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8 Things You Need To Know About Sustainable Finance

While the majority of sustainable finance activity has been on the equities side, the fixed income markets have also seen the development of green and sustainability linked products. On the loans side, the US loan market saw its first green loans and sustainability linked loans in 2018. Here are eight things you need to know […]

Sustainable Finance – FAQs

While the majority of sustainable finance activity has been on the equities side, the fixed income markets have also seen the development of green and sustainability linked products. On the loans side, the US loan market saw its first green loans and sustainability linked loans in 2018.  To find out more, download this publication.

Sustainable Finance Committee

The Sustainable Finance Committee is comprised of sellside and buyside institutions and is tasked with the maintenance of the Green Loan Principles and Sustainability Linked Loan Principles which have been published by the LSTA, Loan Market Association and APLMA. In addition, this group monitors developments in the sustainable finance space. Interested parties should contact  Tess […]

Sustainable Finance is Gaining Traction Globally

The first half of 2019 has seen global sustainable finance continue to flourish. Refinitiv LPC has recorded nearly $39 billion of global green and sustainability linked loan (SLL) volume through May – a 60% increase over the same time last year. In Refinitiv LPC’s “Loanly Planet” publication that volume is broken down regionally. EMEA continues to be the regional leader in terms of issuance with 70% of the global volume, or $27 billion. However, the biggest increase in regional volume has been in the Americas. With more than $7.3 billion in green loan and SLL volume through May 2019 on the books, that seven-fold increase is evidence that sustainable finance is gaining traction on this side of the pond.

Sustainable Finance: Has The Moment Passed? (May 2019)

Presented by Mark Betteridge, Global Head of Fixed Income and Currency Analytics at Bloomberg, Clare Dawson, Chief Executive at LMA, Charlotte Peyraud, VP at Sustainable Banking, CACIB and Tess Virmani, Associate General Counsel & SVP, Public Policy at LSTA

Tuesday, October 8, 2019

Tess Virmani, Associate General Counsel & Senior Vice President, Public Policy, will speak about green and sustainable loans at Environmental Finance’s 2nd Green Bonds Asia at the the Conrad in Hong Kong.

Sustainability Linked Loans Published

(updated March 25, 2019) – Today, the LSTA, together with the Loan Market Association (LMA) and Asia Pacific Loan Market Association (APLMA), published Sustainability Linked Loan Principles. This voluntary framework represents the next step in collaborating to develop global standards for sustainable lending.

Looking Out at the Green Horizon

(updated on January 31, 2019) – For the third straight year, the World Economic Forum listed environmental threats as the biggest risk facing the global economy.  So, it was timely that Tess Virmani, Associate General Counsel of the LSTA, participated in the Green Finance Seminar hosted by Banco de Mexico in Mexico City this week. The seminar, held in conjunction with the meeting of the Steering Committee of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), pulled together central banks and supervisors from all over North, Central and South America to educate them on the current state of, and challenges to, sustainable finance and possible ways forward.  Sessions included a look at several of the voluntary frameworks informing activities in the sustainable finance sector.  These included aspirational, industry-wide frameworks, such as the UNEPFI Principles of Responsible Banking and the Principles of Responsible Investment as well as transaction-focused frameworks, such as the Green Bond Principles and Green Loan Principles.

Extended Green Loan Principles Published Today

2018 has brought the first green loans to the Americas. Today, the LSTA, together with the Loan Market Association and Asia Pacific Loan Market Association, published extended Green Loan Principles (GLP). The LSTA, LMA and APLMA and their dedicated working group of leading financial institutions seek to produce a globally acceptable approach to the granting of green loans to better facilitate and support environmentally sustainable economic activity. This iteration provides a more in-depth explanation as to how the GLP can be applied to revolving credit facilities and also captures the July 2018 updates to the Green Bond Principles maintained by ICMA.

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LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.

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) […]

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.