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.
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“The intention is that sterling LIBOR will cease to exist after the end of 2021. No firm should plan otherwise.”
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.
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.
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.
This is a joint program with The Association of Commercial Finance Attorney, Inc taking place at the Yale Club in New York. Price is $45.00
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.
As of January 7, 2020, there are 724 days until the potential end of LIBOR. Will the syndicated loan market be ready?
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 […]
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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