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ARTICLE · 14 MAY 2021

LMA Publishes New RFR Documentation And Updates Exposure Drafts To Recommended Forms

McGuireWoods LLP
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On March 30, 2021, the LMA published its exposure draft RFR documentation as recommended forms, and updated the documentation to reflect, among other things, the Sterling Risk-free Rate Working Group's updated conventions.

United KingdomFinance and Banking
Lee Cullinane
Lee Cullinane
Jennifer J. Kafcas
Jennifer J. Kafcas
Linn Mayhew
Linn Mayhew
Alvino S. Van Schalkwyk
Alvino S. Van Schalkwyk
Harry Poland
Harry Poland

On March 30, 2021, the LMA published its exposure draft RFR documentation as recommended forms, and updated the documentation to reflect, among other things, the Sterling Risk-free Rate Working Group's (the Working Group) updated conventions. The LMA also replaced their single currency SONIA and SOFR exposure drafts with two recommended form single currency RFR facility agreements, and updated their RFR terms.

Recommended Forms

The LMA first published their exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift) in September 2020. This was then revised in November 2020 following feedback from market participants, and another exposure draft was published based on a lookback with an observation shift (the Rate Switch Agreements).

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