Alerts Archive
- 25 May 2023LMA 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 2023LMA 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 2023LMA 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 2022LMA 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.
- 01 September 2022LMA publishes risk-free rate version of senior single currency term facility agreement for real estate finance multiproperty investment transactions (senior/mezzanine) with/without observation shift
The LMA is pleased to announce the publication of an updated version of its senior single currency term facility agreement for real estate finance multiproperty investment transactions (senior/mezzanine) which envisages the use of risk-free rates from the outset. A mark-up against the previous LIBOR referencing document has also been published at the same time so that members can see the changes that have been made.
- 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.
- 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.
- 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.
- 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).
- 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").
- 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.
- 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.