Dear members
As we move from summer into autumn, I hope you took the opportunity to enjoy some rest and relaxation, as I did. The excitement of the Olympics and school exam results made this a particularly eventful summer in my household, but on the sporting front the Olympics finished in silver position behind the U11 Iber Cup in Girona – I am sure this football tournament didn’t feature on your schedule, but it was very high on mine! Meanwhile, back at the LMA, we are gearing up for a busy remainder of the year, guided by your valuable feedback following my Biannual Update in July.
Our flagship South Africa conference in Johannesburg on 24 July was a resounding success, with over 300 senior attendees across two days. Some sessions were standing room only. This high turnout reflects the region’s interest in the LMA and our tangible impact there. I am a strong believer in our activities having a “so what” and I saw the effect we are having in person. We look forward to supporting the African loan markets through the rest of 2024 and into 2025. For more details on our initiatives in Africa, please read my LinkedIn blog on the conference here.
On the subject of LinkedIn, I would draw your attention to a recent post here. I reflect on the departure of the LSTA’s CEO, Lee Shaiman, and emphasise the importance of the LMA and LSTA’s ability to lead the industry with the active participation of our members. As representatives of the entire market, we are in a unique position to solve problems for our members rather than merely creating wish lists. Member-led, member-driven, member-focused!
Over the summer, we were also delighted to welcome several new members to the LMA family across a broad range of activities – blockchain technology, Africa’s buy-side market, and several significant credit funds covering leveraged finance, NAV lending, and Significant Risk Transfer (SRT) investment. Your involvement and support are crucial as we continue to expand our reach and impact. Over the last quarter we have seen over 25 new members.
We have published a new blog post about fund finance highlighting this important and growing area, which you can find here. An LMA think tank has been set up for early September to help shape our involvement in this material segment of the private markets. I encourage you to read the blog and consider how you can contribute to this ongoing conversation.
As the end of USD LIBOR approaches, we are working closely with regulators and other associations to ensure a smooth transition. We are also addressing the slow adoption of EURIBOR fallbacks. Kam Hessling and her team from the LMA are focused on levelling the playing field as we move towards a post-LIBOR world.
I also want to highlight the importance of our recent agency meetings. These gatherings have helped to shape our strategy and ensure that we remain aligned with our members’ needs and expectations. Your feedback during these meetings has been invaluable. We will roll up the activities here under the Operations committee working on primary and secondary settlement with this being another key leg to execute on.
September is set to be a particularly busy month at the LMA, with several key initiatives and events landing.
On 4 September, we will hold our first conference focusing on Credit Risk Insurance (CRI) and SRT. The aim of the event is to demystify the distribution of credit risk beyond the original lender group and highlight the benefits of effective credit portfolio management for all stakeholders. The importance of this market cannot be overstated, with more than €170 billion in SRTs issued in Europe in 2023 and the volume continuing at pace. It is vital for the LMA to be at the front and centre of the conversation here supporting our members and the market
Our Annual Conference, with the theme of “Further Together,” will take place on 17 September, emphasising the importance of collaboration across all our members and all markets as the latter undergo ongoing change and fluidity. As usual, we are seeing high demand for what is by far the largest event of its kind for the industry – we expect over 1000 attendees and we have an exciting and thought-provoking agenda.
Our Annual General Meeting (AGM) will be held on 26 September. We encourage Full Members to consider standing for the Board, representing not just your firm but the entire industry in promoting efficiency, liquidity, and transparency across the loan markets. Your participation in this process is critical to ensure that the LMA remains focused on market intelligence, documentation reform where it adds value and providing clear guidance. Nominations are due by 11 September.
In September, we will also publish the latest editions of our quarterly sustainability publication, Horizons, and Challenging the Timeline, our Operations newsletter. To provide a teaser, Horizons will feature thought leadership from a leading infrastructure investor and a technology firm. Timelines will update on new developments with par/near par settlement times continuing to trend the right way and positive momentum on PDSC. We will update on our goals in this area for 2024 and beyond.
Beyond September, I also wanted to highlight that on 5 November we will host our inaugural Annual Investor Networking Evening, designed specifically for institutional investors in the leveraged loan and CLO markets. It will feature a short Q&A with leading sell side and buy side firms on the LMA’s role in representing the loan markets in their entirety. Thanks to the Institutional Investor Committee, which has just been formed, for supporting this event.
I am delighted to introduce Leyla Ghaffar Zadeh and Meike Martin, who have recently joined the LMA team from KPMG and Fitch respectively to lead marketing and events. Please join me in wishing them the best of luck in their new roles and please introduce yourself in person at our Annual Conference!
