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(Preliminary) Results Are In!

LSTA members should be well apprised of the ARRC consultation on syndicated loans for which the comment period recently ended. Several of the key questions in that consultation are “what is the right fallback rate (eg, forward looking term SOFR, compounded SOFR (in advance or in arrears) or overnight SOFR)” and “how to create a spread adjustment that makes secured, risk-free SOFR more like LIBOR”.

LSTA Hosts Syndicated Lending and Antitrust Issues Webinar

On November 8, the LSTA hosted a webinar on “Antitrust Issues in Syndicated Loan Transactions” presented by Olivier Antoine, Scott Lessne, and Dan Zelenko of Crowell & Moring.  Although syndicated loan arrangements undoubtedly foster efficiencies for both borrowers and lenders and competition by increasing the overall availability of credit and by spreading risk amongst a group of lenders, the potential exists for the creation of anti-competition agreements and for the impermissible sharing of information at critical points in the syndication process.

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LSTA Newsletter: January 24, 2020

This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.

LSTA Secondary Trading 2019 Executive Summary

After recording consecutive record highs during the fourth quarter of last year ($211 billion) and again during the first quarter of this year ($212 billion), secondary loan trading volumes decreased 10% in the second quarter, to $191 billion.

LSTA Publishes its Second Credit Agreement

Today the LSTA published a new addition to its document library – the LSTA’s Form of Credit Agreement – Investment Grade Term Loan. This form is designed for a standalone term loan for investment grade borrowers.