April 19, 2023 - The world moves fast, markets shift and the best way to keep up is through lifetime learning. (The US government agrees: There is an IRS Lifetime Learning Credit, which, truth in advertising, does not compensate for our offerings.) The LSTA is also a big fan of lifetime learning – particularly as markets evolve – and consequently we are hosting several events to bring our members’ knowledge to a new level. Below, we discuss a variety of summer sessions, curated to meet different interests and needs.
Interested in CLOs and Private Credit? The LSTA has partnered with DealCatalyst to offer The Private Credit Conference in Ft. Lauderdale on April 27-28 and The CLO Industry Conference in NYC on May 16-17. The Private Credit Conference will start with the basics (a Private Credit Primer). We will build up to analyzing different types of private credit, characteristics, financing structures, ESG disclosure, documentation, and performance of Private Credit transactions. We will end with a deep dive into policy considerations for Private Credit, including the impact of “loans as securities”, LIBOR transition and private funds disclosure rules. The NYC CLO Conference in May will look at the sector all the way from the largest BSL transactions to Private Credit CLOs, with a focus on performance, manager style, LIBOR transition, ESG considerations, investments across the capital stack, and – of course – the regulatory overhang.
Concerned about Liability Management Transactions and Restructuring? The LSTA has several upcoming events – alone and with partners – tackling the Liability Management Transaction issue. On the morning of May 9th in Chicago and online, the LSTA is teaming up with Sidley for a deep dive into these transactions, with a focus the state of play, the impact on documentation and bankruptcies and what they ultimately mean for loan defaults and recoveries. (More coming on this event soon.) On the afternoon of May 9th, the LSTA is hosting a webcast on Liability Management Transactions, the Serta case and what is an open market purchase. (Relatedly, the LSTA just re-released its Market Advisory outlining drafting fixes for some LMTs.) On June 27th, the LSTA is partnering with the Creditors Rights Coalition to hold the 2023 Restructuring Symposium, where we’ll discuss what to expect in the next cycle, with a focus on the trend of disparities in treatment of similarly situated creditors, paradigms of control and banking turmoil.
Fretting about LIBOR Transition? LSTA recently posted a “LIBOR Transition for CLOs” video and published an article discussing the current state of SOFR. Coming up Monday is the LSTA’s Monthly LIBOR Q&A Call.
Just Have a Love of Loan Market Learning (and Maybe CLEs)? In addition to events focusing on topical trends, the LSTA of course always offers educational sessions that are useful for everyone, but may be particularly helpful for those newer to the market. On May 18th, we have the Annual Joint LSTA/LMA NYC Conference, with a focus on cross-border topics, private credit, ESG, sanctions, geopolitical trends and more (and 4.0 CLE credits). On June 14th, we host Haynes and Boone for their semi-annual Oil & Gas Update. And mark your calendars! For two weeks in July, the LSTA will run its Summer Series, which is an excellent resource for those new to the market and those brushing up their skills. Week One (July 10th-13th) focuses on Understanding the Credit Agreement, while Week Two (July 17-20th) will drill into loan market trends.
And Finally…While there are all these wonderful things to learn this summer, we remind members that autumn – October 12th specifically – will bring the LSTA’s Marquee Annual Loan Conference. Mark your calendars!