Monthly Highlights: May 2017

Monthly Highlights: May 2017

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


New edition of the ACT Borrower's Guide to the LMA’s Investment Grade Agreements

The Association of Corporate Treasurers (ACT) has worked with the Loan Market Association (LMA) on the development of the Investment Grade Agreement (and its revisions) since the project was first launched in 1996. The fifth edition of 'The ACT Borrower's Guide to the LMA's Investment Grade Agreements (produced by Slaughter and May)' has now been published. As well as providing a general overview of the key provisions in the documentation, the Guide also provides clause by clause commentary which considers the implications of each clause from the borrower's perspective. The Guide has been comprehensively updated for changes to the LMA’s templates since the last edition and to address more recent developments affecting lending terms that treasurers may wish to anticipate or take into account in negotiations.

The Guide is available either to members or students on the ACT website or on the 'Publications and Seminars' section of the Slaughter and May website.

Loan syndication and EU competition law

The European Commission has indicated in its 2017 Management Plan that it could potentially engage in a study on potential competition issues relating to loan syndication during the course of 2017. The Commission made a call for tender to award a contract for systematic analysis of the loan syndication market and its possible implications for competition policy.

In News Analysis: Five minutes on loan syndication and competition law, Francesco Liberatore, partner at Squire Patton Boggs, considers where syndicated lending could potentially fall foul of EU competition laws and potential next steps.

Acquisition finance

ECB publishes guidance on leveraged transactions

As we previously reported, on 23 November 2016 the European Central Bank (ECB) launched a public consultation on draft guidance to develop

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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.