This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.
After recording consecutive record highs during the fourth quarter of last year ($211 billion) and again during the first quarter of this year ($212 billion), secondary loan trading volumes decreased 10% in the second quarter, to $191 billion.
This presentation is for the Fourth Quarter 2019 LSTA Secondary Trading & Settlement Study.
The IG Term Loan is a standalone term loan designed for investment grade borrowers. It was modeled on the LSTA’s Investment Grade Revolver and is now the LSTA’s second complete credit agreement.
Changed pages from the Exposure Draft circulated on December 19th
A short one this week: one article on the borrower’s arguments for “hardwired” LIBOR fallbacks, and another article on the latest in what the LSTA is doing in the ESG space. Oh–and a friendly reminder to treat MLK Day as a holiday for delayed comp purposes.
Current draft dated January 16, 2020. Final comments on the draft to be submitted by Friday, February 14th
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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.