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Update on the LSTA’s New Terms of Use

As we’ve previously noted, the LSTA recently changed the Terms of Use applicable to the use its trading documents. The new terms require that any counterparty that trades a loan using LSTA secondary trading documents either obtain a license or become a member of the LSTA.

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.

The 2Q19 Secondary Trading & Settlement Presentation

The LSTA presented the results of our 2Q19 Secondary Trading & Settlement Study and discussed key trends in the market. The study provided insight across key functional areas of the secondary loan market including trading, performance, settlements and more. Topics included: Performance & Return Analysis, Fundamentals & Technicals Trade Price Levels, Distribution & Volatility Trends […]

1Q Secondary Trading Summary: Records are Made to be Broken

After hitting a record $210 billion in fourth quarter 2018, secondary loan trading volume increased 1% during the first quarter, to a fresh high north of $212 billion. Trade activity increased year over year by an impressive 29% while S&P/LSTA Leveraged Loan Index outstanding grew by just 19%.

Join

The LSTA is the leading advocate for the syndicated loan market. Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision-making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction. Member benefits include: A full complement of documents and […]

LSTA: What Have We Done For You Lately?

As the year draws to a close and we start the unenviable task of dunning members for 2019 dues payments, we gave some thought to what we’ve done in the past 11 months. As it turns out, a lot. So, we thought, why not share?

Become a Member

Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

View a list of all members.

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Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]