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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