Loan Syndications and Trading News

February 8, 2017 - This week a new LSTA working group met to launch an important and timely new project to review and update the LSTA’s Code of Conduct (the “Code”) and its Statement of Principles for the Communication and Use of Confidential Information in the Loan Market (the “Principles”).  The project is critical because the Code and the Principles are no less than fundamental bedrocks of the industry.

February 7, 2017 - On Tuesday, LSTA Deputy General Counsel, Bridget Marsh, participated on a panel on “Canadian and US Syndicated Lending” at the Ontario Bar Association Institute in Toronto.  The panel, moderated by Hank White of Thomson Reuters, also included Martin Racicot of Fasken Martineau, and focused on the differences between syndicated lending practices in both jurisdictions.

February 6, 2017 - January began where December left off – with a full-fledged technical imbalance leading to rapid-fire repricings, a dividend recap binge and rapidly compressing primary spreads. Of course, December and January weren’t identical. First, the sources of demand were very different and, second, as discussed in the Secondary Review, the secondary market eased the throttle on its rapid run-up. (Coincidentally, LSTA EVP Meredith Coffey discussed these trends last week at Allied Irish Bank; the presentation is available here.)

February 2, 2017 - The election of Donald Trump has many members asking whether there will be legislative fixes to ease the regulatory burden on the loan market, with a particular focus on risk retention and leveraged lending guidance.  In fact, it may take a while for either of those issues to change materially for the loan market. But we also would note that there’s another issue that bears watching: Tax Reform. 

February 1, 2017 - On Wednesday, LSTA General Counsel participated on a panel on “Financial Regulation: Impact and Future Changes” at the Commercial Finance Association’s 2017 Asset-Based Capital Conference in Las Vegas.  The panel, moderated by Jeff Wacker of TD Bank, also included Bill Sweet of Skadden and Kathy Dick of Promontory, and focused on the prospects for regulatory and legislative change under the new Trump administration.

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