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Operationalizing the LIBOR Transition

This presentation was done at the 25th Annual ABS East Conference that took place in Miami, FL.  It was presented by our very own Ellen Hefferan along with Linc Finkenburg of Perkins Cole, Nitish Idnani of Deloitte & Touche LLP, Ben Jordan of Wilmington Trust and Cindy Tjoe of KPMG LLP.  We discussed how one […]

LSTA Newsletter: September 13, 2019

This week, we start off pondering the August secondary slump (but console ourselves with the YTD 6.5% return).  We then turn to CLOs by: 1) analyzing their ownership and runnability and 2) defending them in the press. And what’s a week without LIBOR? We end with the latest (accounting) hurdle to LIBOR transition being knocked […]

FASB Proposes Relief For LIBOR Transition

The Financial Accounting Standards Board (FASB) released proposed guidance last week intended to ease the potential accounting burdens of LIBOR transition for loan market participants.

LIBOR Problems? We Have LIBOR Answers

On September 3rd, we hit 850 days before the (earliest) potential end of LIBOR. So, what’s in your workflow for the next 850 days? To help you organize, we discuss fallbacks, new SOFR issuances and – critically – how lenders can learn exactly where things stand (and what is happening) with respect to the end of LIBOR.

LIBOR: Tax Relief Cometh?

The Office of Information and Regulatory Affairs announced last week that the Treasury Department will consider issuing guidance to define the tax implications of LIBOR transition, signaling the third key phase of regulatory relief sought by private sector groups overseeing transition to a new loan reference rate.

LIBOR: The SEC Speaks

A number of global regulators have been warning institutions that i) LIBOR is ceasing, ii) transition plans are critical and iii) it’s (past) time to move on to a new rate. Last Friday the SEC added its voice in a joint eight-page Staff Statement on LIBOR Transition. This is not simply theoretical.

FASB to Issue Accounting Relief From 10% Test for LIBOR Transition

In a decision that could significantly ease the loan market’s transition from Libor to an alternative reference rate, the Financial Accounting Standards Board announced recently that it will soon take steps toward providing much-needed accounting relief for firms and organizations affected by the transition.

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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.