General

Loan Syndications & Trading Association

366 Madison Avenue
15th Floor
New York, NY 10017
212.880.3000212.880.3040

Lee Shaiman

Executive Director

(212) 880-3002
lshaiman@lsta.org

Advocacy & Regulatory

Phillip Black

Associate of Research & Public Policy

(212) 880-3028
pblack@lsta.org

Meredith Coffey

Executive Vice President of Research & Public Policy

(212) 880-3019
mcoffey@lsta.org

Elliot Ganz

General Counsel and Chief of Staff

(212) 880-3003
eganz@lsta.org

Tess Virmani

Associate General Counsel, SVP of Public Policy

(212) 880-3006
tvirmani@lsta.org

Market Data & Analysis and Shift Dates

Ted Basta

Executive Vice President of Market Analytics & Investor Strategy

(212) 880-3005
tbasta@lsta.org

Kenny Riaz

Vice President of Market Analytics & Strategy

sriaz@lsta.org
(212) 880-3007

Bridget Marsh

Executive Vice President & Deputy General Counsel

(212) 880-3004
bmarsh@lsta.org

Tess Virmani

Associate General Counsel, SVP of Public Policy

(212) 880-3006
tvirmani@lsta.org

Margarita Valdes

Administrative Assistant

(212) 880-3034
mvaldes@lsta.org

Operations

Ellen Hefferan

Executive Vice President of Operations & Accounting

(212) 880-3013
ehefferan@lsta.org

Membership

Lisa Schneider

Executive Vice President of Membership

(212) 880-3033
lschneider@lsta.org

Clara Colon

Manager, Membership

(212) 880-3010
ccolon@lsta.org

Conferences, Seminars and CLE

Lorena DeLuca

Director, Special Projects & Events

(212) 880-3008
ldeluca@lsta.org

Website Issues and Job Posts

Christine Ramos

Manager, Website & Digital Administration

(212) 880-3012
cramos@lsta.org

Advertising & Sponsorship Opportunities

Gina Sloman

Marketing Associate

(212) 880-3009
gsloman@lsta.org

Billing and Accounting

Donna Murray

Director of Finance

(212) 880-3016
dmurray@lsta.org

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: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.

Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.