Streamlining and efficiency: LMA revisions move par and distressed terms closer together

The secondary loan market has grown over the last decade as financial institutions use it to distribute risk, generate new revenue streams and manage problematic credits and balance sheets. The Loan Syndications & Trading Association (LSTA) in New York and Loan Market Association (LMA) in Europe have responded. On 25 January 2010, the LMA launched its revised secondary trading documentation. This has not changed the fundamental principles and mechanics of the debt trading documentation and process, but it streamlines them and reflects changes in market conditions.

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