Click Read more to take part in our survey on the LMA’s RFR documentation suite. The results of the survey will help inform us as we review and consolidate our documentation suite.  

The survey consists of 12 questions and requests your views on various RFR related documentation topics including EURIBOR fallbacks, alternative term rates, term SOFR fallbacks, baseline CAS and the most often used interest rate drafting. The survey should take no more than ten minutes to complete and should be completed in one go. 

On 28 June 2024, the FCA published a reminder of the expected cessation of the remaining synthetic US dollar LIBOR settings (the 1-, 3- and 6-month settings) at the end of September 2024.

The FCA urged market participants with outstanding US dollar LIBOR exposures to ensure they are prepared for these remaining LIBOR settings to cease by the expected deadline. The cessation of these remaining settings will be the last milestone in the transition away from LIBOR, marking the end of LIBOR overall.

We are pleased to have published a new guidance note on untied ECA financing, updated buyer credit documentation, and a supporting statement from the LMA’s Export Finance Working Party. 

Given the single currency nature of the buyer credit facility, there are now three variations of the buyer credit facility agreement:

• Agreement for compounded RFR use upfront (compounded SONIA and compounded SOFR)
• Agreement for term RFR use upfront (term SOFR and term SONIA)
• Agreement for use of EURIBOR with fallbacks to compounded €STR

We have also published a new term SONIA commentary. The User Guide has also been expanded to cover commonly discussed areas. The new guidance and revised documentation can be accessed on the Export Finance section of the Documents Index page.

We are pleased to have published a guidance note which sets out documentary considerations when dealing with a sovereign borrower or guarantor. The guidance has been produced following demand from our members, partly driven by recent experiences in the market in respect of sovereign distress cases.

The guidance note is intended to be a helpful tool for lenders, investors, borrowers and advisers of the relevant considerations in the context of dealing with sovereign obligors (which includes for these purposes a state-owned entity). 

The note can be found under Issues and Guidance, Export Finance and Developing Markets sections of the Documents Index.

On 3 June 2024, we made a number of updates to our data protection privacy notice. 

Click read more to access the updated privacy notice.