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LIBOR: Illuminating the Path Forward?

As recent missives have suggested, considerable work on potential LIBOR succession is taking place. Helpfully, these efforts increasingly are being unveiled for public consumption. First, the Bank of England recently published a provisional timeline for SONIA, the Sterling Reference Rate. The timeline indicates there will be efforts to develop a term SONIA, which might be similar to term SOFR in the U.S. This is important because cash products like loans and securities need a term reference rate.

Current Deal Terms for Corporate Borrowers & Other Hot Topics

Expert speakers offered a sneak peek into today’s terms for corporate borrowers, focusing on loans to BB borrowers, and compared terms to what are often seen in the investment grad and term loan B markets. To get more insight open to see the presentation which is available to our Members.

Loans and More: A View from Asia

At the LSTA’s Annual Asia Conference swing this week, the major takeaway was that, while there are undeniable challenges in the long term, things look (fairly) rosy in the near term.

LIBOR: Five Easy Pieces?

In the past week, both the LSTA and Bill Dudley, President of the Federal Reserve Bank of New York, exhorted finance professionals to pay attention to the potential end of LIBOR. While we recognize that Mr. Dudley speaks with more gravitas, below we highlight of the Fed speech and dive into the LSTA’s loan takeaways.

LIBOR Fallbacks: A Snapshot of Syndicated Loans

There are many things to do as the market prepares for a transition away from LIBOR. One of the first areas of focus is what happens in credit agreements if LIBOR ceases. As we discussed in the LSTA LIBOR Webcast on May 30th, for legacy deals, we encourage market participants to review 1) the long-term suitability of existing fallbacks in credit agreements and 2) the flexibility to amend agreements to select a new rate.

LIBOR and the Loan Market: An Update

LIBOR potentially will cease after the end of 2021.  Why may this happen, what might replace LIBOR…and what should loan market participants be considering? To get more insight open to see the presentation which is available to our Members.

Just the FAQs: Syndicated Loans and LIBOR

LIBOR may well go away after the end of 2021 – and the $4.3 trillion U.S. syndicated loan market and the $500 billion CLO market must get ready. But there is considerable confusion about why LIBOR may end, what may replace it and what market participants should be doing to prepare. To help clear up the confusion, the LSTA has developed a series of Frequently Asked Questions (and answers).

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SOFR Index (and Averages) are Coming!

he SOFR Index (and Averages) have created considerable buzz in the loan space. The good news: Last week, the New York Fed announced it would start publishing them on March 2nd. The bad news: Due to various loan idiosyncrasies, these tools – while still beneficial! – may be less useful than for other asset classes. We explain all below.

LSTA Newsletter – February 14, 2020

This week, we start off talking about how “loans as securities” might morph into “loans as direct loans”. On a related(ish) note, we also discuss direct lending trends. We dig into LBO trends, looking at now (2019) and then (2007). And, finally, we ponder the evolution to SOFR (and, specifically, cash spread adjustments).

LBOs: Less Leverage? More Flex!

An eternal question is “How do the current crop of leveraged loans compare to the 2007 vintage?” Today we have an answer. Covenant Review recently compared recent jumbo LBOs to their pre-crisis counterparts

Quarterly Bankruptcy Roundup

This week Rich Levin of Jenner & Block once again presented his quarterly review of recent court decisions of interest and importance to the lending and bankruptcy world.

LIBOR & SOFR: Spread Adjustments

Folks that know LIBOR is likely to end soon after December 2021 probably also know that SOFR, the likely replacement for USD loans, is a different kind of rate. While LIBOR theoretically includes an element of bank credit risk, SOFR is an overnight risk free rate.