The Trade Practices and Forms Committee has 250 members and is one of the longest running groups of the LSTA.  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 and market practices.  It is recommended that each member of the LSTA nominate at least one person to be on this Committee so that the member is kept informed about secondary trading practices and developments, credit-specific market advisories, and documentation revisions.

Membership to the Committee is open to all LSTA members.

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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.

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LSTA Newsletter – February 14, 2020

This week, we start off talking about how “loans as securities” might morph into “loans as direct loans”. On a related(ish) note, we also discuss direct lending trends. We dig into LBO trends, looking at now (2019) and then (2007). And, finally, we ponder the evolution to SOFR (and, specifically, cash spread adjustments).

LBOs: Less Leverage? More Flex!

An eternal question is “How do the current crop of leveraged loans compare to the 2007 vintage?” Today we have an answer. Covenant Review recently compared recent jumbo LBOs to their pre-crisis counterparts

Quarterly Bankruptcy Roundup

This week Rich Levin of Jenner & Block once again presented his quarterly review of recent court decisions of interest and importance to the lending and bankruptcy world.

LIBOR & SOFR: Spread Adjustments

Folks that know LIBOR is likely to end soon after December 2021 probably also know that SOFR, the likely replacement for USD loans, is a different kind of rate. While LIBOR theoretically includes an element of bank credit risk, SOFR is an overnight risk free rate.

Direct Loans: A Look Into The Future?

We’ve been closely following a case, Kirschner v. JP Morgan, which raises the issue of whether broadly syndicated term loans (“BSLs”) are subject to the securities laws.