LSTA members are eligible to participate in a number of Committees, Working Groups and Forums. Committees traditionally focus on practice areas on a regular basis. Working Groups address topics that may require only a few meetings in order to reach consensus on the specified issue. Forums convene on an ad hoc basis, allowing members to address a particular topic of concern at a given time. All three of these formats afford members valuable industry exposure and networking opportunities. What’s more, they give members a voice in the Loan Market. 

Committees of the LSTA

Accounting Committee

The primary objectives of the Accounting Committee are: Discuss and examine existing market practices related to loan syndications and trading activities, Actively engage in standard-setting due process by monitoring developments arising from standard-setting activities by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and Expand communication and education by: developing […]

CLO Committee

The CLO Committee was formed to share information and best practices among CLO managers, structurers and lawyers. In recent years, it has focused on regulatory issues including risk retention, FATCA (Foreign Account Tax Compliance Act), the Volcker Rule and issues arising from the SEC. The committee prepares analysis and white papers to support the CLO […]

OSG Committee

The mission of the Operations Steering Group is to focus on a wide variety of strategic and tactical initiatives relating to loan servicing and loan settlement with a view toward achieving operational accuracy and efficiency.  Current policies and procedures are assessed, areas for improvement explored and content and information flows standardized, as workflow efficiencies are […]

Primary Market Committee

The Primary Market Committee is the largest committee of the LSTA with more than 450 members.  The Committee focuses on current legal issues in the primary market.  In 2017, the Committee published the new form of “LSTA Credit Agreement”.  In 2019, the Committee is working on a Leveraged Finance Term Sheet and a SOFR Credit […]

Process & Technology Committee

The mission of the Process & Technology Committee is to articulate and help implement various initiatives within the loan market. Through publishing best-practice recommendations, educating market participants and facilitating discussions, the committee intends to effect change; directly resulting in a more efficient and orderly syndicated loan market.  The directives of the committee are to:  Define. […]

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 […]

Trade Practices and Forms Committee

The Trade Practices and Forms Committee has approximately 300 members.  The Committee seeks to develop market conventions that govern trading and settlement of par and distressed loans.  Since its inception, the Committee has worked to identify key market issues and to build consensus toward resolving those issues through the drafting and adoption of standard documents […]

Valuation Committee

The purpose of the committee is to provide a forum for discussion on the following topics pertaining to the valuation of loans: The current state of valuation – Loan Mark-To-Market (MTM) pricing methodologies. The classification of MTM prices within the scope of: o Amendments to Rule 2a-7 (July 2014 guidance) under the 1940 Act Rule […]

LSTA Committees - Board Members

Finance and Compensation Committee

The Finance & Compensation Committee reviews the detailed financial budget of the LSTA, including LSTA staff compensation. The Committee is currently examining possible alternative revenue streams for the LSTA.

Liquidity Committee

The Liquidity Committee is focused on evaluating liquidity of the asset class and recommending changes to trade settlement procedures.

Nominating Committee

Analyze Current LSTA Board & Officers and identify Institutions and Individuals for future Boards to be voted in by LSTA Membership.

Working Groups of the LSTA

CUSIP Working Group

The CUSIP Working Group seeks to develop policies and procedures regarding the application of CUSIPs by Agent Banks for all corporate loan deals and facilities and their subsequent incorporation into all loan systems.  This Working Group is open to all members.  Although its primary participants are Agent Banks, Buy-side institutions are welcome to join.

Custodian/Trustee/Fund Administrator Operations Working Group

The Working Group’s mission is to represent the common interests of this constituency while ensuring alignment with the core principles of the LSTA and its broader membership.  By focusing on a variety of strategic and tactical initiatives, the working group will proactively advocate for best-practice recommendations; build consensus across providers to ensure standardization where possible; […]

ESG Working Group

The ESG Working Group is comprised of buyside members focused on ESG developments in the loan market. Interested parties should contact  Tess Virmani for further information.  This Working Group is by invitation only.

FpML Business Loan Working Group

The FpML Business Loan Working Group seeks to develop industry standards for the exchange of loan data both here and in Europe.  The group defines common data standards that can be utilized by all systems throughout the loan market to distribute daily loan activity notices, confirm position information and potentially match trades.  This group works […]

Latin America Initiative Working Group

The LSTA continues to expand its offering of LSTA legal product for cross border transactions with borrowers in Latin America.  In 2017, the LSTA published LSTA Cross-Border Confirm and Form of Participation Agreement for settling trades of loans made to borrowers in Chile, Colombia, and Peru and in 2018 it expanded this to include borrowers […]

Letter of Credit Working Group

The purpose of the Letter of Credit Working Group is to formulate operational best practices around the issuance, maintenance and trading/settlement of letters of credit while recognizing the challenges inherent therein.  All LSTA members that are issuing banks for Letters of Credit are asked to participate.

MEI Working Group

The MEI Working Group is charged with formulating best practices for MEIs, including MEI application procedures, documentation requirements, validation processes and overall maintenance.

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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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).