August 16, 2021 - The LSTA published today a Market Advisory relating to the allocation of the Settlement Payment in the Hertz bankruptcy for distressed trades. After receiving  enquiries from our members last month about this issue, we published the advisory as a gentle reminder to our members that trades entered on a settled without accrued interest basis may continue to settle on that basis if there are adequate protection payments being made that meet the tests under the Distressed Confirm while other payments may indeed be for the benefit of the buyer.

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The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…