- 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.
- 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.
- 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.
- 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").
- 01 May 2019The LMA releases guidance note on recent developments relating to the future of EONIA
The LMA has published a note, 'EONIA – planned change in methodology and discontinuation', which provides guidance for market participants on recent developments relating to the future of EONIA.
- 17 October 2018LMA publishes updated version of revised Replacement of Screen Rate clause, which is now publicly available on the Bank of England website
The LMA has published an updated version of its "Revised Replacement of Screen Rate Clause". This update takes into account the publication of the Clause by the Sterling Risk Free Rate Working Group, along with the correction of some minor typographical errors.
- 25 May 2018LMA publishes revised Replacement of Screen Rate clause to provide further flexibility in light of uncertainty over the future of LIBOR
The LMA has published an updated version (the "Revised Replacement of Screen Rate Clause") of the optional "Replacement of Screen Rate" clause that has been included in the Primary Documents and the Leveraged documents since November 2014.
- 12 March 2018LMA and ACT produce joint guide on "The future of LIBOR: what you need to know"
The LMA and the ACT have produced a joint guide on LIBOR benchmark reform. The Guide is intended to provide an overview of developments and key issues with respect to the proposed transition away from LIBOR benchmarks.