New Loan Market Association (LMA) guidelines restricting the
trading of loans by coordinating committee (CoCom) members may
discourage buy-side participants from joining the committees.
It could also make the restructuring process more
Released on June 7, the LMA guidelines on transparency and the
use of information restrict the trading of loans based on
borrower confidential information (see here for earlier
The guidelines said that this includes information received as
a result of membership of a steering committee.
If that borrower confidential information is subsequently
shared with the syndicate it turns into so-called syndicate
confidential information. This information is allowed to...