In less than 18 months the world will no longer be able to depend on the benchmark tied to roughly $300 trillion of financial instruments—LIBOR. As described in the article titled “Getting to LIBOR Transition: The Big Picture,” market participants across derivatives and cash products are working through the ARRC1 to pave the way for...
The last eighteen months have seen ESG take hold in the loan market and, despite the COVID-19 crisis, ESG continues to be of increasing importance. This year there have been a number of exciting developments, from an industry response to calls for ESG information to further evolution in sustainable finance. Given the LSTA’s role in...
With the default rate rising to a ten-year high in recent months, the U.S. secondary loan market has seen a commensurate increase in distressed trading volume. Although today’s distressed trading volume is far lower than the peak of $45 billion experienced during the 2008–09 “Global Financial Crisis”, there nevertheless has been a very sharp increase....
It begins with a letter from Lee Shaiman, LSTA Executive Director, to membership followed by an article exploring potential shifts in the political landscape with the upcoming election this November. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan market, and a discussion...
The broadly syndicated corporate loan market perpetually lives in a world of contradictions and that truth was manifest in 2019. Considering the volatility and tumultuous conclusion for loans in 2018, I think most of us are pleasantly surprised at how well the loan market finished 2019....
