20 Years in the Loan Market
An anniversary is an opportunity to reflect on past achievements and lessons learnt, hopefully converting the latter into the former in the future. The loan product is important in all our lives, not just for those of us who work in financial services, but also for those who utilise it, be they sovereign states or corporates. It has a social purpose and dimension beyond many other financial products.
This book, written by senior loan market professionals, outlines the evolving nature of this most flexible and versatile of products and provides readers, be they students or experienced market participants, with an overview of the current state of the product and market, along with the challenges and opportunities facing the loan market in this, the year of the LMA's 20th anniversary.
On most anniversaries you expect to receive a card. The LMA goes further, as it will always endeavour to do for its members, by giving them a book!
The Real Estate Loan Book
Real Estate underpins and stimulates economic growth, but it also undermines and stalls it at times of credit exuberance. Probably more than any other lending class it is central to our lives, as a location to live, work, and so much more. Whether as lenders, advisors, investors or occupiers, we all have an interest in understanding this market. The Real Estate Loan Book aims to satisfy that objective, with an easily readable coverage of many of the issues to be considered, from tax, to security, to sustainability. The Financial Crisis of 2008/2009 has brought many changes, from increased regulation, to new lenders, to revised loan structures. This book looks to explain the impact of these changes. It also outlines the workings and rationale of the LMA's two recent Real Estate facility agreements and intercreditor. In spite of the Real Estate market being cyclical and lessons not always being learnt or remembered, this asset class is pivotal. Notwithstanding efforts to reclaim seas and deserts, as the global population rises, we are driven by a need to acquire and exploit ever more usable space in critical locations. In the words of Mark Twain: "Buy land, they're not making it anymore."
Developing Loan Markets
Given the private nature of the market, there is very limited published material covering the major themes which impact the loan product, particularly in a developing markets context, where loans are a key driver for sustainable growth. We have looked to address this omission with this book which will be of benefit not only to market participants, but also to a wider academic audience, both of whom are looking to understand the workings of this crucial product and the role it plays within some of the world's fastest growing economies. 'Developing Loan Markets' analyses the economic and loan-product dynamics within the various regional developing markets, before moving on to examine the different financing options, risk mitigation tools, lender assistance available and documentation and governance issues to be considered.Download PDF
The Loan Book
The Syndicated Loan Market through the Credit Crisis of 2007-2009 and the Consequences and Challenges for the Future
We have published a book which reflects on the impact of the credit crisis of 2007 to 2009 on the syndicated loan market and the consequences and challenges facing the product in the future. Given the private nature of the market, there is very limited published material analysing the major themes which impact the loan product, including investor appetite, market infrastructure, regulation, accounting, borrower/lender dynamics and tax. We have looked to address this omission, and it is expected that the book will be of benefit not only to market participants, but also to a wider academic audience, who seek to understand the workings of this crucial part of the financial sector.Download PDF