In the light of the recent wave of bankruptcy filings of corporate borrowers in our market, the LSTA is publishing this market advisory as a basic overview of how to determine whether a credit trading on LSTA documentation should trade on a “Settled Without Accrued Interest” basis or “Trades Flat” basis following the occurrence of a bankruptcy filing.


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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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