Since 1995, the Loan Syndications and Trading Association (LSTA) has been the industry’s premier platform for all participants in the rapidly evolving syndicated lending market.

Thanks to its members, who include a who’s who of thought leaders from major firms industry-wide—including buy-side, sell-side, and supporting services (legal, accounting, consulting, technology, analytics, clearing, and settlement)—the LSTA has remained singularly focused on its core mission: to promote a fair, orderly, efficient, and growing corporate loan market while advancing and balancing the interests of all market participants.

The LSTA achieves its mission in four key ways:

LEADERSHIP

The LSTA is committed to providing the critical leadership that is essential for the continuation of the syndicated lending market’s strong growth through thought leadership from industry experts, sharing industry best practices and by establishing standards and standardization.

ADVOCACY

The LSTA advocates on behalf of all participants in the syndicated loan market, working directly with regulators and legislators to maintain a fair, orderly, and efficient marketplace that engenders confidence.

EDUCATION

The LSTA is committed to developing and making available a wide range of educational content to inform our members, regulators and legislators.

INSIGHTS

As a member of the LSTA, you have exclusive access to a wide range of high-quality data and analysis from industry leaders such as CUSIP Global Services, Fitch Ratings, IHS Markit and Refinitiv.

LSTA’S GOVERNANCE & CODE OF CONDUCT

The Bylaws of the LSTA set forth the framework for the governance, operation, and management of the Association.  The LSTA has a three tiered membership structure (full membership, associate membership, and affiliate membership), and the bylaws define the rights and privileges of each of those classes of members.  Only an officer, partner, principal or employee of a full member may seek election to the LSTA’s Board of Directors.  The Bylaws also describe the dues structure, the annual meeting and annual report requirements, and set forth the structure, powers, and rules regarding the election of the LSTA’s Board of Directors.  Finally, they describe the role of the LSTA’s Officers — the Chair, Vice-Chair, Secretary, and Treasurer.

The purpose of the LSTA’s Code of Conduct is to promote integrity, fairness, efficiency, and liquidity in the syndicated loan market. The Code is intended to provide guidance to banks, broker dealers, and institutional investors that regularly purchase, sell, deal in, broker, or trade debt and the proceeds thereof in the loan market and establishes general standards of trading conduct that are applicable to all loan market participants in connection with all loan market activities. Although compliance with the Code is voluntary, all loan market participants are encouraged to understand and to comply with, and to ensure that their employees and agents understand and comply with, the principles of the Code.

From time to time the LSTA may promulgate additional guidance relating to various topics and issues pertinent to the loan market.  In 2017, the LSTA published a revised Statement of Principles for the Communication and Use of Confidential Information by Loan Market Participants (the “Confidentiality Principles”).  The Confidentiality Principles outline broad guidelines for the receipt, use and communication by and to LMPs of confidential information that is generally available in the loan market and that may at times include material non-public information.

Board of Directors

Executives

Committees & Working Groups

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.

Our Partners

cusip-global-services-vector-logo.svgFitch Group logoRefinitiv-(March-2019)SP-Global-Market-Intelligence

Search Results by Relevancy

LSTA Bylaws

BYLAWS of the Loan Syndications and Trading Association, Inc. Amended as of September 19, 2019

LSTA Newsletter – September 20, 2019

This week we explain the big SOFR jump, share Lee Shaiman’s and David Lerner’s Morning Consult op-ed, highlight some LIBOR coverage, and discuss the ESG lending panel at the Refinitiv LPC Loan Conference.

LSTA Meets With Rep. Andy Barr

This week LSTA members and staff met with Rep. Andy Barr (KY-06). Barr, a member of the House Financial Services Committee, has led bipartisan efforts to pass legislation that would have revised the Volcker Rule in a way that would have permitted banks to hold the debt securities of legacy CLOs and to revise the risk retention rule to allow managers to more easily comply. More recently, Barr was a key participant at a hearing of a subcommittee of the HFSC explaining that neither leveraged loans nor CLOs presented systemic risk.

What is ESG-Linked Lending and Why Do We Care?

That is the question answered by the sustainable finance panel at the 25th Annual Refinitiv LPC Loan Conference. Moderated by Maria Dikeos (Refinitiv LPC), the panel explored the recent growth of sustainability-linked loans (or ESG loans) in the U.S. Panelists included Sean Colvin (Louis Dreyfus), Gary Herzog (Credit Agricole), Carolyn Kee (Citiggroup), Claire O’Connor (Barclays Capital), Cara Younger (BBVA) and Tess Virmani (LSTA). The speakers outlined the benefits that these loans can have for the right borrower and also flagged some of the important considerations to be mindful of in structuring these loans.

LIBOR Trending Too…

While the daily SOFR spike grabbed the headlines this week, other LIBOR coverage should be noted as well. First, LIBOR’s end is trending. In an American Banker Bankshot podcast, the LSTA’s Meredith Coffey discussed exactly why LIBOR is going away, what the replacement rate likely would be, and why this is important to bankers and borrowers (and students and homeowners!).

SOFR Above Tuesday?

For those that missed it – which, based on our email traffic, was no one – the published overnight SOFR rate jumped from 243 bps on Tuesday to 525 bps on Wednesday and then back to 255 bps on Thursday. So what happened to SOFR on Wednesday? We discuss below (and the ARRC explains in this helpful missive as well).