It is widely acknowledged that we Brits generally like to complain about the weather. Well, the last week in May has been very unpleasant here in the UK, with some of the highest temperatures ever recorded for this time of the year. As someone who doesn’t take to the sun well, it has been a tough week.
I never seem to learn about predictions and optimism, as May saw my excitement around football totally peter out. There’s always next year, I guess.
We have also moved home this month – it has been so therapeutic cleaning out some of the junk and clutter that has been hoarded up. Trophies I have never been allowed to put on the shelf, clothes that I’m not convinced were ever in fashion, and of course some of my old trading blotters from some fifteen years ago.
Regarding clutter here in the LMA offices, I have been dusting down the LMA celebration books and, dare I say it, even reading them. Some of the authors from those early editions are still doyens of the loan markets, and I look forward to seeing many of them in July at our 30th year anniversary celebration. You can register here.
It was my pleasure to have lunch with Tim Ritchie, one of the founders of the LMA, and hear from him directly about some of the history and objectives. He was certainly proud of the role the LMA has played over the first 30 years, and I believe also delighted to see the vision for our future. Following on from this, I am moderating a panel in July consisting of other formative leaders of the LMA and can’t wait to hear their views on the journey of the loan markets.
Regulations
The subject of private credit stress seems to be a key theme over this last period, especially from the regulatory and supervisory side. The FSB, the ECB and the EBA have all expressed their own commentary on this subject, and in May we also heard from the Deputy Governor at the Bank of England with her views on pricing and valuations. None of this is new and, in my view, is a reaction to the more specific stories around semi-liquid vehicles and redemptions on one side, and the performance of issuers in the technology sector on the other.
At the LMA, we have been involved in these conversations, having recently attended the ESMA Summit in Paris, and convened many key stakeholders to a seminar in Brussels on securitisation. We have a private dinner soon with the Bank of England and some of our members to further contribute to the debate.
Three material publications were issued on the regulatory and advocacy side:
- a joint response with PPIA to ESMA’s Call for Evidence on restricted subscription and private credit ratings;
- our response to the FCA and PRA securitisation consultation with a focus on CLOs, Fund Finance and SRT; and
- a practical guidance on issues arising in cross-border lending from Article 21c.
We certainly do not view these as job done, and you will be seeing much more from us through the year. To stay updated with our regulatory and advocacy work, visit the LMA regulatory page.
Membership
I take huge personal pleasure in seeing ongoing interest in the LMA and am delighted to see over 40 members join already in 2026, with a healthy pipeline of firms in the joining process. Welcome to all of you, and we will look to introduce new member commentary and possibly even an interview on our channels going forward.
What is also exciting for the vendor community is the upcoming launch of our new Vendor Directory, where members will be able to showcase their products and solutions to the broader membership group. This will allow for an easier understanding of what the solution universe looks like, while also enabling a more connected community.
Events
It feels like a very full month when I look back. When we set out the schedule for 2026, as you know, we were introducing four totally new events to the roster, LMA Edge, Africa Summit, Tokyo CLO Conference and the final one which was delivered in May – our first Fund Finance Conference.
I loved being a part of it and very much enjoyed the opportunity to interview Michelle Beck from the FCA on the supervisory views around private markets. Well done to Kam Hessling, who put together an incredible agenda and speaker list, as well as the usual plaudits to our events and comms team.
May also saw our largest ever event in Germany, where we partnered with Fitch. We also held our joint event with the LSTA, this time in New York; and our Nordics Conference alongside a series of roundtables held across Oslo, Copenhagen and Stockholm.
On a smaller scale, we also introduced the first of a new series of Regulatory Seminars, this one in Brussels with a keynote from Hélène Bussières, from DG FISMA (European Commission) and then a panel covering securitisation reform. Very topical, and while the panellists had some opposing views, it led to great discussion.
June sees our FutureLend London Conference, and I am looking forward to seeing how the LMA Junior Board has taken this forward.
And of course, our flagship Annual European Loan Markets Conference will take place in Milan on the 23rd of June – that event is shaping very well, and I look forward to seeing many of you there. If you have not yet registered, please do so now.
Communications
I would like to draw attention to some of the outputs produced over the last month. They reflect the breadth of our work and have supported our members across many of their lending markets.
Firstly, the Middle East saw the release of Explanatory Guidance on Force Majeure, Material Adverse Change and Market Disruption Provisions. As I write this, the ceasefire looks somewhat at risk, but with this publication and our other work with our members, we are still heavily engaged locally. This document, as well as our webinar covering loan agency, saw many plaudits.
On Fund Finance, we introduced a Conference Report with King & Spalding covering the event above, but also published the findings of the Intelligence Survey. The survey drew out emerging industry trends and received strong recognition based on the number and quality of the respondents.
In support of our African members, we published a thought leadership piece entitled “From fragmented financing to scalable confidence: what Africa’s loan markets need next”. This framed the conversation at the recent African Capital Markets Investment Conference in London.
Last but not least, a new episode of the FutureLenders podcast has been released, featuring LMA Chief of Staff, Emma Norman, who shares insights into her career journey from her early roles to today.
Closing
I have been able to meet over 30 member firms in person during May, enabled somewhat by some of the great events above and supplemented by some external speaking engagements. Thank you. I am always keen to hear from more of you, so please reach out to me. The conversations this month have ranged from technology through to private credit, operations and trading, even something as narrow as trade finance.
June, as I mentioned, sees our European Conference so, for now, “arrivederci” and see you in Milan. PS: it also sees the start of a small tournament called the World Cup, so I have dusted off the Tam O’Shanter and am looking forward to the march of the Scots.
See you soon.
Scott McMunn
CEO
Loan Market Association
