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Continuing Resolution Also Extends the Flood Insurance Program

On Monday, after a three-day government shutdown, President Trump signed a temporary continuing resolution funding bill (“CR”) to keep the government running until February 8th.  While most people following the shutdown drama focused on questions like whether soldiers would be paid, courts would stay open or regulatory agencies would function, an issue unrelated to government funding, important to the loan market  but very much connected to the budget issue was the National Flood Insurance Program (“NFIP”).

Commercial Flood Insurance Relief: Yes, but Not Now?

As reported in Politico, on Tuesday the House of Representatives passed HR 2874, a series of bills that would extend the National Flood Insurance Program (NFIP), which is set to expire on December 8th, for five years.  The good news?  Section 202 of the bill would get rid of the current NFIP mandate that requires flood insurance on commercial properties. The not-so-good news?  The carve-out for commercial properties is not scheduled to kick in until the beginning of 2019.  Why is this important?

Regulation: From Rearguard to Vanguard?

After years of regulatory barrage – which often inadvertently hit the leveraged loan market – the situation may have stabilized. In fact, we may even be heading to the point where reasonable FinReg fixes could be in the offing.  And, perhaps surprisingly, regulatory refinements may be most likely to come from the regulators themselves. In January, President Trump signed an executive order (“EO”) laying out his core regulatory principles and requiring the Treasury to prepare reports identifying regulations that did not correspond to the core principles (and that were ripe for fixes).

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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.