As we move through the first weeks of 2026, we are delighted to look back on an impressive year for ELFA. In 2025, we helped advance the European leveraged finance market by promoting greater transparency, engaging proactively with regulators and responding thoughtfully to key consultations, championing best practice across the industry, and delivering webinars and roundtables for our members on important market topics. We are especially proud to have supported more than 100 graduates through the ELFA Academy, helping to develop future industry leaders.

The updated guidance introduces an annex to the CLO Data Reporting Best Practice, providing additional detail on reporting fields and clarifying disclosure standards for greater consistency across transactions.

Now including reference to the EU Platform on Sustainable Finance, a new question on issuers’ sustainability policies, clearer highlighting of sector-specific questions, enhanced KPI tables with data validation, refined formatting for better readability and ease of completion, and embedded macros for smoother usability with non-macro versions also available.

This guidance outlines eight best practice recommendations for European Cooperation Agreements, covering clarity of purpose, pari passu access, transparent fees and governance, and public communication protocols.

Co-published with our partners Akin, this examines the rise of portability provisions in loan documentation, highlighting issues around eligibility criteria, sponsor transparency, lender flexibility, and protective covenants.

ELFA has enhanced its CLO ESG Questionnaire to refine ESG metrics, improve data consistency, and align reporting standards for investors and managers.

This edition features a Q&A with macro strategist Matt King on market fragility post-GFC, insights from new Restructuring Committee co-chairs Mohit Agarwal and Dermot MacNamara, and a farewell message to Robert Gwilt following his placement year at ELFA.

ELFA will host its 6th annual Career Day this spring to support students facing barriers to entering financial services. The event will include CV and interview workshops led by HR professionals and a panel discussion with investment professionals sharing experiences of overcoming adversity.