Loan Syndications and Trading News

November 7, 2016 - Please be advised that the new version of the LSTA's Form of Par Confirm were published today. The LSTA revised the September 1, 2016 version of the Standard Terms and Conditions for Par/Near Par Trades to clarify certain points relating to the requirements-based delayed compensation regime, noted in the blacklined version.

November 2, 2016 - The Loan Syndications and Trading Association is pleased to announce the release of the fully revised and updated second edition of The LSTA’s Complete Credit Agreement Guide

November 1, 2016 - As Phase I of the new delayed compensation standard ends and Phase II begins, the Loan Syndications and Trading Association (LSTA) is pleased to announce that well over 90 percent of all secondary par loans trades entered into on and after September 1st were compliant with the new requirements. The data demonstrates that settlement times for those trades are significantly lower and showing measurable progress towards the goal of the LSTA and loan market participants to decrease settlement times.

October 31, 2016 - Due to comments received from market participants, the LSTA revised the September 1st version of Standard Terms and Conditions for Par/Near Par Trades ("STCs") to clarify the following items noted below. The effective date of the updated STCs will be November 7, 2016. For any Par/Near Par LSTA trades entered into on or after November 1st, the current STCs shall apply until November 7th when the updated version will be in full force and effect. Notwithstanding the November 7th effective date for the updated version, the Phase II requirements take effect November 1st and such Phase II changes are built in the current effective STCs.

October 28, 2016 - U.S. total secondary loan trading volumes fell 9% (to $141 billion) during the seasonally low third quarter.  While Par trading activity fell 13%, distressed volume increased 17% to $12.1 billion – the highest amount since fourth quarter 2011, according to the LSTA 3rd Quarter Trade Data Study.

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