Full Members

Broker / Dealer / Underwriter

  • Antares Capital
  • Bank of America Merrill Lynch
  • Barclays Capital
  • BMO Capital Markets
  • BNP Paribas Group
  • Cantor Fitzgerald & Co
  • CIBC Bank USA
  • Citigroup Inc.
  • Cowen Group Inc.
  • Credit Agricole Corporate and Investment Bank
  • Credit Suisse
  • Goldman, Sachs & Co.
  • HSBC Bank USA, N.A.
  • Industrial and Commercial Bank of China
  • Intesa Sanpaolo S.P.A.
  • Jefferies LLC
  • JPMorgan Chase & Co.
  • Macquarie Capital Funding LLC
  • Mizuho Bank, Ltd.
  • Morgan Stanley
  • MUFG Bank, Ltd.
  • Nomura Securities International, Inc.
  • PNC Capital Markets LLC
  • Royal Bank of Canada
  • Santander NA
  • Scotiabank
  • Societe Generale
  • Stifel, Nicolaus & Company, Incorporated
  • TD Securities (USA) LLC
  • UBS Securities LLC

Institutional Investor

  • AGL Credit Management LP
  • AIG Asset Management Group
  • Alcentra Limited
  • Allied Irish Bank
  • Allstate Investment Management Co. (AIMCO)
  • Anchorage Capital Group, L.L.C.
  • Angelo, Gordon & Co.
  • Apollo Management L.P.
  • Ares Management, LLC
  • Arrowmark Partners
  • Bain Capital Credit, LP
  • Bardin Hill Investment Partners (FKA Halcyon)
  • Barings LLC
  • Benefit Street Partners LLC
  • BlackRock
  • BlueMountain Capital Management, LLC
  • CarVal Investors LLC
  • CBAM Partners, LLC
  • CIFC Asset Management
  • Columbia Threadneedle Investments
  • Credit Suisse Asset Management
  • Crescent Capital Group
  • CVC Credit Partners LLC
  • Eaton Vance Management
  • Elliott Management Corporation
  • Fidelity Investments
  • First Trust Advisors L.P.
  • Fortress Investment Group LLC
  • GIC Private Limited
  • GLG LLC
  • GoldenTree Asset Management LP
  • Goldman Sachs Asset Management
  • Golub Capital
  • Guggenheim Investment Management, LLC
  • Hayfin Capital Management LLC
  • Highland Capital Management, L.P.
  • HPS Investment Partners
  • ICICI Bank
  • ING Financial Services LLC
  • Intermediate Capital Group
  • Invesco Senior Secured Management, Inc.
  • Jane Street Global Trading LLC
  • King Street Capital Management, L.P.
  • KKR Credit Advisors (US) LLC
  • Loomis, Sayles & Company, L.P.
  • Macquarie Investment Management
  • Marathon Asset Management LLC
  • Napier Park Global Capital
  • Neuberger Berman
  • New York Life Investment Management LLC
  • Oak Hill Advisors, L.P.
  • Oaktree Capital Management, L.P.
  • Octagon Credit Investors, LLC
  • OFS Management
  • OppenheimerFunds, Inc.
  • Ostrum Asset Management
  • Pacific Life Insurance Company
  • Partners Group
  • Post Advisory Group, LLC
  • Prudential Financial
  • Raymond James Bank
  • Rothschild & Co Credit Management North America
  • Seward Capital
  • Shenkman Capital Management, Inc.
  • Silver Point Capital
  • Sound Point Capital Management, LP
  • Strategic Value Partners LLC
  • Sumitomo Mitsui Banking Corporation
  • Symphony Asset Management LLC
  • The Blackstone Group
  • The Carlyle Group
  • THL Credit Senior Loan Strategies, LLC
  • TPG Institutional Credit Partners
  • Vista Equity Partners
  • Voya Investment Management
  • Western Asset Management Company
  • York Capital Management

Associate Members

Institutional Investor

  • Aberdeen Asset Management Inc
  • Aegon Asset Management
  • Aflac Asset Management LLC
  • AllianceBernstein
  • Allianz Global Investors
  • American Money Management Corp.
  • Artisan Partners Limited Partnership
  • Assurant Investment Management
  • ATB Corporate Financial Services
  • Audax Group
  • AXA IM Inc.
  • Bank of Baroda
  • Barrow, Hanley, Mewhinney & Strauss, LLC
  • Birch Grove Capital LP
  • Black Diamond Capital Management, LLC
  • Brigade Capital Management
  • BTIG, LLC
  • Canaras Capital Management, LLC
  • Canyon Partners LLC
  • Carlson Capital, L.P.
  • Cathay Bank
  • Centennial Commercial Asset Management
  • CenterBridge Partners, L.P.
  • CIT Group Inc.
  • CQS (US) LLC
  • Credit Value Partners, LP
  • Crestline Denali Capital LP
  • Davidson Kempner Capital Management LLC
  • DDJ Capital Management, LLC
  • Deutsche Bank Asset Management
  • DFG Investment Advisers, Inc.
  • DoubleLine Capital LP
  • E. Sun Bank
  • Eagle Point Credit Management LLC
  • Eldridge Business Services LLC
  • Elmwood Asset Management
  • First Eagle
  • Fort Washington Investment Advisors
  • Grantham, Mayo, Van Otterloo
  • Greywolf Capital Management
  • Guardian Life Insurance Company
  • HBK Services LLC
  • Icahn Capital LP
  • Imperial Capital, LLC
  • Kayne Anderson Capital Advisors LP
  • LCM Asset Management LLC
  • Liberty Mutual Group
  • Lord, Abbett & Co. LLC
  • Magnetar Capital LLC
  • Marble Ridge Capital LP
  • Mariner Investment Group, LLC (Formerly Orix)
  • Merced Capital, L.P.
  • MFS Investment Management
  • MJX Asset Mgmt LLC
  • New Mountain Capital LLC
  • Newfleet Asset Management
  • NexBank SSB
  • NXT Capital
  • Och-Ziff Capital Management Group
  • Onex Credit Partners, LLC
  • Ontario Teachers’ Pension Plan
  • Owl Rock Capital Advisors LLC
  • Palmer Square Capital Management LLC
  • PENN Capital Management
  • PIMCO
  • PineBridge Investments LLC
  • PPM America, Inc.
  • Sancus Capital Management
  • Seaport Global
  • Seix Investment Advisors LLC
  • Siemens Financial Services, Inc.
  • Solus Alternative Asset Management
  • Steele Creek Investment Management
  • Stone Harbor Investment Partners LP
  • Stonehill Capital Management LLC
  • Susquehanna International Group, LLP
  • T. Rowe Price
  • Tall Tree Investment Management, LLC
  • TCW Group, Inc.
  • The Baupost Group
  • The Capital Group Companies, Inc.
  • Thrivent Financial for Lutherans
  • TIAA-CREF
  • Varagon Capital Partners
  • Varde Management
  • Wellfleet Credit Partners, LLC
  • Wellington Management Company, LLP
  • Western Alliance Bancorp
  • Whitebox Advisors LLC
  • Z Capital Partners, L.L.C.

Broker / Dealer / Underwriter

  • ABN AMRO
  • AgCountry Farm Credit Services
  • ANZ Banking Group
  • Banco de Credito e Inversiones
  • Bank Hapoalim B.M.
  • Bank Leumi USA
  • Bank of Hope
  • BOK Financial
  • Capital One, N.A.
  • Citizens Bank
  • CoBank
  • Commerzbank, AG
  • Commonwealth Bank of Australia
  • Credit Industriel et Commercial
  • Development Bank of Japan Inc.
  • DNB Bank ASA
  • DZ Bank AG
  • Erste Bank
  • Export Development Canada
  • Fifth Third Bank
  • First Financial Bank
  • FTN Capital Markets
  • Heritage Bank
  • KeyBanc Capital Markets Inc.
  • Lloyds Bank Plc
  • M&T Bank
  • Madison Capital Funding LLC
  • Mediobanca Banca Di Credito Finanzario SPA
  • MidCap Financial Services LLC
  • National Australia Bank Limited
  • Natixis
  • Natwest Markets Plc
  • Rabobank
  • Regions Capital Markets
  • Standard Chartered Bank
  • State Bank of India
  • State Street Corporation
  • Sumitomo Mitsui Banking Corporation
  • SunTrust Robinson Humphrey
  • The Huntington National Bank
  • Umpqua Bank
  • Unicredit HVB
  • Valley National Bank
  • Wintrust Financial Corp.

Affiliate Members

Law Firm

  • Akerman LLP
  • Akin Gump Strauss Hauer & Feld LLP
  • AldrichEgg LLC
  • Allen & Overy LLP
  • Allen Matkins Leck Gamble Mallory & Natsis LLP
  • Alston & Bird LLP
  • Arent Fox LLP
  • Arnold & Porter Kaye Scholer LLP
  • Ashurst LLP
  • Baker Botts L.L.P.
  • Baker Donelson Law Firm
  • Baker Hostetler, LLP
  • Baker McKenzie LLP
  • Ballard Spahr LLP
  • Bass, Berry & Sims PLC
  • Benesch, Friedlander, Coplan & Aronoff LLP
  • Blank Rome LLP
  • Bracewell LLP
  • Bradley Arant Boult Cummings LLP
  • Brown Rudnick LLP
  • Bryan Cave Leighton Paisner LLP
  • Buchalter, A Professional Corporation
  • Buchanan Ingersoll & Rooney PC
  • Burr & Forman LLP
  • Cadwalader, Wickersham & Taft LLP
  • Cahill Gordon & Reindel LLP
  • Calfee, Halter & Griswold LLP
  • Carter Ledyard & Milburn LLP
  • Chapman and Cutler LLP
  • Choate, Hall & Stewart LLP
  • Clark Hill PLC
  • Cleary Gottlieb Steen & Hamilton LLP
  • Clifford Chance LLP
  • Cooley LLP
  • Covington & Burling LLP
  • Cravath, Swaine & Moore LLP
  • Crowell & Moring LLP
  • Davis Polk & Wardwell LLP
  • Davis Wright Tremaine LLP
  • Debevoise & Plimpton LLP
  • Dechert LLP
  • Dentons US LLP
  • Dickinson Wright PLLC
  • DLA Piper US LLP
  • Dorsey & Whitney LLP
  • Drinker Biddle & Reath LLP
  • Duane Morris LLP
  • E. Schaffer & Co
  • Emmet, Marvin & Martin, LLP
  • Esbin & Alter, LLP
  • Eversheds Sutherland
  • Faegre Baker Daniels LLP
  • Fasken Martineau
  • Foley & Lardner LLP
  • Foley Hoag
  • Freshfields Bruckhaus Deringer LLP
  • Fried, Frank, Harris, Shriver & Jacobson LLP
  • Frost Brown Todd LLC
  • Gallagher Evelius & Jones LLP
  • Gebhardt & Smith LLP
  • Gibson, Dunn & Crutcher LLP
  • Goldberg Kohn
  • Golub Law, PLLC
  • Goodwin Procter LLP
  • Goulston & Storrs
  • Gowling WLG (Canada) LP
  • Greenberg Traurig, LLP
  • Hahn & Hessen LLP
  • Haynes and Boone, LLP
  • Herrick, Feinstein LLP
  • Holland & Knight
  • Honigman LLP
  • Hughes Hubbard & Reed LLP
  • Hunton Andrews Kurth LLP
  • Husch Blackwell LLP
  • Jenner & Block LLP
  • Jones Day
  • Jones Walker
  • K&L Gates LLP
  • Kane Russell Coleman Logan PC
  • Katten Muchin Rosenman LLP
  • Kelley Drye & Warren LLP
  • Kieselstein Law Firm, PLLC
  • Kilpatrick Townsend
  • King & Spalding LLP
  • Kirkland & Ellis LLP
  • Klee, Tuchin, Bogdanoff & Stern LLP
  • Kleinberg, Kaplan, Wolff & Cohen, P.C.
  • Kramer Levin Naftalis & Frankel LLP
  • Kutak Rock LLP
  • Lane Powell PC
  • Latham & Watkins LLP
  • LeClairRyan
  • Linklaters LLP
  • Locke Lord LLP
  • Loeb & Loeb LLP
  • Lowenstein Sandler LLP
  • Macfarlanes LLP
  • Mandel, Katz & Brosnan LLP
  • Mayer Brown LLP
  • McCarter & English, LLP
  • McDermott Will & Emery LLP
  • McGuireWoods LLP
  • Milbank LLP
  • Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
  • Moore & Van Allen PLLC
  • Morgan, Lewis & Bockius LLP
  • Morris, Manning, & Martin, LLP
  • Morrison & Foerster LLP
  • Moses & Singer LLP
  • Munger, Tolles & Olson LLP
  • Nelson Mullins Riley & Scarborough LLP
  • Nixon Peabody LLP
  • Norton Rose Fulbright
  • O’Melveny & Myers LLP
  • Orrick, Herrington & Sutcliffe LLP
  • Osler, Hoskin & Harcourt LLP
  • Otterbourg P.C.
  • Parker Hudson Rainer & Dobbs, LLP
  • Patzik, Frank & Samotny Ltd.
  • Paul Hastings LLP
  • Paul, Weiss, Rifkind, Wharton & Garrison LLP
  • Pepper Hamilton LLP
  • Perkins Coie LLP
  • Pillsbury Winthrop Shaw Pittman LLP
  • Polsinelli
  • Porter Hedges LLP
  • Proskauer Rose LLP
  • Purrington Moody Weil LLP
  • Quarles & Brady
  • Reed Smith LLP
  • Richards Kibbe & Orbe LLP
  • Riemer & Braunstein LLP
  • Rimon P.C.
  • Robinson, Bradshaw & Hinson, P.A.
  • Ropes & Gray LLP
  • Ross PLLC
  • Rowlett Law
  • Rutherford & Bechtold LLC
  • Schiff Hardin LLP
  • Schulte Roth & Zabel LLP
  • Seward & Kissel LLP
  • Seyfarth Shaw LLP
  • Shearman & Sterling LLP
  • Sheppard, Mullin, Richter & Hampton LLP
  • Simpson Thacher & Bartlett LLP
  • Skadden, Arps, Slate, Meagher & Flom LLP
  • Snell & Wilmer L.L.P.
  • Squire Patton Boggs (US) LLP
  • Stinson Leonard Street
  • Stoel Rives LLP
  • Stroock & Stroock & Lavan LLP
  • Sullivan & Cromwell LLP
  • Sullivan & Worcester LLP
  • Thompson & Knight LLP
  • Thompson Coburn LLP
  • Thompson Hine LLP
  • Torys LLP
  • Troutman Sanders LLP
  • Vedder Price P.C.
  • Venable LLP
  • Vinson & Elkins LLP
  • Vorys, Sater, Seymour and Pease LLP
  • Wachtell, Lipton, Rosen & Katz
  • Waller Lansden Dortch & Davis LLP
  • Watson, Farley & Williams LLP
  • Weil, Gotshal & Manges LLP
  • White & Case LLP
  • Willkie Farr & Gallagher LLP
  • WilmerHale
  • Wilson Sonsini Goodrich & Rosati
  • Winstead PC
  • Womble Bond Dickinson
  • Zukerman Gore Brandeis & Crossman, LLP

Service Provider

Acct. Firm / Adv. / PF Cons

  • Brown Brothers Harriman & Co.
  • CAF Development Bank of Latin America
  • Deloitte & Touche LLP
  • KPMG LLP
  • PwC – Financial Markets

Become a Member

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.

View a list of all members.

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LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.

Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.