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SOFR Tools: Averages and Indices

We’d be the first to acknowledge that transitioning from LIBOR to SOFR is hard. But LIBOR will end and we must prepare. Recognizing that, the September 5, 2019 Alternative Reference Rate Committee (“ARRC”) minutes introduced two tools to help ease the transition.

LIBOR Going Away? Not So Fast…

In June, the Alternative Reference Rates Committee (“ARRC”) – a group set up to develop potential new interest rate benchmarks – announced that a broad Treasuries repo financing rate was selected as the new preferred alternative reference rate for LIBOR. Following that announcement, Reuters and Business Insider reported that the new benchmark could replace LIBOR. And, following that was a flurry of calls to the LSTA asking whether LIBOR is going away.

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Sustainability-Linked Loans: Financing the Green Transition

This practice note provides an overview of sustainability-linked loans (SLL). Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition. A Lexis Practice Advisor Practice Note by Amara Gossin, Barclays and Robert Lewis, Sidley Austin

ESG and Cyber in Credit Ratings Presentation

The focus on environmental, social, and governance (ESG) issues is intensifying across financial markets – the loan market included. This presentation was done by Jim Hempstead, Managing Director, Global Project & Infrastructure Finance and Brendan Sheehan, VP-Senior Analyst-Environmental, Social & Governance both from Moody’s Investor Service.

Secondary Trading & Settlement Monthly: October Executive Summary

November was a solid month in the secondary loan market, with S&P/LSTA Leveraged Loan Index (LLI) returning 0.59%. October, however, was a different story. Secondary loan trading volume spiked 19% in October to a six-month high of $64 billion. This followed a two-month stretch where volumes fell below $60 billion per month.

Credit Ratings and ESG (Part 1)

As 2019 comes to a close, the rise of environmental, social and governance (ESG) significance in financial markets has been undeniable. In Europe, this trend is quite established, but over the last two years it has jumped the pond and there is now significant ESG interest by U.S. investors.