Ellen Hefferan Headshot

Ellen Hefferan

Executive Vice President of Operations & Accounting

ehefferan@lsta.org / (212) 880-3013

Ellen Hefferan is the Executive Vice President of Operations & Accounting of the LSTA She is charged with managing key operational strategies and initiatives that will ultimately provide for a more efficient and liquid market. Ms. Hefferan supports the Operations Committee and its working groups to assess current operations and identify opportunities for such improvement and standardization. She is responsible for the implementation of CUSIPs market-wide and chairs the FpML Business Working Group and the Accounting Committee.

Ms. Hefferan previously served as president of ClearPar since the founding of the settlement platform in 2000 until March of 2006. Prior to joining ClearPar, she was Vice President and Senior Counsel at Citigroup where she provided transactional and advisory support to the loan syndications, trading and sales desks and the corporate banking origination units. Prior to her role at Citigroup, Ms. Hefferan gained additional experience negotiating and documenting complex commercial loan transactions for financial institutions as an Associate with Winston and Strawn.

After receiving a Bachelor of Science in Public Accounting and Marketing from Fordham University, Ms. Hefferan began her career as a Staff Accountant in the Audit Division of Arthur Anderson & Co. and served as an Adjunct Instructor of Financial and Management Accounting at Fordham University while attaining her Juris Doctorate from Fordham University Law School. She is a member of the New York State Bar and is a Certified Public Accountant.

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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).

The Great Migration Away From LIBOR

LIBOR, “the world’s most important number”, is likely to cease after 2021. This presents significant—but hopefully surmountable—challenges. We discuss the LIBOR problem, timeline and potential shorter- and longer-term solutions. We know whereof we speak; the LSTA is a member of the overall Alternative References Rates Committee (“ARRC”), the body tasked with replacing U.S. dollar LIBOR. […]

LSTA Defends Corporate Loan Market in Morning Consult

In response to many policymakers mistakenly comparing leveraged loans to the subprime crisis of the financial crisis, Lee Shaiman, LSTA Executive Director and David Lerner, Senior Portfolio Manager and Head of Senior Secured Loans and Structured Credit at Shenkman Capital Management, an LSTA member, co-authored an article featured in Morning Consult.

Fitch Ratings’ Credit Journal

Welcome to Credit Journal – a curated compilation of Fitch Ratings’ in-depth research and commentary. In this issue, we’re exploring all angles of the leveraged finance market. We at Fitch Ratings, as well as our partners at Covenant Review and LevFin Insights, are committed to bringing transparency to the complex and evolving leveraged finance and […]