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The Loan Market Association (LMA) has as its key objective improving liquidity, efficiency and transparency in the primary and secondary syndicated loan markets in Europe, the Middle East and Africa. By establishing sound, widely accepted market practice, the LMA seeks to promote the syndicated loan as the key debt product available to corporate borrowers across the region.

BoE to extend the range of collateral eligible in the Discount Window Facility (DWF)

The LMA welcomes the decision of the BoE to include loans, which meet certain criteria, as eligible security in the DWF and sees it as a significant initiative in improving liquidity and reducing risk in the financial system. The LMA has argued for the inclusion of loans as eligible collateral for central bank liquidity facilities for some time and responded to the BoE's recent consultation paper on this matter. The LMA response followed a consultation with its own members as to the likely demand for including loans as collateral. Click here to view the press release.

New recommended documents relating to Netting, and Termination and Transfer

These are Multilateral Netting Agreement, Bilateral Netting Agreement, Multilateral Termination and Transfer Agreement, Bilateral Termination and Transfer Agreement, and Termination Agreement.

The Secondary Trading Users Guide has been updated to include reference to the new documents. We have also published a brief explanatory note on why the LMA does not feel it necessary to publish an LMA Proceeds Letter. To view all documents, please click here.

HMRC's proposals for the HMRC DT Treaty Passport Scheme

The LMA has for some years been in discussions with the UK Revenue about how the procedures for approving withholding tax relief to treaty lenders might be improved. The HMRC's latest proposals for the HMRC DT Treaty Passport Scheme go a long way towards the passport scheme which the LMA had suggested to the Revenue.

To view lists of FAQ's produced by HMRC and Clifford Chance, and a link to the UK Revenue's scheme guidance and passport application, please click here.

Guidance when negotiating Release & Reliance Letters

The LMA has produced a guidance note for use when negotiating Release and Reliance Letters with report providers, including accountancy firms. A simple template form of these letters has also been produced for use by report providers who do not routinely use their own prescribed forms. We hope that the guidance note will be helpful in making the process of negotiating these documents quicker and more efficient.

To view the guidance note and letter templates, please click here.

Read LMA News – July edition 2010

Newsletter The July 2010 edition of LMA News, the LMA's 6 monthly publication for its members, is now out. To receive a hard copy please email melanie.hutchings@lma.eu.com, or alternatively click here to read the newsletter online. Contributors include Julian van Kan – BNP Paribas, Karen Moreland – SGCIB, Trevor Williams – Lloyds Banking Group and Martin O'Donovan – ACT.

Revised Coordinating Committee Letters

The LMA has posted revised versions of the Coordinating Committee Letters. To view the amended documents, please click here.

 

 

 

Sep
15

Early Evening Seminar
Portfolio Management: understanding the issues in today's challenging credit environment

Sep
30

LMA Syndicated Loans Conference
The LMA's annual conference for its Members.

Oct
11

LMA Certificate Course
One week training course on the primary and secondary loan market.

 
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