Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 10/28/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 10/28/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Go Daddy Group Inc. | 1770 | Term Loan | 10/19/29 | S+325 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 10/28/22
| Issuer | Deal Information | Banks | Expected Issue Date |
| Ineos Group Holdings | $750MM TLB (Ba2/BB) | JPM, DB, ABN, BCLY, CA, CMZB, ING, ITS, KBC, MUFG | Q4 2022 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q4 2022 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q4 2022 |
| Open Text Corp. | $2.585 DD TL | BCLY, BMO, RBC, CITI | Q4 2022 |
| Ripic Holdings | $2.25B credit facilities: $300MM RC; $1.95 TLs | UBS, RBC, BNP, BMO, MIZ, NTXS | Q4 2022 |
| Tenga Inc. | $4B credit facilities: $500MM RC; $3.5B TL | RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC | Q4 2022 |
| Watlow Electric Manufacturing Co. | $175MM TLB | BMO, CTB | Q4 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/21/22 – 10/28/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 5,160 | INTEL TL | -2.45% | 90.91 | 93.19 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.40% | 97.27 | 96.89 | 12 |
| 3 | 4,750 | ZAYO TL | -2.17% | 80.02 | 81.80 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.00% | 98.70 | 98.71 | 12 |
| 5 | 3,900 | DIRECTV TL | 0.05% | 94.78 | 94.73 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | 0.34% | 97.61 | 97.28 | 12 |
| 7 | 3,582 | MISYS TL B | 2.37% | 89.60 | 87.52 | 16 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.26% | 97.41 | 97.16 | 16 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | -2.57% | 87.76 | 90.08 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | -0.02% | 98.78 | 98.80 | 11 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 0.44% | 93.10 | 92.70 | 11 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | 2.97% | 94.26 | 91.54 | 14 |
| 13 | 3,380 | SOLERA TL B | -0.05% | 90.49 | 90.54 | 15 |
| 14 | 3,325 | CINEWORLD TL B | 10.52% | 28.38 | 25.68 | 15 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.21% | 98.13 | 97.92 | 11 |
| 16 | 3,300 | NTL CABLE PLC TL N | -0.10% | 97.88 | 97.98 | 12 |
| 17 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -4.34% | 19.63 | 20.52 | 11 |
| 18 | 3,100 | TRANSUNION TL B6 | 0.25% | 98.26 | 98.01 | 10 |
| 19 | 3,000 | DELTA SKYMILES TL B | 0.09% | 100.72 | 100.63 | 10 |
| 20 | 3,000 | WESTINGHOUSE TL B | 0.51% | 98.16 | 97.66 | 13 |
| AVERAGE | 3,686 | 0.34% | 87.59 | 87.47 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 10/21/22 – 10/28/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | CASINO GUICHARD EUR TL B | 9.64% | 80.64 | 73.55 |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 4.73% | 94.50 | 90.24 |
| 3 | INSPIRED FINCO HOLDINGS EUR TL B | 4.41% | 96.20 | 92.13 |
| 4 | XELLA INTERNATIONAL GMBH EUR TL B | 4.23% | 79.03 | 75.82 |
| 5 | RECIPHARM EUR TL B | 3.89% | 88.84 | 85.52 |
| 6 | BIOGROUP EXT EUR TL B | 3.51% | 90.87 | 87.79 |
| 7 | CANOPY GROWTH TL B | 3.32% | 82.08 | 79.44 |
| 8 | METRONET TL B | 3.29% | 99.03 | 95.88 |
| 9 | MEHILAINEN EUR TL B2 | 3.20% | 92.33 | 89.48 |
| 10 | RESTORATION HARDWARE TL B | 3.00% | 92.82 | 90.12 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 10/21/22 – 10/28/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | VISTAPRINT TL B | -8.42% | 82.00 | 89.54 |
| 2 | CISION TL B | -8.04% | 67.85 | 73.79 |
| 3 | VENATOR TL B | -7.13% | 67.69 | 72.89 |
| 4 | COVENANT SURGICAL TL | -5.75% | 85.92 | 91.17 |
| 5 | RACKSPACE HOSTING TL B | -5.42% | 63.19 | 66.81 |
| 6 | CONVERGEONE TL B | -4.58% | 64.75 | 67.85 |
| 7 | MEDPLAST TL | -4.14% | 88.21 | 92.02 |
| 8 | CONSTANT CONTACT 2ND LIEN TL | -3.86% | 83.42 | 86.77 |
| 9 | ELECTRONICS FOR IMAGING TL | -3.81% | 74.46 | 77.41 |
| 10 | BLOUNT TL B | -3.80% | 80.74 | 83.93 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/23/22 – 9/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Sentiment
Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 10/21/22 – 10/28/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/21/22 vs. the week ending 10/28/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CHG HEALTHCARE TL B | 49 | 70 | 21 | 43% |
| 2 | MEDICAL SOLUTIONS TL | 16 | 36 | 20 | 125% |
| 3 | JAZZ PHARMA TL B | 60 | 80 | 20 | 33% |
| 4 | LIFESCAN TL B | 44 | 64 | 20 | 45% |
| 5 | QWEST CORPORATION TL A | 10 | 30 | 20 | 200% |
| 6 | AIR MEDICAL TL B2 | 33 | 52 | 19 | 58% |
| 7 | PLY GEM TL | 53 | 71 | 18 | 34% |
| 8 | MADISON IAQ TL | 32 | 50 | 18 | 56% |
| 9 | TRINSEO TL B | 13 | 30 | 17 | 131% |
| 10 | COMPREHENSIVE EYECARE PARTNERS TL | 24 | 41 | 17 | 71% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/21/22 – 10/28/22
| RANK | TRANCHE | DEALERS |
| 1 | SIGMA BIDCO GBP TL B4 | 18 |
| 2 | CINEWORLD TL B | 18 |
| 3 | CEVA SANTE ANIMALE EUR TL B | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | AMC ENTERTAINMENT TL B1 | 18 |
| 7 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 8 | ACTION NEDERLAND EUR TL B | 17 |
| 9 | STADA ARZNEIMITTEL EUR TL F | 17 |
| 10 | ACTION NEDERLAND EXT EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/21/22 – 10/28/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/23/22 – 9/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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