Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 11/10/22

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 11/10/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Watlow Electric Manufacturing 175 Term Loan 3/1/28 S+500
Nomad Foods 130 Term Loan 11/4/29 L+350
Angus Chemical Company 125 Term Loan 11/1/27 S+475
Starwood Property Trust Inc. 600 Term Loan 11/1/27 S+325

forward calendar

Forward calendar during the week ending 11/10/22

Issuer Deal Information Banks Expected Issue Date
Delek US Holdings Inc. $950MM TLB WF, 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
Opentext Corp. $3.085B TLB BCLY, BMO, RBC, CITI, MUFG, HSBC, PNC Q4 2022
Ripic Holdings $2.25B credit facilities: $300MM RC; $1.95 TLs UBS, RBC, BNP, BMO, MIZ, NTXS Q4 2022
Tegna 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

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 11/4/22 – 11/10/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,000 UNITED CONTINENTAL TL B 0.66% 98.31 97.66 13
2 4,750 ZAYO TL -3.10% 78.55 81.06 12
3 4,700 CAESARS RESORT COLLECTION TL B 0.38% 99.16 98.79 13
4 4,463 ULTIMATE SOFTWARE TL B 0.74% 97.03 96.31 10
5 3,900 DIRECTV TL 0.27% 95.32 95.06 12
6 3,600 CDK GLOBAL TL 0.84% 98.72 97.90 13
7 3,582 MISYS TL B 0.58% 90.45 89.93 14
8 3,524 TRANSDIGM INC. TL F 0.53% 98.48 97.96 16
9 3,515 LIFEPOINT HOSPITALS TL B 2.04% 91.89 90.05 10
10 3,500 AMERICAN AIRLINES TL B 0.68% 99.63 98.96 10
11 3,450 GOLDEN NUGGET INC TL B 2.27% 95.98 93.85 11
12 3,400 REFRESCO HOLDING EUR TL B 0.84% 95.29 94.49 12
13 3,380 SOLERA TL B 2.16% 94.51 92.51 14
14 3,325 CINEWORLD TL B -10.88% 29.09 32.64 16
15 3,312 HUB INTL LTD TL B 0.34% 98.15 97.82 12
16 3,300 NTL CABLE PLC TL N 0.30% 97.64 97.35 12
17 3,222 DIAMOND SPORTS 2ND LIEN TL -6.20% 17.90 19.09 12
18 3,190 INTELSAT EXIT TL B -0.13% 96.60 96.72 10
19 3,100 TRANSUNION TL B6 0.23% 98.75 98.52 10
20 3,000 WESTINGHOUSE TL B 0.38% 98.60 98.23 12
AVERAGE 3,661 -0.35% 88.50 88.24 12.2

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 11/4/22 – 11/10/22

RANK NAME CHANGE PX PX-1W
1 CLARION EVENTS TL 12.02% 64.64 57.71
2 PRINCE MINERALS TL 5.69% 80.67 76.33
3 IMPALA EUR TL B 4.53% 90.76 86.83
4 PAYSAFE EUR TL B 4.46% 84.35 80.74
5 RADIOLOGY PARTNERS TL B 3.29% 84.27 81.58
6 ASURION 2ND LIEN TL B4 3.24% 74.33 72.00
7 UNIVERSAL SERVICES EUR TL B 3.14% 91.44 88.66
8 UNIT 4 AGRESSO NV EUR TL B 2.81% 89.35 86.91
9 B&B HOTELS EUR TL B 2.68% 91.91 89.51
10 CORIALIS EUR TL B 2.67% 90.94 88.57

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 11/4/22 – 11/10/22

RANK NAME CHANGE PX PX-1W
1 KETER GROUP EUR TL B -13.76% 73.41 85.11
2 AMC ENTERTAINMENT TL B1 -8.56% 61.58 67.35
3 RSA SECURITY LLC TL B -5.30% 67.85 71.64
4 MULTIPLAN TL B -4.39% 88.56 92.63
5 US RENAL CARE TL B -3.80% 60.13 62.50
6 WEIGHT WATCHERS TL B -3.16% 60.86 62.85
7 ZAYO TL -3.07% 78.45 80.94
8 SELECT STAFFING TL B -2.66% 82.99 85.26
9 RESEARCH NOW TL -2.65% 86.13 88.48
10 TELESAT TL B5 -2.62% 49.67 51.01

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 11/4/22 – 11/10/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 11/4/22 vs. the week ending 11/10/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 FRONERI EUR TL B 18 34 16 89%
2 IMS HEALTH EUR TL B2 22 36 14 64%
3 IMS HEALTH EUR TL B1 30 44 14 47%
4 VIRTUSA EXT TL B 20 34 14 70%
5 CLOUDERA TL B 22 34 12 55%
6 ROOMPOT EUR TL B 10 22 12 120%
7 BAYER AG TL B 0 12 12 NA
8 PRESIDIO TL B 20 32 12 60%
9 CINEWORLD EUR TL B 14 26 12 86%
10 CLARION EVENTS GBP TL 4 16 12 300%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 11/4/22 – 11/10/22

RANK TRANCHE DEALERS
1 CINEWORLD TL B 19
2 SIGMA BIDCO GBP TL B4 17
3 AMC ENTERTAINMENT TL B1 17
4 CONVERGEONE TL B 17
5 TRANSDIGM INC. TL E 17
6 CHEPLAPHARM ARZNEIMITTEL EUR TL B 16
7 TRANSDIGM INC. TL G 16
8 TRANSDIGM INC. TL F 16
9 DAE AVIATION TL 16
10 NTL CABLE PLC EUR TL R 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 11/4/22 – 11/10/22

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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