The LSTA is producing a series of short videos on blockchain.  In each video, Joe Dewey of Holland & Knight, who is also one of the authors of “The Blockchain: A Guide for Legal and Business Professionals”, discusses this new technology and its potential impact on financial services and the loan market in particular.  This week, the second video on “smart contracts” was released.  In the context of blockchain, the term “smart contracts” has nothing to do with the traditional idea of a legal contract; rather it refers to a snippet of programming code that can be executed on the blockchain.  In the short interview, the LSTA’s Deputy General Counsel, Bridget Marsh, and Joe explain some of the different smart contract use cases in the financial industry and their potential impact on the legal industry.

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LSTA Newsletter: February 21, 2020

This week, we start off in the markets, comparing defaults (low but rising), leverage (high but edging down), and yields (low and lowering). We move to LIBOR, announcing the new SOFR Index and Averages, and reminding members of our weekly call. We shift to the courts, providing an update on our Madden vs Midland amicus. […]

Market: Defaults, Structure & Pricing

Loan defaults climbed (slightly) this month and leveraged M&A structures have been more conservative in the last three months. These two facts likely are unrelated.

SOFR Index (and Averages) are Coming!

he SOFR Index (and Averages) have created considerable buzz in the loan space. The good news: Last week, the New York Fed announced it would start publishing them on March 2nd. The bad news: Due to various loan idiosyncrasies, these tools – while still beneficial! – may be less useful than for other asset classes. We explain all below.

LSTA Newsletter: February 14, 2020

This week, we start off talking about how “loans as securities” might morph into “loans as direct loans”. On a related(ish) note, we also discuss direct lending trends. We dig into LBO trends, looking at now (2019) and then (2007). And, finally, we ponder the evolution to SOFR (and, specifically, cash spread adjustments).

LBOs: Less Leverage? More Flex!

An eternal question is “How do the current crop of leveraged loans compare to the 2007 vintage?” Today we have an answer. Covenant Review recently compared recent jumbo LBOs to their pre-crisis counterparts