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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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The Great Migration Away From LIBOR

LIBOR, “the world’s most important number”, is likely to cease after 2021. This presents significant—but hopefully surmountable—challenges. We discuss the LIBOR problem, timeline and potential shorter- and longer-term solutions. We know whereof we speak; the LSTA is a member of the overall Alternative References Rates Committee (“ARRC”), the body tasked with replacing U.S. dollar LIBOR. […]

LSTA Defends Corporate Loan Market in Morning Consult

In response to many policymakers mistakenly comparing leveraged loans to the subprime crisis of the financial crisis, Lee Shaiman, LSTA Executive Director and David Lerner, Senior Portfolio Manager and Head of Senior Secured Loans and Structured Credit at Shenkman Capital Management, an LSTA member, co-authored an article featured in Morning Consult.

Fitch Ratings’ Credit Journal

Welcome to Credit Journal – a curated compilation of Fitch Ratings’ in-depth research and commentary. In this issue, we’re exploring all angles of the leveraged finance market. We at Fitch Ratings, as well as our partners at Covenant Review and LevFin Insights, are committed to bringing transparency to the complex and evolving leveraged finance and […]

LSTA Newsletter – September 13, 2019

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 […]

CLOs: Who’s Holding (for the Long-Term)?

There have been the periodic comments that i) no one knows who owns CLO notes and ii) this might mean fire sales in a downturn. We want to tackle both these narratives head-on. To do so, we first review literature that reveals the owners of CLO notes and then we highlight recent analysis on how these holders likely will behave in a downturn. Spoiler: We know many of the holders and they’re unlikely to be forced to unwind positions.