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LSTA Statement on LIBOR Replacement

Last July, Andrew Bailey, Chief Executive of the UK based Financial Conduct Authority, made a now famous speech where he signaled the potential cessation of LIBOR as early as the end of 2021. While it is not completely clear at this time that the continued quoting of LIBOR as a benchmark rate will actually end or be significantly curtailed we must prepare for that eventuality.

LSTA Newsletter: March 22, 2019

This week we cover LIBOR-OIS and You, Ops-olution!, February Trading, Token Sales and DOL’s Fiduciary Rule

“End-of-LIBOR” Debate

LIBOR – and the LIBOR-OIS spread – has been rising rapidly in recent months.  What does this mean for the loan market – and for the “End-of-LIBOR” debate?

London Legal Conference

This week the LSTA hosted its annual legal conference in London jointly with the LMA. After a record number of conference attendees were formally welcomed in addresses delivered by the LSTA’s Executive Director Lee Shaiman and the LMA’s Managing Director Nigel Houghton, global economist, Trevor Williams set the scene for the day’s discussions by giving an overview of economic trends and noted that, although the global economy continues to grow, the UK might be underperforming in this growth trend.

February: It Gets Better

In January, demand was very strong, repricings surged and terms and conditions weakened substantially. While not fun, in February, it gets better: Amid a backdrop of equity market volatility. demand only slightly outpaced supply. Of course, a slight imbalance still is an imbalance, and terms still trended in borrowers’ favor. Below, we recap the highlights and link to deeper dives.

LIBOR: Getting On The ARRC

While the ARRC was quiet over year-end, it has gotten a lot livelier during the past fortnight. Below we offer some background on LIBOR and then bring members up to date on recent ARRC efforts. Importantly, we note the LSTA has become a member of the ARRC when it was recently broadened to add cash market players.

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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 – October 18, 2019

This week, we start by announcing that the LSTA is developing a “SOFR Compounded in Arrears” concept credit agreement. It is one more tool to help members internalize what a SOFR Loan Market might look like. Next, we provide an updated suite of documents on Primary Delayed Compensation. Finally, we offer a brief update on LSTA […]

Flashforward: LSTA Releases Draft SOFR “Concept Credit Agreement”

On October 1st the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing a compounded average of daily SOFRs calculated in arrears (“Compounded SOFR in Arrears”).

LSTA Advocacy Update

Over the past two weeks the LSTA has continued its political advocacy with legislators and regulators on issues of importance to the loan market. Last week, Meredith Coffey and Elliot Ganz, Co-heads of the LSTA’s Public Policy Group, had the opportunity to join Congressman Greg Meeks (D. NY) for a free-ranging discussion over breakfast.

Primary Delayed Comp: Revised Drafts Released

The LSTA released revised drafts this week of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below are links to the clean drafts and blacklined documents marked to show changes since the last versions sent to you for your review.