Alerts Archive

  • 21 February 2024
    CDOR transition – Upcoming events being held by Bank of Canada / CARR

    With only 4 months to go until the cessation of CDOR, the LMA would like to invite members to two events being hosted by the Bank of Canada on the CDOR transition. 

    29 February, PwC/CARR live webinar on the CDOR transition (4:00pm GMT)
    This session will be focused on lending and hedging, as well as the transition away from the Bankers’ Acceptance market. For more information and to access the live event, please register with PwC at 

    12 March, CDOR will end in less than 4 months: How financial markets are adapting to CORRA (in-person event)
    The High Commission of Canada in the UK, in partnership with TMX and in collaboration with the CARR, will be hosting a panel discussion with industry experts including the CARR co-chairs, on the current transition from CDOR to CORRA. 
    Event details:  12 March 2024, 16:00 - 18:00 GMT, Canada House, Trafalgar Square, London SW1Y 5BJ
    To register, please send your RSVP to  

  • 01 February 2024
    Strengthening EURIBOR fallbacks - LMA publishes updated Term €STR exposure draft and German law investment grade document

    We have been part of the Euro RFR Working Group and have worked with the Group on strengthening fallbacks to EURIBOR. 

    On 1 February 2024, we published an updated version of our term €STR fallback exposure draft and related commentary following market feedback. As feedback received was generally supportive of the exposure draft, there have been no major changes. However, given the lack of market practice in the use of term €STR fallbacks, the LMA has not yet moved this document to recommended form.  As a result, we need members to provide us with ongoing feedback from the provisions being used on transactions. 

    We have also updated the existing form of German law investment grade documentation to include a switch to compounded €STR upon a permanent cessation or non-representativeness of EURIBOR. 

  • 02 November 2023
    LMA publishes South African law revised replacement of screen rate language to assist with JIBAR transition

    We are pleased to have published a user guide and revised recommended form of replacement of screen rate clause for the LMA’s South African law documents (“SA revised replacement of screen rate clause”). The SA revised replacement of screen rate clause is based on the LMA’s existing 2018 revised replacement of screen rate clause (as updated) produced in the context of LIBOR transition. However, it also has regard to the work of the MPG on sample reference language for bilateral loans and reflects specifics of the South African market and JIBAR transition. In order to provide additional context, there are footnotes explaining any differences in the LMA clause and the MPG sample clause.


  • 31 October 2023
    LMA publishes updated CORRA Schedule and updated compounded TONA Schedule

    We have published an updated CORRA Schedule which provides drafting for term CORRA in addition to compounded CORRA. Further, we have updated both our CORRA Schedule and TONA Schedule to reflect the updated definition of the “Daily Rate” in the updated IG compounded rate documents to provide for an interim fallback to a historic rate (prior to the application of a central bank rate plus any adjustment spread). This addresses what is sometimes referred to as the “Good Friday issue”.

  • 26 October 2023
    LMA publishes exposure draft term €STR rate switch document for member feedback and updated IG compounded rate documentation

    We are pleased to have published an exposure draft multicurrency term and revolving facilities agreement which incorporates term €STR fallbacks from EURIBOR. This is accompanied by a cover note providing a high-level summary of the fallback provisions set out in the document, and a separate commentary providing further detail of the provisions. Today, we have also published updated versions of our investment grade compounded rate facilities agreements, along with updated versions of the related term sheets and commentaries. 

  • 26 July 2023
    LMA.Automate Launches Bilateral Facility Agreement

    LMA.Automate is delighted to have produced a new bilateral facility agreement, which has been made available to all subscribers on the platform. We believe this new template, being the first of its kind, will have a broad and compelling use case for all LMA.Automate subscribers, whether lenders or law firms.

  • 25 May 2023
    LMA updates exposure draft term SOFR documentation to recommended form

    We are pleased to have published our exposure draft term SOFR documentation as recommended form. The related term SOFR commentary has also been updated. The move to recommended form follows the increasing use in the market of the term SOFR provisions in the exposure drafts, market feedback received, the length of time since publication of the exposure drafts and the impending end-June 2023 deadline for US dollar LIBOR transition. 

  • 31 March 2023
    LMA publishes note on LMA facility documentation and the recommendations by the Euro Working Group on EURIBOR fallbacks

    The LMA is pleased to have published a note focusing on LMA facility documentation and the recommendations published by the working group on euro risk-free rates on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates (Euro WG Recommendations). Particularly, the note outlines the current approach taken to the Euro WG Recommendations in the LMA's recommended forms of English law multicurrency facility documentation which reference risk-free reference rates from the outset and aims to help market participants understand how they can use existing LMA RFR documentation to implement robust fallbacks to EURIBOR.    

  • 28 February 2023
    LMA publishes compounded CORRA schedule

    We are pleased to have published a schedule for compounded in-arrear CORRA. This has been produced in response to demand from some participants in the syndicated lending market to provide a suggested form of drafting for use of compounded in-arrear CORRA in conjunction with the structure for use of compounded in-arrear risk-free reference rates contained in the LMA's existing compounded rate facilities agreements. As it is designed to work with the structure in the compounded rate facilities agreement, the schedule is largely technical in nature and follows the form of the other currency schedules already contained in the compounded rate facilities agreements. 

  • 12 October 2022
    LMA publishes new and updated exposure draft term SOFR documentation for investment grade and developing markets

    The LMA is pleased to have published a new exposure draft multicurrency term and revolving facilities agreement incorporating term SOFR (the IG Term SOFR Exposure Draft). The LMA has also released an updated expsoure draft single currency term and revolving facilities agreement incorporating term SOFR for use in developing markets jurisdictions, alongside an updated commentary (the Term SOFR Commentary), to reflect the IG Term SOFR Exposure Draft.