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 2a4 – definition of value. o FASB Acct. Standards Codification 820 – how fair value of assets should be determined – Level 1, Level 2, Level 3.
  • Issues being conveyed by Accounting firms and/or increased SEC scrutiny on the classification of MTM loan prices o In what capacity are such valuation issues being addressed? How might the committee assist in providing an industry-wide solution?

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LSTA Newsletter – October 18, 2019

This week, we start by announcing that the LSTA is developing a “SOFR Compounded in Arrears” concept credit agreement. It is one more tool to help members internalize what a SOFR Loan Market might look like. Next, we provide an updated suite of documents on Primary Delayed Compensation. Finally, we offer a brief update on LSTA […]

Flashforward: LSTA Releases Draft SOFR “Concept Credit Agreement”

On October 1st the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing a compounded average of daily SOFRs calculated in arrears (“Compounded SOFR in Arrears”).

LSTA Advocacy Update

Over the past two weeks the LSTA has continued its political advocacy with legislators and regulators on issues of importance to the loan market. Last week, Meredith Coffey and Elliot Ganz, Co-heads of the LSTA’s Public Policy Group, had the opportunity to join Congressman Greg Meeks (D. NY) for a free-ranging discussion over breakfast.

Primary Delayed Comp: Revised Drafts Released

The LSTA released revised drafts this week of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below are links to the clean drafts and blacklined documents marked to show changes since the last versions sent to you for your review.