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Loan Syndications and Trading News

December 13, 2018 - On December 12th, LSTA’s Bridget Marsh interviewed blockchain expert, Aaron Wright.  A Professor at Cardozo law school and Chairman of the Enterprise Ethereum Alliance’s Legal Advisory Working Group.

December 13, 2018 - LIBOR is somehow simultaneously both a pressing issue and a slow-motion market upheaval. A first step to avoiding the upheaval scenario is the development of fallback language across cash asset classes. (Fallback language answers the critical question “If LIBOR disappeared tomorrow, to what rate would my contract fall back?” Is it Prime? Is it SOFR? Is it the last fixed rate? Is it nothing?!)

December 13, 2018 - On December 11th, the LSTA hosted a webinar, “2018 Geopolitical Trends: What’s Next for the Loan Market … and the World?”, presented by David Chmiel of Global Torchlight.   As we enter the final year of a decade of change, we also mark the end of the 9/11 era in security threat analysis.  Three broad themes were identified: trade, populism, and nation state rivalry.

December 12, 2018 - Planning for a transition away from LIBOR to alternative risk-free rates (RFRs) has been the hot topic in 2018 across the global financial markets. On December 4th, ICE Benchmark Administration (IBA), the administrator of LIBOR, announced the launch of a survey on the use of LIBOR currencies and tenors to determine which LIBOR setting are the most widely used.  As a reminder, ICE publishes LIBOR for five currencies (CHF, EUR, GBP, JPY and USD) and seven tenors (Overnight/Spot Next, 1 Week, 1 Month, 2 Months, 3 Months, 6 Months and 12 Months).

December 11, 2018 - 2018 has brought the first green loans to the Americas. Today, the LSTA, together with the Loan Market Association and Asia Pacific Loan Market Association, published extended Green Loan Principles (GLP). The LSTA, LMA and APLMA and their dedicated working group of leading financial institutions seek to produce a globally acceptable approach to the granting of green loans to better facilitate and support environmentally sustainable economic activity. This iteration provides a more in-depth explanation as to how the GLP can be applied to revolving credit facilities and also captures the July 2018 updates to the Green Bond Principles maintained by ICMA.

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