April 8, 2020 - We hope that you and all those dear to you are safe and healthy. I am happy to report that all at the LSTA are well and like you, working remotely (and continuously) through email, Zoom and cell phone.

It is an understatement to say that much has happened in the past three weeks. This health crisis is unprecedented, at least in modern times. There is no playbook, no amount of planning that could have anticipated what we are all going through and the turmoil the novel coronavirus has brought to the personal and professional aspects of our lives. The LSTA has been actively working on behalf of its membership. The board of directors, the staff and I have spoken with many of you. Some of our crisis responses have been very public, like the webinars and posting to the COVID-19 tab to the LSTA.org website. Alternatively, much work and advocacy has been behind the scenes as we work for the interests of our members and our marketplace.

The purpose of this letter is to keep you apprised of the many recent actions and initiatives the LSTA has taken on behalf the membership. We created a dedicated COVID Resource Center section on our website containing all of our COVID-19 related content. This includes replays of our recent webinars as well as other timely market data. 

TALF/CARES ACT/Paycheck Protection Program (PPP)
The LSTA is actively engaged with government authorities to help U.S. companies access the liquidity they need to survive Covid-19 crisis and limit potential effects on employment. Please contact Elliot Ganz at eganz@lsta.org or Meredith Coffey at mcoffey@lsta.org for details.

WEBINARS
We are hosting frequent webinars addressing a multitude of issues that are of direct relevance to our members (during the past few weeks, over 9,000 members have registered for these timely webinars). Please be sure to check our Calendar of Events, so that you don’t miss out on the next one.

MARKET DATA & ANALYSIS
Stay tuned for our Secondary Trade Data Study webcast hosted by the LSTA’s Ted Basta. The volume and volatility of the markets along with most key market participants working from home has been a challenge to data collection. Ted and his team are determined to get the study completed and released by April 20th. In the meantime, check out the March Executive Summary.  

LIBOR
While it’s “all hands on deck” to deal with the Covid-19 crisis, we must work under the assumption that LIBOR ends on 12/31/21 because that decision is in the hands of the LIBOR submitting banks, not the government (and definitely not the LSTA). Meredith Coffey hosts a Weekly Libor Call addressing the most pressing issues and answering your questions.

COMMITTEES
If you are looking to stay connected and want to get involved now is an excellent time. Our committees are a perfect way to engage with us and stay abreast of critical developments in the market. For example:

  • Primary Market Committee (PMC) meetings Educational initiatives have continued with PMC meetings that are open to all members. Recent key topics discussed include COVID-19 credit agreement implications and issues that arise from remote working such as electronic execution of documents.

LSTA WEEK IN REVIEW NEWSLETTER
Our Week in Review newsletter has gone out, uninterrupted, to our members each Friday. It continues to be an excellent resource to catch-up on the latest developments and help you stay current on changing market, regulatory and legal issues.

LSTA.org remains the ultimate resource to find the latest news, data/analysis and documents you need to stay informed on the latest developments affecting the loan market.

As always, our team is here to help in any way that we can. Please contact us if you have any questions. I will continue to keep you updated on significant developments.

In the meantime, stay home, stay healthy, and stay safe and strong.

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Market Advisory on FIRPTA

The LSTA published a Market Advisory which discusses the implications of The Foreign Investment in Real Property Tax Act (“FIRPTA”).