Monthly Highlights: August 2017

Monthly Highlights: August 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from August 2017.

Lending

Loan Market Association provides update on issues to consider in secondary debt trading

The Loan Market Association (LMA) has updated its ‘Issues to consider when using the LMA's recommended form of secondary debt trading documentation’. The paper highlights the types of issue that the parties to a trade should consider prior to agreeing the trade, at the time of the trade and immediately after the trade. The list of items considered is not exhaustive and the LMA recommends that all parties involved in secondary loan trading take their own advice when agreeing a trade.

To view the documents, members can log into the LMA website.

LMA makes corrections to Leveraged and Super Senior Facilities Agreements

The Loan Market Association (LMA) has corrected minor errors in its Leveraged and Super Senior Facilities Agreements. The mark-ups continue to highlight changes as against the pre-18 July 2017 versions.

The revised errors include:

  1. the definition of a ‘UK non-bank lender’ has been conformed to that in the investment-grade facility agreements
  2. references to ‘company’ have been changed to ‘parent’ in the tax gross-up clause (where appropriate)
  3. references to ‘Land Registry’ and ‘Land Charges Registry’ have been conformed to changes made to the real estate finance facility agreements

To view the documents, members can log into the LMA website.

Confirmation that LIBOR will no longer be sustained after 2021

The chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, has given a speech regarding the future of the London Interbank Offered Rate (LIBOR), in which he looked at its sustainability, and the transition to alternative reference rates that are to be based on the underlying transactions by 2021.

LIBOR

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.