Before I begin this update, I want to express that we are deeply saddened by the situation in the Middle East, and our thoughts are very much with you at this time. I sincerely hope that you, your colleagues, and your families are safe and well.
Separately, I was also deeply saddened to hear of the sudden passing of Bridget Marsh, Executive Vice President and General Counsel of the LSTA, in February. All of us at the LMA greatly valued the opportunity to work with her and held her professionalism and expertise in the highest regard. Our heartfelt condolences go to her family, friends and colleagues at this very difficult time.
With those important matters addressed, there is a great deal to cover from the LMA this month. It has been a period of real momentum across events, market engagement and member activity, which I will come to shortly.
On a personal note, I am pleased to report the successful navigation of our February half term ski trip. No injuries although I have to say very tough skiing. Thirty to forty centimetres of fresh snow every day, limited visibility, and even on piste saw lots of powder.
There are, perhaps, some clear parallels with what we are seeing in the loan markets today – the fresh snow is akin to ongoing headlines around software companies, valuations, and leverage. The clear visibility is tempered by ongoing change and politics, geopolitical threats, specifically in the Gulf but also broader.
As with skiing in difficult conditions, navigating these markets requires discipline, professionalism, and a sharp focus on the immediate path ahead.
The LMA is fortunate to play a key role in facilitating this environment, supporting our members with standards, guidance, connectivity, and informed debate.
Notwithstanding these headlines, the business end of the loan markets is incredibly strong with increased volumes and a flurry of deals. Tensions between fundamentals and technical persist, but as we look ahead to March, global connectivity and engagement are front and centre. The LMA, LSTA, and APLMA will all be coming together across several key international gatherings, reinforcing the increasingly interconnected nature of our markets.
I would also like to draw your attention to a major research project we have commissioned on the Future of Loan Markets, developed as part our 30-year anniversary. As part of the research, many of you have been invited to complete a survey sharing your views on market infrastructure, lending trends, and how you see the loan markets evolving. I very much would encourage your response. Please reach out to Leyla.Ghaffar-zadeh@lma.eu.com get your bespoke link. Thank you in advance for taking the time to fill in the survey.
What happened in February?
In my last update, I mentioned that February would see the delivery of two new and bold flagship events – LMA Edge and LMA and ICMA Africa Summit. Let me talk to each of them.
LMA Edge
This was our new technology “expo” event. Held at the intersection of Shoreditch and the City, we married technology and financial services – technology at the heart of lending. Have we redefined a market association event?
We had charged energy with a desire for transformation, global gravitas with a number attending from the USA – our loan markets are increasingly connected, and moreover the opportunity to show real and tangible solutions.
And to introduce a “hackathon” with a fantastic quality of proposals. I was so humbled to see the winner come over from Chile and we wish Abel and his team well in the next part of their career. You can see proposals here. We have set an incredible bar for 2027!
LMA-ICMA Africa Summit
With our partners at ICMA we hosted the inaugural Africa Summit. I could not have imagined how successful it would be. It is the largest event the LMA has ever delivered, even exceeding our Annual Conference.
In Cape Town, which was amazing in itself, we hosted over 1150 attendees, from 60 countries, and from nearly 300 institutions. Thought leadership, strategic direction, business being done, and with the LMA and ICMA playing an instrumental role convening market participants and shaping the conversation. We are already committed to returning in 2027 and look to partner with ICMA in other jurisdictions – watch this space!
Meike and her events team deserve so much credit for these two events, and also to Leyla for the communications and marketing plan in promoting them. Great job!
But there has been even more in February.
We returned to the Middle East speaking at a major event in KSA on restructuring, hosting our new Middle East LMA Committee in Dubai, and also building the groundwork (not literally!) for our new LMA office. The broader work here is shown in detail in the Middle East Report.
Our regulations team kicked off our new horizon scanning member call – thank you to those that presented and we were also pleased to host a round table with the FCA on securitisation. For more details visit the Policy & Regulations page.
Additionally, we formally commenced our new Emerging Technology Committee, building on the momentum and themes that emerged from LMA Edge. More to come on this one soon so stay tuned.
Membership
We are continuing to work through renewals for the 2026 membership year. There remain 102 members who have yet to complete payment. I would encourage these firms to settle as soon as they can, as member benefits will be removed from next month. This will exclude your attendance at any of our events and also access to the web site.
On a positive note, we have already welcomed 24 new members to the LMA this year. We are delighted to have you with us.
Looking ahead to March Events
The LMA will host two events in March. On 12 March, we will deliver our Secondary Training Day in London, providing practical, in‑depth insight into LMA documentation, settlement processes, and market practice across the secondary loan market.
This will be followed on 25 March by the annual LMA–LSTA Loan Markets Conference in London. This flagship event, delivered jointly with the LSTA, will place particular emphasis on leveraged finance, private credit, and CLOs, and once again underlines the importance of close cross‑association collaboration in increasingly global and interconnected loan markets.
Beyond our own events, March also includes several important external engagements.
The LMA will speak alongside the LSTA at the APLMA Global Loan Market Summit 2026, reinforcing collaboration between the three loan market associations and further supporting connectivity across global markets. I will be in Hong Kong on 9 and 11 March for this event and would be pleased to meet members in person while there.
I will also be speaking on a live webinar hosted by S&P Global on the Securitisation Framework(s) on 5 March. Registration details are available via the event link.
In addition, I will be participating in the Finastra Europe Corporate Banking Forum 2026 on 31 March in London, contributing to discussions on the evolving corporate banking and lending landscape.
The full calendar of LMA events is available here, and I encourage members to review and register for upcoming events in April and beyond. In‑person attendance for our March events is now at capacity.
I look forward to seeing many of you in person over the coming months.
Closing
We have a great month to look forward to in March as you can see from above, but we are also excited about the development of our team with some imminent new hires. These hires will support our output and specifically you, our members, in your business.
I will look to update in the next report more detail on some of the other key initiatives underway, specifically technology and regulatory engagement which I mentioned above.
Scott McMunn
CEO
Loan Market Association
