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
  • Practical Law - Commitment Letters Overview: Lending *NEW*

    An introduction to commitment letters issued by lenders to borrowers, including the terms contained in commitment letters on which the lenders are prepared to undertake to arrange the financing and make loans.

     

  • Practical Law - Acquisition Finance Overview

    A Practice Note providing an overview of financing an acquisition by debt using a loan from a bank or other financial institution. This Note also gives a description of the methods of acquiring a business through an asset acquisition, stock acquisition, or merger.

  • Glossary of Syndicated Loan Market Terms

    A PDF glossary of syndicated loan market terms brought to you by Practical Law and the Loan Syndications and Trading Association.

  • 8 Things You Need to Know About Sustainable Finance

    While the majority of sustainable finance activity has been on the equities side, the fixed income markets have also seen the development of green and sustainability linked products. On the loans side, the US loan market saw its first green loans and sustainability linked loans in 2018. Here are eight things you need to know about loans in the ever-changing world of sustainable finance.

  • An Overview of the Syndicated Loan Market: Lending Secured Finance 2020
    This eighth edition provides a global analysis of common issues in lending and offers practical cross-border insight into lending and secured finance in 40 different jurisdictions. The guide is divided into two main sections. The first section includes 27 chapters which discuss different areas of secured lending and finance and related topics, including the LSTA’s own chapter which provides an overview of the syndicated loan market. The second section includes the Country Q&A chapters each of which addresses issues arising under the laws and regulations of lending and secured finance in one of 40 different jurisdictions around the globe. The online version of the 8th edition can be found by clicking on the book.
  • The LSTA's Complete Credit Agreement Guide, Second Edition
    Today’s syndicated loan market and underlying credit agreements are far more complex than ever.  Since the global financial crisis, the art of corporate loan syndications, loan trading, and investing in this asset class have changed dramatically.  Lenders are more diverse,  borrowers more demanding, and regulations more stringent.  Consequently, the credit agreement has evolved, incorporating many new provisions and a host of revisions to existing ones.  You can purchase your own copy at Amazon (click on the book) or Barnes & Nobles or you can download on iTunes.

Level 2

LSTA University Level 2
  • Green Loan Principles *NEW*

    The green loan market aims to facilitate and support environmentally sustainable economic activity.  The Green Loan Principles (GLP) have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the syndicated loan market, with a view to promoting the development and integrity of the green loan product.

  • Distressed Trading Revisited

    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.

  • ESG in the Loan Market - The Moment Has Arrived

    The last eighteen months have seen ESG1 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 offering standardization to the loan market and our commitment to supporting market participants as they integrate ESG considerations into their processes and products, the LSTA has been at the forefront of many of these developments.

  • LSTA's 2020 KYC Initiative

    For our members who are familiar with the LSTA’s KYC Guidelines, “Know Your Customer Considerations for Syndicated Lending and Loan Trading” (“KYC Guidelines”) we have news to share with you.

  • Sustainability Linked Loan Principles (SLLP)

    Sustainability linked loans aim to facilitate and support environmentally and socially sustainable economic activity and growth. The Sustainability Linked Loan Principles (SLLP) have been developed by an experienced working party, consisting of representatives from leading financial institutions active in the global syndicated loan markets.

Level 3

LSTA University Level 3
  • Global Legal Insights: Blockchain & Cryptocurrency Regulation 2021 *New*
    The LSTA’s Bridget Marsh and Josias Dewey of Holland & Knight LLP weighed in for Global Legal Group’s Global Legal Insights’ Blockchain & Cryptocurrency Regulation chapter, where they cover the loan market, blockchain, and smart contracts.  This article provides a brief description of the loan market and its participants to put the conversation in context, sets out the basics of blockchain technology, reviews the concept of “smart contracts”, and examines how the primary and secondary loan markets can benefit from these new technologies.  Click on this link to read the article online.
  • LIBOR - Hardwired for Success *New*

    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 a smoother(er) transition from USD LIBOR to its recommended successor rate, the Secured Overnight Financing Rate (SOFR).

  • Sustainability-Linked Loans: Financing the Green Transition

    This practice note provides an overview of sustainability-linked loans (SLL). Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition.  A Lexis Practice Advisor Practice Note by Amara Gossin, Barclays and Robert Lewis, Sidley Austin.

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Trading Reorg Equity

On February 25th, the LSTA hosted a webinar, “Trading Reorg Equity”, presented by Alston & Bird partners, Russell Chiappetta, Mark McElreath, Ken Rothenberg, and James…

How to KISS for RFR Multicurrency Facilities

This week the LSTA circulated an initial draft of the LSTA's Simple RFR Multicurrency Concept Document. This draft references the relevant risk-free rate (RFR) for…

Flooring It! LIBOR vs. SOFR

Interest rate floors have been in flux in the past year – and floor economics currently are moving against lenders. Prior to the Covid-19 crisis,…