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.

Level 1

LSTA University Level 1
  • Settling a Loan Trade Video

    This video presented by Tess Virmani, SVP & Associate General Counsel, offers a high-level overview of the documents used to settle a loan trade.

  • Intro to Loans, Loan Agreements & the Loan Market

    A basic presentation on “Loans, Loan Agreements & the Loan Market” given by Bridget Marsh, EVP & Deputy General Counsel and Tess Virmani, SVP & Associate General Counsel.

Level 2

LSTA University Level 2
  • LIBOR LOAN/ARRC FALLBACK CONSULTATION

    On September 24, 2018, the Alternative Reference Rates Committee (ARRC) released a syndicated loans LIBOR fallback consultation to address this very issue. The ARRC saught feedback from individual institutions to understand challenges and benefits of each approach from that institution’s perspective. Meredith Coffey, EVP, Research & Regulation and Tess Virmani, SVP & Associate General Counsel weigh in on what it means, and how to prepare. This also discusses credit agreement language.

  • An Overview of the Syndicated Loan Market

    Article written by Bridget Marsh & Tess Virmani for the International Comparative Legal Guide to Lending & Secured Finance 2019

  • Hot Topics in the US Loan Market

    The US loan market is facing significant challenges and changes, including regulatory challenges resulting from new data privacy rules and regulations and questions about the applicability of the Leveraged Lending Guidance, and changes introduced by blockchain technology and the growth of green loans. Practical Law asked Bridget K. Marsh of The Loan Syndications and Trading Association (LSTA) to weigh in on these issues and provide guidance for loan market participants in this evolving landscape.

Level 3

LSTA University Level 3

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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.