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 […]
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 […]
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 […]
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.
This week, we start off pondering the August secondary slump (but console ourselves with the YTD 6.5% return). We then turn to CLOs by: 1) analyzing their ownership and runnability and 2) defending them in the press. And what’s a week without LIBOR? We end with the latest (accounting) hurdle to LIBOR transition being knocked […]
This week’s issue covers SOFR Trends; Volcker, Litigation & CLOs; Trading Stats; LIBOR Tax Guidance
For companies that do not have an investment-grade credit rating, and therefore have limited access to the public capital markets, leveraged loans play a significant role in supporting their business growth and increasing returns to investors.
Ten Quick Facts About LIBOR: The Problem and the Potential Solution
Top 10 reasons leveraged loans do not pose systemic risk to the U.S. Financial System
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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.