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:


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.


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.


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


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.


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


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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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The Volcker Rule Amendments: What Do They Mean for CLOs

Earlier today the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules originally published in November 2013 that implemented the Volcker Rule. Importantly, today’s amendments do not affect loans and CLOs. The FDIC signaled that amendments to the part of the Volcker Rule pertaining to CLOs would be forthcoming sometime in the future. Today’s amended rules are available here.

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).