LMA is pleased to have published the first in a series of Leveraged Focus notes. These are intended to promote a greater understanding of the terms of the typical TLB product and the potential pressure points associated with TLB terms. 

  • 05 September 2024
    Synthetic US dollar LIBOR: FCA publishes 1-month to go reminder

    On 5 September 2024, the FCA made a final announcement on the forthcoming end of LIBOR. The FCA confirmed that there will be no extension to the end-September 2024 deadline and that the last remaining synthetic USD LIBOR settings will permanently cease after their final publication on 30 September 2024.

  • 30 August 2024
    South Africa: MPG Legal Industry Webinar - 10 September

    The South African Reserve Bank’s Market Practitioners Group (MPG) legal workstream (which oversees legal matters related to the switch from JIBAR to ZARONIA) is holding their second Legal Industry Webinar on the transition to ZARONIA.  The LMA will be speaking on the webinar alongside ICMA and senior members of the MPG. 

  • 24 July 2024
    LMA publishes multi-jurisdictional African facility agreement to assist investors with cross-border lending on the continent

    On 24 June 2024, the LMA published a new USD Term SOFR loan agreement, governed by English law while assuming a variety of African borrowers/guarantors including Mauritius, Ghana, Nigeria, Kenya, Tanzania, Uganda and Zambia.

     

    This aims to promote certainty for investors lending into Africa via the “Mauritian Holdco Structure”, whereby international investment is channelled into a Mauritian parent “Holdco” and “on-lent” to operating subsidiaries in the relevant African countries. Mauritius is popular due to a lack of foreign exchange controls, a strategic location, economic, political and legal stability, a raft of double tax treaties with other African countries and a skilled, bilingual workforce.

  • 22 July 2024
    LMA and APLMA publish joint call to action on remaining USD LIBOR transition

    The LMA and APLMA are pleased to have published a joint open letter 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.

  • 01 July 2024
    LMA RFR Documentation Survey – Deadline extended to 9 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 us in our ongoing process of reviewing and consolidating 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. 

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

    The LMA is 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. 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

  • 07 June 2024
    LMA publishes guidance on documentary considerations when dealing with sovereign obligors

    On 7 June 2024, the LMA is 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 LMA 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).