Loan defaults climbed (slightly) this month and leveraged M&A structures have been more conservative in the last three months. These two facts likely are unrelated.
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Amicus News: The LSTA Weighs in on the Madden v. Midland Kerfuffle
The LSTA last week joined an amicus brief in a Colorado case that is considering the question, “can a loan validly originated become invalid because it is subsequently sold or assigned to another party?”
LSTA Welcomes Our Newest Members
The LSTA would like to extend a warm welcome to our newest members.
SOFR Index (and Averages) are Coming!
he SOFR Index (and Averages) have created considerable buzz in the loan space. The good news: Last week, the New York Fed announced it would start publishing them on March 2nd. The bad news: Due to various loan idiosyncrasies, these tools – while still beneficial! – may be less useful than for other asset classes. We explain all below.
LBOs: Less Leverage? More Flex!
An eternal question is “How do the current crop of leveraged loans compare to the 2007 vintage?” Today we have an answer. Covenant Review recently compared recent jumbo LBOs to their pre-crisis counterparts
Quarterly Bankruptcy Roundup
This week Rich Levin of Jenner & Block once again presented his quarterly review of recent court decisions of interest and importance to the lending and bankruptcy world.
LIBOR & SOFR: Spread Adjustments
Folks that know LIBOR is likely to end soon after December 2021 probably also know that SOFR, the likely replacement for USD loans, is a different kind of rate. While LIBOR theoretically includes an element of bank credit risk, SOFR is an overnight risk free rate.
Direct Loans: A Look Into The Future?
We’ve been closely following a case, Kirschner v. JP Morgan, which raises the issue of whether broadly syndicated term loans (“BSLs”) are subject to the securities laws.
The LSTA Recommends Treating Monday, February 17, 2020 as a Loan Market Holiday When Calculating Delayed Compensation
In observance of Washington’s Birthday, the Loan Syndications and Trading Association (LSTA) recommends treating Monday, February 17, 2020 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.
Direct Lending Part 2
On February 6th, the LSTA hosted the second part of its Direct Lending Webinar Program which was presented by James Florack and Jeong Lee of Davis Polk, Vikas Keswani of HPS, and George Mueller of KKR.
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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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