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Reporting on the Fed’s Financial Stability Report

On May 6, 2019, the Federal Reserve issued its second Financial Stability Report, which included a section on “Vulnerabilities Associated with Elevated Business Debt”. The section discusses higher leverage, lower ratings and looser documentation in corporate credit and their potential impact on defaults when an economic slowdown materializes.

LIBOR & Loans

The multi-year process to prepare for any possible transition from LIBOR to a new loan reference rate has accelerated to a trot. First, on October 10, 2017, the Financial Stability Board (“FSB”) published its progress report on implementation. Second, in the U.S., the Alternative Reference Rates Committee (“ARRC”) established a business loans and CLO working group to help the syndicated loan market prepare for any transition from LIBOR to a new reference rate.

Become a Member

Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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