Broadly syndicated loans to non-investment grade U.S. Corporations are widely misunderstood outside of the loan industry. A number of commentators imply that leveraged loans are shadowy corporate equivalents to pre-crisis sub-prime mortgages. This is clearly not true and, to respond to such conflations, the LSTA recently published this white paper addressing these views.
As the acknowledged voice of the syndicated loan market, the LSTA has played an active role when legal issues, including submissions of numerous Amicus Briefs, Comments and Response Letters, have arisen. One brief resulted in a favorable U.S. Supreme Court ruling regarding credit bidding, preserving a fundamental right for senior secured lenders.
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Kirschner v. JPMorgan
The LSTA (joined by the Bank Policy Institute) filed the amicus brief in a case brought by a litigation trust that arose from the Millennium bankruptcy.
LSTA Submits Comment Letter to JFSA – English
The English language version is available to download
LSTA Submits Comment Letter to JFSA – Japanese
The Japanese language version of the comment letter is available to download
LSTA Submits Comment Letter to the Japanese Financial Services Agency
This comment letter was submitted to the Japanese Financial Services Agency on its recent proposal that would impose significantly higher capital charges on Japanese investors who purchase interests in certain securitizations that are not risk retention compliant.
Comment Letter on Proposed Changes to the Volcker Rule
The LSTA submitted a comment letter on proposed changes to the Volcker Rule. Importantly for the loan and CLO markets, the proposal puts into play the issue of whether banks can own the debt securities of CLOs that hold bonds. The LSTA’s comment letter focuses on two points. First, it suggests that the final rule’s “loan securitization” […]
Comment Letter on SEC Fiduciary Standard Proposal
The Securities and Exchange Commission earlier this year issued a two-part release that could impact investment managers – including loan managers. The second part of the release requests comments regarding proposed enhanced investment adviser regulation. The LSTA this week submitted a comment letter on the two proposals, broadly supporting the recommendations of the Investment Advisers […]
Comment Letter on SEC Fiduciary Proposal
LSTA Submits a Comment Letter on SEC Fiduciary Standard Proposal
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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.
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