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 Agreement amongst other projects. 

Membership of the Committee is open to all LSTA members.


Concept Credit Agreement dated October 1, 2019

Concept Credit Agreement blacklined against a LIBOR-based investment grade term loan

Form of Credit Agreement dated October 9, 2019. Comments due by Thursday, October 31st.

Blackline of the Form of Credit Agreement against the original dated October 19, 2017.

LSTA Form of Investment Grade Revolving Credit Facilities Term Sheet. Comments Due Friday, November 22, 2019.

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 Newsletter – November 8, 2019

We discuss simple daily SOFR in arrears, the latest in the secondary market, a new LIBOR resource we’re providing, and some SOFR tools. We also provide an overview of the loan market holidays for 2019 reminder you to use the LSTA job board if you’re looking for a job or to fill a position on your staff.

Desperately Seeking Syndications

re you a JOB SEEKER? If so, you should check out the LSTA Loan Market Job board on our newly-designed website at

RelVal to the Rescue?

For the second time in three months, loan returns were negative in the loan market. After returning 0.47% in September, the S&P/LSTA Leveraged Loan Index (LLI) produced a 0.43% loss in October –the worst monthly print this year.

Simple Minds?

There has been considerable discussion about the variants of SOFR on these pages (and at the LSTA Conference last week in the Introduction to LIBOR Cessation and SOFR Operationalization panels). Specifically we’ve discussed the pros and cons of SOFR Compounded in Advance and Forward Looking Term SOFR

SOFR: Your Vote Counts

SOFR tools are coming! On November 4th, the FRBNY released a request for public comment on an official “SOFR Compound Average” and a “SOFR Index”. Below, we describe these tools, their use cases and several questions from the consultation. The LSTA is considering responding.