September 26, 2019 - As we’ve previously noted, the LSTA recently changed the Terms of Use applicable to the use of its trading documents. The new terms require that any counterparty that trades a loan using LSTA secondary trading documents either obtain a license or become a member of the LSTA. The LSTA decided that in order to give non-member loan market participants the opportunity to study the new Terms of Use, review the license agreement and consider their options regarding membership or licensing, it would not begin to enforce its copyrights with respect to trades entered into prior to October 1, 2019.  That date is quickly approaching so we urge all non-members who have not obtained licenses to do so promptly. 

Current members continue to have access to all the LSTA documents included in their membership fee.  Importantly, neither current members nor the settlement platforms are under any obligation to determine whether their trading counterparties are either members or license holders.  For information regarding the Terms of Use, please contact LSTA General Counsel Elliot Ganz

For information regarding membership or licenses, please contact Lisa Schneider.  You can also consult our FAQ, available here

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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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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.