Buy-siders cheer SEC climbdown on loans

Agency stays silent in court case considering whether syndicated loans are securities

SEC-silence-in-court montage

Investors have welcomed a surprise SEC climbdown in a case that could have caused chaos in the $1.4 trillion syndicated lending market.

In March, the US Court of Appeals for the Second Circuit asked the Securities and Exchange Commission to opine in the appealed case Kirschner v JP Morgan Chase Bank on whether so-called Term Loan B notes – a standard instrument in syndicated lending – should be considered securities.

Industry participants expected the SEC to argue in favour of such a step

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