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LMAWebsiteGuideContentsPage PageSection1:IntroductiontotheLMAandtheLMAwebsite 2
o Aboutuso Howtoregister,loginandresetyourpasswordo Subscriptionlistso Membershipo DocumentsandGuidelineso NewsandPublicationso MarketInformationo LegalandRegulatoryo EducationandEventso Microsites:
o DevelopingMarketso RealEstateFinanceo LoanOperationso Brexit
Section2:Documentation 6
o IssuesandGuidance
o MandateandSyndicationDocumentation
o FacilityDocumentation
o IntercreditorAgreement
o Other
o General
o DocumentationAlertsArchive
Section3:EducationandEvents 9o Howtoregisterforanevent
o Howtoaccessmaterialsfrompreviousevents
o Webinars
Section4:Otheravailableresources 11o LegalandRegulatory
o NewsandPublications
o MarketInformation
o LMABooks
o LMAGuides
2
Section1:IntroductiontotheLMAandtheLMAwebsiteAllthesectionsbelowcanbeviewedonthetopnavigationalbaroftheLMAwebsite.
HomeThehomepagecontainsa"What'sNew"sectionwhichdetailsrecentupdatesontheLMA.
Recentupdatesarealso includedon the relevant landingpage forparticular sections.For
example,anynewalertsondocumentationwillbedetailedontheDocuments&Guidelines
page.
There is also a "Loan Market Insight" section on the homepage and certain Microsites,
which features reportsandanalysisondifferentareasof the loanmarket.Please refer to
section4ofthisGuideonmarketinformationformoredetails.
AboutUsThissectioncontainsinformationontheLMA'sobjectivesandcoreactivities.Italsocontains
alistofLMAmemberorganisations.
HowtoregisterRegisteringtobecomeanLMAmemberwillenableyoutoaccessthemembers'onlypages
ofthewebsiteandregisterforLMAevents.Ifyourorganisationisalreadyamemberofthe
LMA,youcanregisteryourselfasa"User"oftheLMAwebsite.
1. Click"Register"onthetoprighthandsideoftheLMAwebsitehomepagetobecome
aUser.
2. Enteryourdetailsandsubmit.
RegistrationProcess
3
Howtologin1. Click"Login"atthetopoftheLMAwebsite.
2. Enteryourusernameandpassword.
Howtoresetyourpassword1. Click"Login"atthetopoftheLMAwebsite.
2. Click"ForgottenyourPassword"andenteryouremailaddress.
3. Anemailwillbesenttoyouwithinstructionsonhowtoresetyourpassword.
SubscriptionListsAsanLMAmember,youcansubscribetoourvariousmarketingemaildistributionlistsand
interestgroups.
1. Manage your subscriptionsunder the "Personal Profile" tabon the top right hand
side of the screen when you login with your username and password. Click "Opt
in/outlists"toaccessthesubscriptionlists.
2. Therearetwotypesofsubscriptionlists:MailingListsandSpecialInterests.
a. MailingLists:ThisissplitbetweentypeoflistwiththeEducationandEvents
list further segmented by the regions you are interested in receiving alerts
about. We also offer third party discounts for events where we secure a
discountforLMAmembers.
b. Special Interests: IfyouselectanyofthegroupsyouwillreceiveLMAalerts
onthespecifictopicyouhavechosen.
c. Youcanunsubscribefromanyalertsbyclickingtheunsubscribelink.
Howtotailoryoursubscriptionpreferences
4
MembershipThere are two types ofmembership organisations can signup to: Full andAssociate. Full
membersmustbefinancialinstitutionsandarelikelytobeloanarrangers,tradersandother
activeparticipantsintheloanmarket.Associatemembersarelikelytobelawfirms,rating
agencies, accountancy firms, smaller financial institutions andotherprofessionalswith an
interest in the market. You can find further information on membership categories,
subscriptionfeesandbenefitsonthewebsite.
In addition, you can find the LMA's constitutional documents on theMembership page,
includingthearticlesofassociation,byelawsrelatingtomembershipandthememorandum
ofassociation.
DocumentsandGuidelinesTheLMAproducesarangeofkeydocumentationwhichismadeavailabletoourmembers
to facilitate thedocumentationof transactions in the loanmarkets.This section is split in
termsofproductsectorandjurisdiction.PleaserefertoSection2ofthisGuideforfurther
informationondocumentation.
NewsandPublicationsWeaimtokeepourmembersuptodateonLMA initiativesandnewsthroughamonthly
update, a semi-annual newsletter, press releases and quarterly bulletins for Real Estate
Finance and Developing Markets. Please refer to Section 4 of this Guide for further
informationonNewsandPublications.
MarketInformationThis section contains information on European secondary loan market volumes and
settlement statistics from major European trading banks. We also have a "Loan Market
Insight" section on the homepage and the Real Estate Finance and Developing Markets
Microsites,whichfeaturesreportsandanalysisondifferentareasoftheloanmarket.Please
refertoSection4ofthisGuideforfurtherinformationonMarketInformation.
LegalandRegulatoryWe lobby regulators and government bodies and review the impact that new or revised
regulationcouldhaveonthesyndicatedloanmarket.Wepublishlegalandregulatorynews
updates,briefingsandthesubmissionswemaketoregulators,allofwhicharelistedindate
orderwiththemostrecentfirst.Inaddition,in2016welaunchedaseriesofspotlightvideo
interviews on regulatory and topical issues impacting the loan market. Please refer to
Section4ofthisGuideforfurtherinformationonLegalandRegulatory.
5
EducationandEventsWeholdconferences, seminarsandtrainingdaysacrossEMEA.Oureventsareadvertised
on thewebsite,andcanbeviewedon the"EventsCalendar"on the lefthandsideof the
Education and Events page. You can click any event for further information and book to
register your place. You can also receive discounts for third party eventswhichwe have
securedforLMAmembers.
In addition, we run a very successful webinar programme. You can see the list of past
webinars,whichareavailabletowatchondemand,andanyupcomingnewwebinarsunder
"Webinars"onthelefthandsideoftheEducationandEventspage.PleaserefertoSection3
ofthisGuideforfurtherinformationonEducationandEvents.
MicrositesThere are fourmicrosites on the LMAwebsite: DevelopingMarkets, Real Estate Finance,
LoanOperations and Brexit. The purpose of themicrosites is to provide key information
specific to the particular sector, such as documents, legal and regulatory news and
upcoming events. This makes it easy to navigate when looking for specific information
relevanttothesesectors.
TheRealEstateFinancemicrosite contains information specific to realestate finance, the
DevelopingMarketsmicrosite contains information specific to the developingmarkets in
Africa,CEEandCISandtheLoanOperationsmicrositedetailsthevarious initiativesofthe
LMA LoanOperations Committee, aswell as information relevant to loan operations and
settlement.Inaddition,youcanaccesstheLMA'se-learningprogrammehere.TheBrexit
microsite contains key information relating to the UK referendum vote to leave the EU,
includingdetailsofrelevantLMAeventsandbriefings.
PleaserefertoSection4ofthisGuideforfurtherinformationonthemicrosites.
Microsites
6
Section2:DocumentationWe provide a broad suite of documentation under the laws of England and Wales and
variousEuropeanjurisdictions,aswellasanumberofAfricanjurisdictions.Thisisdividedby
product sector such as Investment Grade, Leveraged Finance and Commodity Finance.
Therearevarioustypesofdocumentsthatfallundertheproductsectors,suchasmandate
and syndication documentation and facility documentation. Issues and guidance notes
relevantacrossthesuiteofdocumentationisavailableunderonesectionatthetopofthe
lefthandsidenavigationalbar.
Asshownbelow,theproductsectorscanbefoundonthe lefthandsidenavigationalbar.
When you click the relevant product sector, there will be a dropdown of the different
documentsthereareforthesector.Clickonthearrowtoviewthedocuments.
Dropdownofdifferentdocumentation
Lefthandsidenavigationalbar
Pleaseseebelowforfurtherinformationaboutthedifferenttypesofdocumentation.
IssuesandGuidanceThis section contains guidance notes on a number of issues affecting the LMA
documentation,aswellasguidanceoncertainmattersrelevanttodraftingsyndicatedloan
documentation.
7
MandateandSyndicationDocumentationThissectionissplitintotwoparts:
1.Guidance.Thiscontainsguidanceonsomeofthedocumentslistedinthesecondpart.
2.Termsheets,mandateletters,commitmentletters,frontrunningundertakings,timeline
anddecisioncharts.
Mandateand/orSyndicationdocumentationisavailableforthefollowingproductsectors:
• InvestmentGrade:Englishlaw
• Leveraged
• RealEstateFinance
• CommodityFinance
FacilityDocumentationThissectionissplitintotwoparts:
1.Guidance.ThiscontainsUserGuidestotheFacilityAgreementsinthesecondpart,aswell
asguidanceoncertainissuesrelevanttodraftingfacilityagreements.
2. Facility agreements. Agreements include documents tailored to particular jurisdictions,
whichareoftenavailable inthe languageoftherelevant jurisdiction.Pleasenotethatthe
agreementsareuploadedasworddocumentstofacilitateyouruseinpractice.
Facilitydocumentationisavailableforthefollowingproductsectors:
• InvestmentGrade:English,French,German,SpanishandSouthAfricanlaw
• Leveraged
• Leveraged/HighYield
• RealEstateFinance
• CommodityFinance
• DevelopingMarkets
• EastAfrican,NigerianandZambianlaw
IntercreditorAgreementThissectionissplitintotwoparts:
1.Guidance.ThiscontainsUserGuidestotheIntercreditorAgreements.
2.Documentation.ThiscontainstheIntercreditorAgreement.
IntercreditorAgreementsareavailableforthefollowingproductsectors:
• Leveraged
• Leveraged/HighYield
• RealEstateFinance
8
OtherInaddition,thereisspecificdocumentationforthefollowingareas:
• PrivatePlacements
• ReleaseandRelianceLetters
• Restructuring
• SecondaryDebtTrading(SecondaryTradingDocumentationandmark-ups)
• Bail-inClause
• Brexit
GeneralThissectioncontainsmarketguidelinesonanumberofissues(includingcompetitionlaw),a
UserGuidetoIslamicFinanceDocumentsandasectiononnotesinrespectofPublic/Private
information.
DocumentationAlertsArchiveThereisan"Alertsarchive"whereyoucanaccesshistoricdocumentationupdates.Clickthe
linkforfurtherinformationonthealert.
AlertsArchive
9
Section3:EducationandEvents
Howtoregisterforanevent1. LogintotheLMAwebsitewithyourusernameandpassword.2. Click"Education&Events"onthetopnavigationalbarandclick"EventsCalendar".3. Click"BookableEvents"toviewalltheupcomingeventswhereregistrationisnow
openorclick"EventsbyCalendar"tosearchbycalendarmonthalleventsuntilthe
endoftheyear.4. Clickontheeventyouwouldliketoattend,scrolldowntothebottomofthe
webpagegeneratedandclickonthe"BookNow"button.
EventsCalendar
HowtoaccessmaterialsfrompreviouseventsPresentation slides from previous conferences are readily available on the website soon
aftertheeventhastakenplace.ThesecanbefoundonthelefthandsideoftheEducation
andEventspageandareavailabletodownloadinPDFformat.
Listofpresentations
10
WebinarsIn2015,welaunchedourhighlysuccessfulwebinarprogramme,whichhasgivenmembers
aroundtheworldaccesstotrainingonarangeofLMAdocumentsandothertopicsrelevant
totheloanmarket.Wehavecreatedawebinarhomepage,whichyoucanviewontheleft
hand side of the Education and Events page. Here, you can see the list of pastwebinars
whichareavailabletowatchondemand,andanyupcomingnewwebinars.Thereisalsoa
FAQspagetoassistwithanyquestionsyoumighthave.
Clickonthewebinaryouwouldliketowatchfordetails,andclickthelinktowatch.Some
webinarsareavailable inmorethanone language,andyouwillhaveanoptiontochoose
whichlanguageversiontowatch.
Listofwebinars
Howtowatchthewebinar
11
Section4:Otheravailableresources
LegalandRegulatoryo LMAsubmissionstoregulators
Weengagewithregulatorsandrespondtoconsultationstoensurethatlegislationdoes
not adversely affect the syndicated loan market. Submissions made to regulators are
uploadedon the LMAwebsite in chronological orderwith themost recent submission
first.YoucanclickonthelinktoviewthesubmissioninPDF.
o BriefingsWe upload summaries of relevant updates affecting the loan
market,writtenbyother institutions.Thesearealsouploaded in
chronologicalorderwiththemostrecentsubmissionfirst.Youcan
clickonthelinktoviewthebriefinginfull.
o LegalandRegulatoryNewsWe frequentlypublishupdatesonawide rangeof key legal and
regulatoryissuesaffectingthemarket,inchronologicalorderwith
themostrecentnewsfirst.
In 2016, we launched a series of spotlight interviews, which includes commentary on
regulatoryandtopical issuesaffectingtheloanmarket.TopicshaveincludedtheArticle
55 BRRD requirement, key structural issues affecting European cov-lite loans and the
impactofIFRS16onloanagreements.
Thesubmissions,briefingsandlegalandregulatorynewsuploadedonthemainwebsite
coverawiderangeoftopics.However,sector-specificnewsiscoveredseparatelyinthe
Real Estate Finance andDevelopingMarketsmicrosites andBrexit-specific news in the
Brexitmicrosite;linkstowhicharelocatedonthelefthandsideoftherelevantmicrosite.
NewsandPublicationso Pressreleases
Any press releases are uploaded on this page, in chronological order with the most
recentfirst.Youcanclickonthelinkforthetextofthepressrelease.
o NewsletterWepublishanLMAnewslettertwiceayear,which includesarticlesonawiderangeof
topical issues, an update on the LMA's recent activities and upcoming events. Hard
copiesareavailableat someLMAevents;however theyarealsoavailable toviewasa
digitalcopyandtodownloadasaPDFonline.Thereisalistofthearticlesincludedonthe
12
main page, so you can choosewhich newsletter has themost relevant information to
you.
o RealEstateFinanceQuarterlyBulletinThesebulletins includedocumentationupdates, legal and regulatorynews, insight and
educationandeventsrelevantspecificallytorealestatefinance.
The bulletins are available on the Real Estate Finance microsite on the News &
Publications page under "Quarterly Updates". There is a brief summary of what is
includedintheissue;youcanthenclickthearrowtoview.
o DevelopingMarketsQuarterlyBulletin
Thesebulletins includedocumentationupdates, legal and regulatorynews, insight and
educationandeventsrelevanttothedevelopingmarketsspecifically.
The bulletins are available on the Developing Market microsite on the News &
Publications page under "Quarterly Updates". There is a brief summary of what is
includedintheissue;youcanthenclickthearrowtoview.
ListofrecentQuarterlyUpdatesforDevelopingMarkets
o MonthlyUpdate
WeproducemonthlyupdateswhichincludenewsoftheLMA'srecentactivitiessuchas
documentationupdates,thelatestlegalandregulatorynews,submissionstoregulators,
andkeyupcomingeventsandhowtoregister.Allofthemonthlyupdatescanbeviewed
onthispage.Thereisabriefsummaryofwhatisincludedintheissue;youcanthenclick
thearrowtoview.
o Glossaryofterms
This is a glossary of relevant loan market terms and their definitions, in alphabetical
order.
13
Marketinformation
o LoanmarketinsightWeprovidea"LoanMarket Insight"sectiononthe
home page and the Real Estate Finance and
Developing Markets Microsites, which features
reports and analysis on different areas of the loan
market. The content is kindly provided by the
following LMA members: Dealogic, Fitch Ratings,
Moody's Investors Service, S&PGlobal Ratings and
ThomsonReutersLPC.
LoanMarketInsightReports
o SecondarymarketvolumesThisisdataproducedbyMarkitandThomsonReutersLPConaquarterlybasis,providing
asummaryofEuropeansecondaryloanmarketvolumes.Youcanclickthelinktoviewin
full.
o Settlementstatistics
The LMA, in co-operationwith the LMA LoanOperations Committee, has (since 2016)
beencollatingparanddistressedsettlement times frommajorEuropeantradingbanks
whicharepublishedonthispage.
LMABooksWehavepublishedfourbooks:TheLoanBook(September2011),DevelopingLoanMarkets(September2013),TheRealEstateLoanBook(May2015)and20YearsintheLoanMarket(November2016).TheLoanBookisavailableinsoftcopyandonlyavailabletoLMA
members,whileDevelopingLoanMarkets,TheRealEstateLoanBookand20Yearsinthe
LoanMarketarebothfreeformembersand£50fornonmembers.Furtherinformation
aboutthecontentofthebooksandhowtoorder/purchasecanbeviewedontheNews&
Publicationspage.
LMABooks
14
LMAGuidesWe have produced various LMA guides spanning a wide range of topics. The guides
launchedsofarinclude:
DealingwithRequestsforAmendments(December2016)ComparisonofPrivatePlacementDebtProducts(July2016)InsolvencyintheLoanMarket(June2016)RegulationandtheLoanMarket(September2015)ImprovingLiquidityintheSecondaryMarket(September2015)GuidetoSecondaryLoanMarketTransactions(May2015)GuidetoAgencyProtections(April2015)GlossaryofTermsforTransfersofInterestsinLoans:EnglishandU.Scomparison(June2014)Schuldscheindarlehen–LMALeitfaden(February2014)Schuldscheindarlehen–LMAProductGuide:EnglishTranslation(February2014)GuidetoSyndicatedLoans&LeveragedFinanceTransactions(October2013)UsingEnglishlawindevelopingmarkets(January2013)
LMAGuides
Theguidesareavailable inPDFon the"LMAGuides" sectionon the lefthandsideof the
News& Publications page. The guides are updated regularly so please login to view any
updatesandnewguides.
ContactDetailsLoanMarketAssociation
10UpperBankStreet
LondonE145JJ
T+44(0)2070066007
F+44(0)2070063423
LMA contact
T: +44 (0)20 7006 6007 F: +44 (0)20 7006 3423 [email protected] www.lma.eu.com
© 2017 Loan Market Association. All rights reserved. Printed in the United Kingdom.
LMA Website User Guide
This guide provides an overview of the content housed on the LMA website (www.lma.eu.com) and where and how to access it.