On 20 May 2020, the LMA published on its website a list of loans in the market which reference risk-free rates (RFRs).  The LMA states that over the last year, bilateral and syndicated loans have been announced which reference the sterling (SONIA), US dollar (SOFR) and Swiss franc (SARON) RFRs, demonstrating an appetite among some borrowers to start the transition away from LIBOR and providing a helpful path for lenders and borrowers to consider in their transition plans.

The LMA list is based on publicly available information and seeks to raise awareness of RFR referencing loans by providing information on the conventions used by reference to public information.  Given that the loan market is private, the list is not a fully comprehensive list of all market transactions referencing RFRs.  In order to help drive momentum, transparency and the development of conventions for RFRs in the loan market, the LMA hopes to encourage lenders and borrowers to publically disclose transactions which have taken place referencing RFRs and the conventions used (to the extent not commercially sensitive).

The LMA will keep the list updated with new transactions which are publically announced from time to time. The list can be viewed on the LMA LIBOR microsite.