Press Releases


LMA publishes new book "The LMA: 25 Years in the Loan Market"

29 November 2021

November 2021 marks the LMA's 25th anniversary. In recognition of this event, the LMA has published its sixth book, "The LMA: 25 Years in the Loan Market", which looks back on the last two and a half decades of the syndicated loan market, analysing its evolution over that time period.

After an introduction to the product and a historical examination of the origins of the market, the book presents a series of regional and sector specific loan market commentaries, all of which consider the past, present and future of the market. The book then goes on to examine loan documentation across the LMA's product offering, as well as the different stakeholders and advisors to syndicated loan transactions, including arrangers, investors, borrowers and lawyers. It also outlines the operational aspects of the product, looking at the evolution of agents, rating agencies and technology, as well as providing an analysis of risk mitigation products, regulation, tax and restructuring. Finally, the book considers the future of both the product and the LMA itself.

The book will be available as a soft copy free to all LMA members and will also be distributed at LMA events. It can also be purchased by non-LMA members.

Quote from the back-cover of the book:

" For many readers of this book, the 25 years covered will read like a journey through their careers. For others, who are newer to the loan market, it will help them put into context how we are where we are now. Wherever your starting point, there is no doubt you will benefit from reading this book if you have any interest in the syndicated loan market.

The breadth of the book mirrors the market it covers. With new and updated chapters from the LMA's 20th anniversary book, it retains all of the educational market, product, documentation, legal and regulatory analysis, but now also includes topics which have come to the fore in the last five years, not least of which are benchmark reform, fintech and ESG.

The role of the LMA has been, and will remain, central to the evolution of a product that contributes so much to the economy and that so many rely on. Like the loan market, the LMA has adapted and grown, leading the way."

Clare Dawson, Chief Executive - LMA

"We are delighted to have added yet another book to the expanding LMA library, this one published at a time of considerable change, not only as we weather the impact of external events such as Covid-19 and climate change, but also the abolition of Libor and the transition of the market to risk free rates. We hope that this book will provide a valuable reference guide for all those active in the syndicated loan market, particularly those who are new to the industry who would like to gain a greater understanding of how the product works across different sectors and geographies."


1. Why has the LMA produced the book?

As already set out in the above press release, the book has been published to celebrate the 25th anniversary of the LMA and to recognise the important development of the syndicated loan market over the last 25 years.

In addition, it is also illustrative of two of the LMA's core objectives:

  • education and training - by addressing the lack of detailed published educational material in relation to the loan product; and
  • improving liquidity - by enabling new entrants to the market to understand the product and the specific advantages and opportunities it offers.

  • 2. Who has contributed to the book?

    Each chapter has been written by senior loan market professionals (including lenders, lawyers, borrowers, other key advisors and service providers, as well as members of the LMA Executive). These individuals are experts in their chosen fields and work actively in the syndicated loan market.

    3. What geographical regions and sectors does the book cover?

    The book focuses on the syndicated loan market in key EMEA jurisdictions, as well as specific sectors, and the way in which they have developed over the course of the last 25 years. From a geographical perspective, the book contains chapters in relation to Western Europe, Southern Europe, the Nordic Regions, CEE and CIS, MENA and Sub-Saharan Africa. From a sector perspective, meanwhile, the book covers leveraged, commercial real estate, natural resource finance, green and sustainable finance, Schuldschein and secondary – all areas of the market in which the LMA provides template documentation.

    4. What are the principal themes discussed in the book?

    In addition to loan market and sector commentaries, the book analyses the development of LMA loan documentation, from investment grade and leveraged, to real estate finance, PXF, borrowing base, ECA, Schuldschein, developing markets, secondary and finally the RFR documentation produced as a result of Libor discontinuance. The book also considers the role of different stakeholders (arrangers, investors, borrowers and lawyers) looking at the way in which each has evolved over the course of the last two and a half decades. Furthermore, it looks at the operational/infrastructure aspects of the product (including emerging technologies and the impact of benchmark reform), some of the risk mitigation products available to loan market participants via DFI, ECAs and CRI providers and the evolution of regulation, ESG, tax, restructuring and KYC from a loan perspective. In conclusion, the book looks to the future, both in relation to the product and the LMA itself.