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Insurance Analyst Rebuts Systemic Risk Argument in Recent Report

An analyst at American Family Insurance concluded in a recent report that leveraged loans do not pose a systemic risk at this time. The report, authored by Steven Kelly and shared with the LSTA, is a response to press and regulatory inquiries into this question such as the Bank of International Settlements’ report released on Sunday.

Systemic Risk: Taking it to the House

Are leveraged loans systemically risky? A subcommittee of the House Financial Services Committee held a hearing this week to examine this very issue, one that the LSTA has scrutinized closely and that regulators, reporters and commenters have been mulling over for many months. (A webcast of the hearing is available here and the Committee memorandum is available here). Below, we review the hearing and address the major themes that emerged.

LSTA Newsletter: May 3, 2019

This week we cover Trading Records; Loans as Securities?; LIBOR Progress; Systemic Risk & AAL Good Things

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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.