It’s easy to learn about the loan market industry.

As you scroll down the page, you’ll see 5 industry sections, and within each of those sections, we’ve further divided the content into 3 levels:

Level 1 is the foundational and/or junior level content for all market participants interested in learning the fundamentals about the industry; an introductory view of a particular loan market topic.

Level 2 is the intermediate level content for those professionals that want to dig deeper into specific subject areas and have already grasped the foundational content.

Level 3 is the advanced level content for those professionals needing to maintain their credentials, interested in staying relevant, and looking for real-time updates on timely industry information.

Core Curriculum

The LSTA is the leading advocate for the syndicated loan market. Membership in the LSTA offers numerous benefits and opportunities—which include access to LSTA University. Here, you can better understand loan market standards, market practices, and current loan market issues, and access foundational resources. This section enables all of our members to build a strong baseline knowledge base of the loan market industry.

Advocacy & Regulatory

What you need to know in today’s environment. LSTA advocates on behalf of all participants in the syndicated loan market, working directly with regulators and legislators to maintain a fair, orderly, and efficient marketplace that engenders confidence.

Data & Analysis

Leverage the analysis we continuously aggregate from our members, coupled with our industry insights. We share a wide range of high-quality data and analysis, including 360-degree quantitative insights into the loan market’s performance and growth through trade data, settlement time statistics for par and distressed trades, shift dates, and more.

Legal & Documentation

What you need to know about originating and trading loans may be found here. The basics of credit agreements, trading loans on standard LSTA agreements, and analysis of legal and regulatory trends are discussed.

Operations

This section of our University provides members with operational advice, guidance, and assistance on the rules and regulations around how the trading process should occur. Drawing on our expertise in operations, documentation, and data-driven analytics, we identify best practices for MEIs, CUSIPs, FpML, and more.

Our Partners

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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.

Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.