Are Syndicated Term Loans Securities
Might 1, 2019 - Are broadly syndicated term loans securities for the needs of federal and state securities legal guidelines? That important question, which has been percolating across the mortgage market for decades, is the topic of an amicus temporary that the LSTA filed this week in a federal district court docket in New York. The LSTA (joined by the Bank Coverage Institute) argues vehemently that they are not and explains the materially unfavorable penalties to borrowers and different stakeholders in the $1.2 trillion market for institutional time period loans (and the $600MM+ CLO market) have been a court to succeed in the opposite conclusion. Beneath we explain the background and unpack why loans will not be securities and what could happen if the court docket disagreed.
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