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The ACT Borrower’s Guide to the LMA’s Investment Grade Agreements – sixth edition Sixth edition of the ACT Borrower’s Guide to the LMA’s Investment Grade Agreements, exploring the implications of each key clause from the borrower’s point of view and highlighting common discussion points. The Association of Corporate Treasurers (ACT)...
Transforming Interest Rate Benchmarks: LMA’s Compounded Rates Facilities Agreements - key points for borrowers This briefing highlights some of the key features of the Loan Market Association’s Exposure Drafts of particular interest to borrowers. Syndicated loans are trickier to transition to risk-free rates than certain other financial instruments. For the...
Transforming Interest Rate Benchmarks - Developments in euro land EONIA, the overnight rate for euro is being discontinued which means deals will need to be transitioned to an alternative rate.  EONIA, the overnight rate for euro is being discontinued: From 2 October 2019 when €STR, the new risk free rate for euro...
ACT Borrower’s Guide to Sustainability-Linked Loan Terms The ACT Borrower’s Guide to Sustainability-Linked Loan (SLL) Terms aims to equip treasurers with an understanding of the parameters of an SLL and how those characteristics are protected in the facility documentation.  SLL terms have evolved more...
Transforming Interest Rate Benchmarks – Are you ready for Risk Free Rates? This briefing outlines the reasons for the differing pace of transition to RFRs between asset classes and how RFRs are starting to be used in mainstream financial products. Supervisory pressure on the financial sector to reduce LIBOR inventories as...
Transforming Interest Rate Benchmarks - Negative interest rates in a post-LIBOR world In this briefing, we consider the implications of falling and potentially negative central bank rates for interest payment obligations that reference either LIBOR or the risk-free rates designed to replace it. In an attempt to limit the economic fallout...
New ACT Borrower's guide to the LMA's recommended forms of facility agreement for loans referencing risk-free rates On 30 March, the LMA published finalised versions of its forms of facility agreement for loans referencing RFRs as part of its library of recommended forms (the RFR templates). The new templates, which have been in circulation for some time as exposure...
Getting Ready For Hong Kongs Uncertificated Securities Market
The End of LIBOR: Are you ready for Replacement Rates? What about HIBOR? This briefing outlines the progress towards transition from LIBOR and the methods currently under discussion for referencing RFRs in place of LIBOR. LIBOR will cease to be available at the end of 2021. It will be replaced by a Risk Free Rate (RFR) for the...
Zoe Samama Zoe Samama is an associate in our Financing practice