January 20, 2022 - On Wednesday, the LSTA hosted its Annual Membership Meeting to discuss 2021 achievements, 2022 objectives and vote in the new LSTA Board. We recap key themes below and – drumroll please – announce the new LSTA Board.
In 2021, the LSTA staff tackled its usual host of issues, including improving settlement, offering unique data and analysis, providing world-class documentation, protecting lenders’ rights and the interest of the loan and CLO market in the courts and in Washington.
But 2021 saw (and 2022 will see) several additional critical areas of LSTA effort. First, the LSTA played a key role in the LIBOR transition efforts, analyzing potential replacement rates and methodologies, tackling operational challenges, developing documentation for fallbacks and new transactions and engaging with LSTA membership on a myriad of topics. Having survived year-end with barely a bump, in 2022 we turn our focus to LIBOR remediation efforts.
The coming year will see considerable LSTA action on the ESG front as well. In recent years, the LSTA has worked to develop Sustainability Linked Loan Principles (with the LMA and APLMA) and Due Diligence Questionnaires for CLO managers and borrowers. This preparation was well-timed as the banking regulators, FSOC and the SEC have all signaled increased focus on climate-related financial risks and disclosure.
Finally, thanks to work of LSTA staff and members in 2020 and 2021, the LSTA is publishing a completely revised “Handbook of Loan Syndications & Trading.” Every one of the 900 pages promises an epiphany.
The pandemic years saw a flurry of new virtual offerings from the LSTA; in 2022 we look to add in-person conferences back into the queue. Events include our existing marquee U.S. Conference in New York on September 22nd and our Tokyo Leveraged Loans and CLOs Conference on November 9th; these standbys are joined by new events in conjunction with our partnership with DealCatalyst.
These efforts – along with the aforementioned blocking and tackling – necessitate a world-class board. Of course, there are losses along with the wins. We regret to announce that, having served multiple terms, Mitali Sohoni (Citi), John Gally (Morgan Stanley), David Frey (HPS) and Sandeep Desai (Deutsche Bank) are retiring from the LSTA Board.
We have four new candidates to replace departing directors, all well-known veterans of our industry. Rachel Russel (Morgan Stanley), Mike Weir (Deutsche Bank), Fran Sutter (Citi) and Wynne Comer (AGL Credit) are joining (or, in Wynne’s case, re-joining) the LSTA Board.
The full LSTA Board, which was resoundingly voted in, includes: Jeff Bakalar (Voya), Scott Baskind (Invesco), Wynne Comer (AGL), Judith Fishlow Minter (RBC), Erica Frontiero (Carlyle Group), Sean Gilbride (Goldman Sachs), David Golub (Golub Capital), Claudette Kraus (CIFC), David Lerner (Shenkman Capital), Jon Moneypenny (Credit Suisse), Alex Naboicheck (BofA), Brett Nunziata (JPM), Rachel Russell (Morgan Stanley), John Popp (CSAM), Chris Sheldon (KKR), Alex Spiro (PNC), Alex Stromberg (Barclays), Andrew Sveen (Eaton Vance), Fran Sutter (Citi), James Vanek (Apollo), Mike Weir (Deutsche Bank), Kevin White (Wells Fargo), Carly Wilson (BlackRock),Tommy Wong (Oak Hill Advisors).