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Managing Risk: Optimizing The Future

We were delighted to host 1,100 members (and future members) at the LSTA’s Annual Loan Conference on October 24th. As befits the times, the conference focused on Managing Risk (today) and Optimizing the Future. Below, we discuss the themes that surfaced during the day, offer the main takeaways and, of course, thank our attendees and 28 sponsor and exhibitors. Most presentations are available on this presentation page of www.lsta.org. 

King & Spalding/LSTA Event On Sustainable Finance

On June 27th, King & Spalding and LSTA hosted an evening seminar on Green Loan, Sustainable Finance & Impact Investing at King & Spalding’s New York office. Cecilia Hong of King & Spalding moderated the panel discussion which included Marilyn Ceci of JPMorgan, Lucie Campos Caresmel of Credit Agricole, Rekha Unnithan of Nuveen and Tess Virmani of LSTA. The discussion examined the development of impact investing in private equity and real estate where investments are made with a view to make a positive social and environmental impact but with returns that are commensurate with traditional investing.

Loans: It’s Good to Be Green

An area of increasing attention in the US loan market is ESG (Environmental, Social and Governance). Thomson Reuters LPC reports global green and sustainable loan issuance has totaled nearly $17 billion, over twice 2017’s totals.  Green bond issuance has led the way in the global debt markets, but green loans are emerging as an intriguing alternative. Although dwarfed by activity in EMEA and the rest of the world, 2018 has seen $2.2 billion of green and sustainable activyt in the Americas.

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The Volcker Rule Amendments: What Do They Mean for CLOs

Earlier today the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules originally published in November 2013 that implemented the Volcker Rule. Importantly, today’s amendments do not affect loans and CLOs. The FDIC signaled that amendments to the part of the Volcker Rule pertaining to CLOs would be forthcoming sometime in the future. Today’s amended rules are available here.

LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.