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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 (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