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LSTA Newsletter – October 11, 2019

This week, we start by discussing the bifurcating secondary market. (Hint: See the BB par-plus market share!) We then move to SOFR land, flagging both new tools (Averages! Indices! Simple Equations!) and proposed tax relief. Finally, we note that you might have seem some unfair allegations about loans and CLOs. Well, we just published a […]

Fitch 50

Ninth Edition of the Fitch 50: Fitch Ratings profiles 50 prominent U.S. leveraged issuers in this recurring structure-focused special report series. This compilation illustrates capital structures with organizational debt diagrams, and highlights Fitch’s rating rationales and key credit drivers. The companies included in this report have a cumulative $506.7 billion of debt outstanding, comprising high-yield […]

Secondary Market Monthly: September Executive Summary

After returning more than 4% during the two-month rally that began the year, the S&P/LSTA Leveraged Loan Index (LLI) has failed to sustain any meaningful momentum.  Since March, monthly returns have flipped from positive to negative while market value returns were positive just twice – the last time being July.

Loan Market Holiday – Columbus Day – October 14, 2019

In observance of Columbus Day, the Loan Syndications and Trading Association (LSTA) recommends treating Monday, October 14, 2019 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.

LSTA Newsletter: October 4, 2019

This week, we start off by briefly reviewing the US leveraged loan market to date in 2019. We then turn to LIBOR and SOFR, and flag (spread adjustment) progress being made (really!). Finally, we shift to the intersection of the courts and DC to discuss why Volcker and litigation might limit banks’ ability to invest in […]

LSTA Newsletter: September 27, 2019

This week, we start off discussing the future – or lack thereof – of LIBOR in NYC (with the FRBNY) and Miami (through ABS East).  We turn to markets, cataloguing the slowing secondary in August (and July, and June…) and explain why. We – and our friends – continue to defend loans; we share yet […]

American Family Insurance Systemic Risk Report

American Family Insurance concluded in this report that leveraged loans do not pose a systemic risk at this time. The report, authored by analyst Steven Kelly and shared with the LSTA, is a response to press and regulatory inquiries into this question such as the Bank of International Settlements report released on Sunday.

LSTA Newsletter – September 20, 2019

This week we explain the big SOFR jump, share Lee Shaiman’s and David Lerner’s Morning Consult op-ed, highlight some LIBOR coverage, and discuss the ESG lending panel at the Refinitiv LPC Loan Conference.

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