Loan Market Association and Pre-ESTER: Difference between pages

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(LMA).
''Interest rates - reference rates.''


The Loan Market Association is a trade body for the Europe, Middle East and Africa (EMEA) [[syndicated loan]] market, founded in 1996 by banks operating in that market.
ESTER is an acronym for Euro Short TErm Rate, whose formal publication is scheduled from October 2019.


Promoting loan markets in various ways, the LMA publishes model documentation and "market guidelines" for use in both primary and secondary markets with a view to achieving more standardisation of widely accepted market practice.


In the meantime, the ECB is publishing preliminary figures, referred to as the 'pre-ESTER' in the period up to October 2019.


The [[Association of Corporate Treasurers]] (ACT) has supported the LMA's primary documentation initiative since its inception.  
The pre-ESTER aims to reduce market uncertainty, allow market participants to assess the suitability of the new rate and familiarise themselves with its statistical properties, and provide an opportunity to adjust processes and procedures adequately to ensure a seamless transition to the new rate.


The LMA discusses its primary investment grade borrower documentation with the ACT prior to publication.


With [http://www.slaughterandmay.com/ Slaughter and May], ACT publishes [http://www.treasurers.org/loandocumentation commentaries] on the LMA primary documents.
Pre-ESTER is also sometimes written as Pre-€STR, using the € symbol.




Working with the Asia Pacific Loan Market Association and the Loan Syndications & Trading Association, the LMA publishes the Green Loan Principles and the Sustainability Linked Loan Principles.
==See also==
* [[Benchmark]]
* [[ESTER]]
* [[European Central Bank]]
* [[O/N]]
* [[Reference rate]]
* [[RFR]]
* [[Risk-free rates]]
* [[SONIA]]




==See also==
==Other links==
* [[Asia Pacific Loan Market Association]]
* [https://www.ecb.europa.eu/paym/initiatives/interest_rate_benchmarks/shared/pdf/ecb.Pre-ESTER.en.pdf ECB Pre-ESTER]
* [[An introduction to loan finance]]
* [[Documentation]]
* [[Documentation risk]]
* [[European Leveraged Finance Association]]  (ELFA)
* [[Green Bond Principles]]
* [[Green Loan Principles]]
* [[IGA]]
* [[International Capital Market Association]]
* [[Loan market]]
* [[Loan Syndications & Trading Association]]
* [[RFR templates]]
* [[Sustainability Linked Loan Principles]]


 
[[Category:Accounting,_tax_and_regulation]]
==External link==
[[Category:Financial_products_and_markets]]
* [https://www.lma.eu.com/about-us The Loan Market Association - about us]
 
[[Category:Long_term_funding]]

Revision as of 11:48, 7 August 2019

Interest rates - reference rates.

ESTER is an acronym for Euro Short TErm Rate, whose formal publication is scheduled from October 2019.


In the meantime, the ECB is publishing preliminary figures, referred to as the 'pre-ESTER' in the period up to October 2019.

The pre-ESTER aims to reduce market uncertainty, allow market participants to assess the suitability of the new rate and familiarise themselves with its statistical properties, and provide an opportunity to adjust processes and procedures adequately to ensure a seamless transition to the new rate.


Pre-ESTER is also sometimes written as Pre-€STR, using the € symbol.


See also


Other links

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