Fair. Orderly. Efficient. Growing.

Transcription

1 The Loan Syndications and Trading Association Fair. Orderly. Efficient. Growing. ship Information

2 Building Consensus, Driving Change The LSTA has been the chief advocate for the syndicated loan market since We foster the development of policies and market practices to: Promote just and equitable principles in the marketplace Facilitate cooperation and coordination among all loan market participants Inspire the highest degree of confidence for investors in corporate loan assets Your Seat at the Table Through the governing board, committees, and working groups, the LSTA provides a forum for loan market participants to shape and influence the direction of the industry by consensus. Join us to: Increase transparency and efficiency Facilitate and improve the settlement process Educate market participants Promote the growth of the loan asset class Advocate for the shared interests of all loan market participants LSTA Mission To promote a fair, orderly, efficient, and growing corporate loan market and provide leadership in advancing and balancing the interests of all market participants Have a Voice, Be in the Know, Get Involved Our activities don t happen by themselves. It s essential that LSTA members participate in committees, working groups, and other resolution-building meetings to drive our market ahead. Committees meet on a regular basis to focus on a market practice area Accounting Committee CLO Committee CUSIP Subcommittee Global Standards Committee Litigation Committee Mark-to-Market Committee Operations Steering Group Primary Market Committee Regulatory Committee Trade Practices and Forms Committee Committees of the LSTA Board Working Groups address specific market issues through consensus Accounting Implementation/FASB Subcommittees Amendment Working Group Bankruptcy Reform Working Group Buy-Side Operations Working Group Custodian/Trustee/Fund Admin Ops Working Group FpML Business Loan Working Group MEI Working Group Operations Regulatory Working Group Regulatory Review Working Group Trade Claims Working Group Volcker Working Group

3 Get Your Hands Dirty... There s a Lot to Do! LSTA Standard Documentation and Market Practices Standardizing loan documentation, especially related to trading, is the historical core of the LSTA and continues to be one of our primary activities. Document updates and changes are arrived at by consensus buyside, sellside, and the law firms. We also publish timely market advisories to help resolve market issues that arise. We hold a number of CLE seminars each year and present legal conferences in the US and overseas as well. Advocacy The LSTA has submitted more than 12 Amicus Briefs on behalf of the loan market since We recently submitted one on the issue of credit bidding to the US Supreme Court. Our position prevailed 8-0 and preserved a fundamental right for senior secured lenders. Market Data and Analysis To enhance market visibility, transparency, and liquidity, the LSTA provides its members with exclusive data that give a 360-degree quantitative insight into the loan market s performance and growth: trade data, settlement time statistics for par and distressed trades, established shift dates, and more. We also manage key strategic partnerships and data products, including the LSTA/Thomson Reuters LPC Mark-to-Market Pricing Service and the S&P/ LSTA Leveraged Loan Index. Full members receive customized data reports and analysis, and we can fulfill bespoke requests as well. Regulatory The LSTA is uniquely suited to advocate in Washington on behalf of the loan market. We educate regulators, legislators, and their staffs on an ongoing basis, highlighting how regulations under Dodd-Frank, the new leveraged lending guidance, and FATCA can dramatically affect the loan market and the broader economy. We also work diligently to protect the rights of secured creditors and distressed investors under possible Chapter 11 reforms. We have addressed a number of regulatory issues for CLOs, including FATCA, risk retention, the Volcker Rule, and FDIC assessments. The LSTA also worked closely with the SEC and CFTC to ensure that loan participations would not be regulated as swaps under Dodd-Frank. This prevented loan market participations from being subjected to anti-fraud and anti-manipulation regulations, onerous reporting and capital requirements, and other federal securities laws. Operations and Settlement A key objective for the LSTA is operational efficiency and settlement in the market. Our operations committees and working groups use a multidisciplinary approach, drawing on our expertise in operations, documentation, and data-driven analytics to reduce settlement times, establish market standards, and identify best practices for MEIs, CUSIPs, FpML, and more. Promotion of the Asset Class: US and International The LSTA produces a series of multimedia projects that incorporate editorial supplements, webcasts, and a microsite based on a roundtable discussion aimed at US pension funds and consultants. Some recent efforts include Adding Loan Funds to Defined Contribution and Defined Benefit Plans, How to Invest in Senior Secured Loans, and Senior Secured Loans: Performing through the Cycle. We also produce investor conferences in Tokyo, Seoul, Beijing, Hong Kong, and Sydney.

4 ship Benefits: What You Get Hotline LSTA members have the full support of the LSTA s staff of experts. Whether a question about documents, market data, or an issue pertaining to current events, we are available to guide you through this ever-changing market Market Data and Analysis The LSTA provides its members with data that provides a full picture of the loan market. Daily LSTA shift date guidance, binding and used market wide Daily S&P/LSTA Loan 100 Index constituency list, prices and index levels Weekly and monthly S&P/LSTA Leveraged Loan Index reviews Weekly LSTA/Thomson Reuters LPC Mark-to-Market biggest movers list and pricing alerts (winner, losers, most volatile, newest deals) Monthly LSTA Secondary Trading and Settlement publication and performance charts Monthly LSTA Secondary Market publication and performance charts Monthly and quarterly LSTA/LPC MTM Pricing File Quarterly LSTA Secondary Trading & Settlement Studies (flagship product) Quarterly LSTA Secondary Trading & Settlement Executive Summary Daily customized services: (1) presenting market trends and analysis; (2) providing top-notch customer service fulfilling ad-hoc requests; and (3) creating bespoke studies and presentations Customized LSTA trading, liquidity and settlement metrics reports (for institutions that provide trade data) Discounts on LSTA/Thomson Reuters LPC Mark-to-Market Daily Pricing Service, LSTA/Xtract Bank Debt Review, and AverageLibor.com Standard Documents and Market Practice Guidelines LSTA members have unlimited access to an ever-expanding portfolio of standard documents and market practice guidelines. Model Credit Agreement Provisions Trading documents Legal analysis and regulatory issues LSTA governance and code of conduct Market Advisories and Weekly LSTA Newsletter Ongoing commentary and guidance on regulatory, legal, and other market developments Loan and financial market news and advisories Regulatory updates and analysis LSTA news and commentary Conferences, Seminars, Events, and Information Discounted passes to the LSTA Annual Conference and other major conferences Free webcasts on regulatory, legal, and operational issues Free afternoon CLE and CPE seminars Full website access Complimentary copies of the annual LSTA Loan Market Chronicle and LSTA Resource Guide Networking and Marketing Opportunities Eligibility to speak at LSTA conferences, seminars, and webcasts Eligibility to join the LSTA board, committees, and working groups Discounts on sponsorship opportunities and exhibit tables at major LSTA conferences Discounts on advertising in the LSTA Loan Market Chronicle and LSTA Resource Guide Free job postings on LSTA Website.

5 LSTA ship Benefits Full Associate Affiliate Law Firm Affiliate Other LSTA Analysis & Data Daily Shift Date Results Weekly Newsletter Monthly Secondary Market Publication & Performance Charts Monthly Secondary Trading & Settlement Publication & Performance Charts Quarterly Secondary Trade Data Study Quarterly Secondary Settlement Data Study Quarterly Secondary Trading & Settlement Executive Summary Customized Analysis Monthly Customized Secondary Trade & Settlement Metrics (Trade data providers only) LSTA/Thomson Reuters LPC Mark-to-Market (MTM) Pricing Data Weekly MTM Price Alerts Monthly MTM Pricing File (3 or more quotes) Quarterly MTM Pricing File (5 or more quotes) S&P/LSTA Leveraged Loan Index Analysis & Data Daily S&P/LSTA Leveraged Loan 100 Data Weekly S&P /LSTA Leveraged Loan Index Report Monthly S&P/LSTA Leveraged Loan Index Review Discounts & Complimentary Offers Discount on MTM Pricing Subscription* Discount on LSTA /Xtract Bank Debt Review Free Tickets to LSTA Annual Conference** 15% 15% 15% 15% 15% 15% Governance Can Be Elected to Board of Directors Can Chair or Sit on LSTA Committees *Up to a Maximum of $10,000 **First Year of ship Only

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