The Handbook of Loan Syndications and Trading by LSTA (Loan Syndications -- Read -- Imperial Library of Trantor

Index

Cover Page The Handbook of Loan Syndications and Trading Copyright Page Contents List of Contributors Preface Acknowledgments Chapter 1 An Overview of the Loan Market

An Introduction to the Loan Asset Class Evolution of the Primary and Secondary Leveraged Loan Markets Introduction to the Syndicated Loan Market Players in the Market Interplay with Other Capital Markets The LSTA and Its Role in the Promotion of the Corporate Loan Asset Class The LSTA—A Regulatory and Documentation Review

Chapter 2 Effects of the Legal Characterization of Loans under the Securities Laws Chapter 3 Loan Structures

Basic Loan Structures Second Lien Loans Project Finance

Chapter 4 The Primary Market

An Introduction to the Primary Market The Architecture of Information Distribution in the Loan Market The Implications of the Use of “Syndicate Information” in the Loan Market

Chapter 5 Understanding the Credit Agreement

Introduction Part 1. Making the Loan: Commitments, Loans, and Letters of Credit Part 2. Making Money off the Loan: Loan Pricing and Fees Part 3. Making the Borrower Repay the Loan: Amortization and Maturity Part 4. Conditioning the Loan: Conditions Precedent and Representations Part 5. Monitoring the Loan: Financial, Affirmative, and Negative Covenants Part 6. Securing and Guaranteeing the Loan: Collateral Packages Part 7. Enforcing the Loan: Events of Default and Remedies Part 8. Keeping Peace Among the Lenders: Interlender, Voting, and Agency Issues Part 9. Selling the Loan: The Assignments Clause Part 10. Understanding the Boilerplate: All the Stuff at the End That No One Ever Reads Part 11. The Borrower Can Have Rights, Too

Chapter 6 The Secondary Loan Market

An Introduction to the U.S. Secondary Loan Market How to Trade Loans and the Strategies to Use The Secondary Loan Market: Settling Loan Transactions

Chapter 7 Secondary Market Pricing

Loan Valuation: The Origins of Secondary Market Pricing The LSTA/LPC Mark-to-Market Process: Then and Now The LSTA Trade Data Study: Measuring the Accuracy of Secondary Market Prices Introduction to Model Pricing Historical Secondary Market Price Performance, Distributions, and Volatility Price Volatility and the Daily Value at Risk

Chapter 8 Analytics and Performance

Analytics and Performance Overview Measuring Loan Returns Relative Value Analysis Introduction: Rating Agencies in the Loan Market Standard & Poor’s Loan and Recovery Ratings Loan Loss Given Default: Trends to Consider S&P/LSTA Leveraged Loan Index: Overview Description and Inclusion Rules of the Credit Suisse Leveraged Loan Index Credit Suisse Institutional Leveraged Loan Index Leveraged Senior Loan Performance Attribution

Chapter 9 Distressed Loan Investing

Introduction to Distressed Loan Investing Securities Law Concerns Related to a Borrower’s Bankruptcy Distressed Debt Investing—Risk Considerations Distressed to Recovery: A Look at the Restructuring Process

Chapter 10 Vehicles and Products Derived from the Asset Class

Introduction Collateralized Loan Obligations: A Primer Using Loan-Only CDS in the Leveraged Finance Markets: Implications in an Increasing Volatility Environment Bank Loan Total Return Swap Primer

Chapter 11 CDOs: A Primer Chapter 12 Loan Portfolio Management

Introduction Loan Investment Strategies: An Overview A Retail Loan Fund Manager’s Perspective Portfolio Management by Nonbank Loan Investors Distressed Loan Portfolios

Chapter 13 Legal, Regulatory, and Accounting Issues

Introduction to Accounting Standards Applicable to Loans: A Bank’s Perspective FAS 140 as Applied to Assignments and Participations The Loan Market and Basel 2 Regulatory Capital Requirements

Chapter 14 The Globalization of the Loan Market

Global Loan Market Review The European Syndicated Loan Market The Syndicated Loan Market in the Asia-Pacific Region With Limited Options in the Domestic Loan Market, Japanese Investors Look to the United States for Investment Opportunities Toward a More Integrated World: The Future of the Global Distressed Loan Market

Glossary of Terms Index Footnotes

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