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 - 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.

  • Practical Law - Commitment Letters Overview: Lending

    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.

  • 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.

Level 2

LSTA University Level 2
  • 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. Although several years have passed since the KYC Guidelines were first published in 2016, many LSTA bank members still seem to struggle to adhere to them and continue to perform KYC diligence on loan market participants which far exceeds U.S.regulatory requirements.

  • 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.

  • Green Loan Principles

    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.

  • The Rise of Sustainability Linked Loans Article

    ESG and sustainability are two buzzwords that crop up more and more in the financial markets – the loan market included. According to Refinitiv LPC, $167 billion in green loans and sustainability linked loans came to the global loan market in 2019. Of that activity, more than $135 billion in volume represents sustainability linked loans.

Level 3

LSTA University Level 3
  • Demystifying the LSTA's Draft SOFR "Concept Credit Agreement"

    Recently, the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing a compounded average of daily SOFRs calculated in arrears (“Compounded SOFR in Arrears”). The key points to highlight in the draft are discussed, but readers should bear in mind that the draft is subject to evolution.

  • 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.

  • 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. 

    2019 GLG

  • 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.

    LSTA's Credit Agreement Guide, 2nd Edition

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