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Covenants: Past and Future

While primary and secondary pricing shifted dramatically last quarter, there was another – perhaps more critical – change: Improving loan documents. Below we talk about covenants past (what happened last quarter?) and future (if you can measure covenants, will they change?).

2018: U.S. Primary Loan Market Review

If one (hyphenated) word described December 2018, it likely would be “risk-off”. As the first chart in LCD’s Quarterly Review demonstrates, the riskier the asset class, the more it traded down.  To wit, in fourth quarter, equities were down 13.5%, HY bond returns were -4.6%, leveraged loans were down 3.5% and HG bonds edged into negative territory (-0.04%).

LSTA Newsletter: January 19, 2018

This week we cover Annual Meeting Recap, Where are Covenants Going?, Standard Terms for Incremental Facility Amendments, and Bankruptcy Venue Reform

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LSTA Newsletter: December 6, 2019

This week, we revise our LIBOR deadline from 12/31/21 to 3Q20. (Well, technically, that was the FCA…and just for Stg LIBOR.) We review the secondary trading market in October (and hint toward November) and recap the latest on ESG and ratings. Finally, we remind you that we are now offering members a weekly LIBOR Q&A […]

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.