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Loan Syndications and Trading News

February 5, 2016 - As mentioned in the LSTA Semi-Annual Review, it is anticipated that the New Delayed Compensation Standardwill become effective for secondary par trades during the second quarter of this year, pending changes to legal documentation, settlement platforms and internal operational processes.

On November 4, 2015, Federal Reserve Chairwoman Janet Yellen testified before the House Financial Services Committee and, when asked, agreed to look into whether the Federal Reserve would support the concept of a “Qualified CLO”. (A Qualified CLO is subject to tests in six categories and, assuming the CLO meets all the tests, the manager can purchase and retain 5% of the CLO equity, rather than 5% of the value of all the notes.

On January 25, 2016, an op-ed by University of Virginia Professor and Director of the McIntire Center for Financial Innovation David Smith explained the dangers of maligning leveraged loans. In his piece, Smith highlights leveraged loans as a critical source of financing for many American companies and a vital piece of the US economy.

On Wednesday, January 20, 2016 the LSTA published Know Your Customer Considerations for Syndicated Lending and Loan Trading: Guidelines for the Application of Customer Identification Programs, Foreign Correspondent Account Due Diligence, and Other Considerations ("KYC Guidelines").

On Wednesday, January 13, 2016, the Loan Syndications and Trading Association (LSTA) submitted a comment letter to the SEC in response to the proposed rule on Open-End Fund Liquidity Risk Management Programs. 

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