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LSTA Newsletter: January 24, 2020

This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.

Thursday, March 5, 2020

Meredith Coffey, EVP of Research and Public Policy, will join a LIBOR Transition Panel Discussion at Hunton Andrews Kurth’s Women in Capital Markets Forum in NYC.

LSTA Newsletter – January 17, 2020

A short one this week: one article on the borrower’s arguments for “hardwired” LIBOR fallbacks, and another article on the latest in what the LSTA is doing in the ESG space. Oh–and a friendly reminder to treat MLK Day as a holiday for delayed comp purposes.

The Borrower’s Argument for Hardwired Fallbacks

According to recent research by Fitch, borrowers should have a compelling appetite for “hardwired” LIBOR fallbacks. The downside risk of the amendment fallback – ending up in Prime – may be more likely than borrowers appreciate and the cash flow and ratings implications could be material. We discuss all below.

LSTA Newsletter – January 10, 2020

This week, we recap 2019 in both the primary and the secondary markets. We also announce the LSTA’s Form of Investment Grade Term Sheet. And what’s a week without LIBOR? We provide a SOFR timeline and remind members that we’ve recommenced our weekly LIBOR calls.

LSTA Newsletter – December 20, 2019

This week, we revel in the sighting of a big SOFR loan (well, sort of). We turn to the markets to discuss the secondary in winter. We eye Washington and the OCC as they flag risks (LIBOR and potentially leveraged lending). We remind our members that Christmas and New Year’s are Loan Market Holidays (but note […]

OCC and Risk I: LIBOR Cessation

The regulators are coming. In summer 2019, the SEC flagged the risks around LIBOR cessation and provided guidance around managing risk for the entities it regulated. Last week, the Comptroller of the Currency (OCC) did the same for the banks it regulates.

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LSTA Newsletter: January 24, 2020

This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.

LSTA Secondary Trading 2019 Executive Summary

After recording consecutive record highs during the fourth quarter of last year ($211 billion) and again during the first quarter of this year ($212 billion), secondary loan trading volumes decreased 10% in the second quarter, to $191 billion.

LSTA Publishes its Second Credit Agreement

Today the LSTA published a new addition to its document library – the LSTA’s Form of Credit Agreement – Investment Grade Term Loan. This form is designed for a standalone term loan for investment grade borrowers.