June 3, 2019 - Delayed compensation accrues on loan market trades that do not settle within a set number of business days after trade date. “Business Days” do not include Saturdays, Sundays or any day the Federal Reserve Bank of New York is closed.

With adoption of the new LSTA trade confirmations which became effective on May 2005, either the New York Stock Exchange or the New York Fed closings will also be treated as loan market “holidays” for purposes of calculating the start date for delayed compensation.

The LSTA’s recommended holiday schedule for calculating delayed compensation can be found below:

2019 Holidays Observed

New Year’s Day – Tuesday, January 1st
Martin Luther King, Jr. Day – Monday, January 21st
Washington’s Birthday – Monday, February 18th
Good Friday – Friday, April 19th
Memorial Day – Monday, May 27th
Independence Day – Thursday, July 4th
Labor Day – Monday, September 2nd
Columbus Day – Monday, October 14th
Veterans Day – Monday, November 11th
Thanksgiving Day – Thursday, November 28th
Christmas Day – Wednesday, December 25th

The New York Fed’s 2019 Holiday Schedule can be found by clicking here

Click here for the 2019 NYSE Holiday Schedule

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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.

View a list of all members.

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LSTA Bylaws

BYLAWS of the Loan Syndications and Trading Association, Inc. Amended as of September 19, 2019

LSTA Newsletter – September 20, 2019

This week we explain the big SOFR jump, share Lee Shaiman’s and David Lerner’s Morning Consult op-ed, highlight some LIBOR coverage, and discuss the ESG lending panel at the Refinitiv LPC Loan Conference.

LSTA Meets With Rep. Andy Barr

This week LSTA members and staff met with Rep. Andy Barr (KY-06). Barr, a member of the House Financial Services Committee, has led bipartisan efforts to pass legislation that would have revised the Volcker Rule in a way that would have permitted banks to hold the debt securities of legacy CLOs and to revise the risk retention rule to allow managers to more easily comply. More recently, Barr was a key participant at a hearing of a subcommittee of the HFSC explaining that neither leveraged loans nor CLOs presented systemic risk.

What is ESG-Linked Lending and Why Do We Care?

That is the question answered by the sustainable finance panel at the 25th Annual Refinitiv LPC Loan Conference. Moderated by Maria Dikeos (Refinitiv LPC), the panel explored the recent growth of sustainability-linked loans (or ESG loans) in the U.S. Panelists included Sean Colvin (Louis Dreyfus), Gary Herzog (Credit Agricole), Carolyn Kee (Citiggroup), Claire O’Connor (Barclays Capital), Cara Younger (BBVA) and Tess Virmani (LSTA). The speakers outlined the benefits that these loans can have for the right borrower and also flagged some of the important considerations to be mindful of in structuring these loans.

LIBOR Trending Too…

While the daily SOFR spike grabbed the headlines this week, other LIBOR coverage should be noted as well. First, LIBOR’s end is trending. In an American Banker Bankshot podcast, the LSTA’s Meredith Coffey discussed exactly why LIBOR is going away, what the replacement rate likely would be, and why this is important to bankers and borrowers (and students and homeowners!).

SOFR Above Tuesday?

For those that missed it – which, based on our email traffic, was no one – the published overnight SOFR rate jumped from 243 bps on Tuesday to 525 bps on Wednesday and then back to 255 bps on Thursday. So what happened to SOFR on Wednesday? We discuss below (and the ARRC explains in this helpful missive as well).