Syndicated Bank Loan Market Summary – Week Ending 11/18/22
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Syndicated Bank Loan Market Summary: Week Ending 11/18/22
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 11/18/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| USI Corp. | 2500 | Term Loan | 11/14/29 | S+375 |
| Open Text Corp. | 3585 | Term Loan | 11/4/29 | S+360 |
forward calendar
Forward calendar during the week ending 11/18/22
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Applied Systems Inc. | $2.476 credit facilities: $80MM RC; $1.79B TL; $606MM TL | NMA, JEFF | 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 |
| 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 11/10/22 – 11/18/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,000 | UNITED CONTINENTAL TL B | -0.12% | 98.31 | 98.42 | 13 |
| 2 | 4,750 | ZAYO TL | -5.57% | 74.08 | 78.45 | 12 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.07% | 99.10 | 99.16 | 14 |
| 4 | 4,463 | ULTIMATE SOFTWARE TL B | -0.52% | 96.47 | 96.98 | 10 |
| 5 | 3,900 | DIRECTV TL | 0.14% | 95.47 | 95.33 | 12 |
| 6 | 3,600 | CDK GLOBAL TL | -0.24% | 98.50 | 98.73 | 13 |
| 7 | 3,582 | MISYS TL B | 0.19% | 90.55 | 90.38 | 15 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.11% | 98.38 | 98.49 | 16 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.43% | 92.27 | 91.87 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | 0.42% | 98.38 | 97.97 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.23% | 99.45 | 99.68 | 11 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -0.32% | 95.68 | 95.99 | 11 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 0.32% | 95.75 | 95.44 | 12 |
| 14 | 3,380 | SOLERA TL B | -0.35% | 94.26 | 94.59 | 16 |
| 15 | 3,325 | CINEWORLD TL B | -4.32% | 27.93 | 29.19 | 16 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.11% | 98.04 | 98.15 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.31% | 97.35 | 97.65 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -5.44% | 17.03 | 18.01 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | 0.51% | 97.07 | 96.58 | 10 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.41% | 98.38 | 98.78 | 10 |
| AVERAGE | 3,686 | -0.81% | 88.12 | 88.49 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 11/10/22 – 11/18/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | SIGMA BIDCO EUR TL B1 | 6.33% | 89.67 | 84.33 |
| 2 | ICP GROUP TL | 5.88% | 83.98 | 79.32 |
| 3 | COOPER STANDARD TL B | 5.76% | 95.70 | 90.49 |
| 4 | EPIC CRUDE TL B | 5.61% | 87.84 | 83.17 |
| 5 | PRINCE MINERALS TL | 4.30% | 84.14 | 80.67 |
| 6 | ASURION 2ND LIEN TL B4 | 4.07% | 77.36 | 74.33 |
| 7 | TRINSEO TL B | 3.43% | 93.26 | 90.17 |
| 8 | CENGAGE TL B | 3.12% | 91.93 | 89.15 |
| 9 | CORELOGIC TL B | 3.01% | 76.34 | 74.12 |
| 10 | EDGEWATER GENERATION TL B | 2.99% | 93.35 | 90.64 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/10/22 – 11/18/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | NATIONAL CINEMEDIA TL B | -8.06% | 36.43 | 39.63 |
| 2 | ZAYO TL | -5.57% | 74.08 | 78.45 |
| 3 | AMC ENTERTAINMENT TL B1 | -4.58% | 58.76 | 61.58 |
| 4 | ADVANTAGE SALES TL B | -4.42% | 81.42 | 85.18 |
| 5 | PACKERS HOLDINGS TL | -4.03% | 88.51 | 92.23 |
| 6 | IMPRIVATA INC TL | -3.60% | 94.82 | 98.36 |
| 7 | LANDESK 2ND LIEN TL | -3.41% | 59.41 | 61.50 |
| 8 | RCN GRANDE TL | -3.30% | 88.68 | 91.71 |
| 9 | PLASKOLITE TL | -3.07% | 90.35 | 93.21 |
| 10 | PATHWAY PARTNERS VET MANAGEMENT TL | -2.30% | 89.22 | 91.33 |
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 11/10/22 – 11/18/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 11/10/22 vs. the week ending 11/18/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | UNITED NATURAL FOODS TL B | 52 | 88 | 36 | 69% |
| 2 | HILEX POLY TL B | 78 | 112 | 34 | 44% |
| 3 | STARS GROUP TL B | 52 | 86 | 34 | 65% |
| 4 | GATES GLOBAL TL B | 54 | 88 | 34 | 63% |
| 5 | KIK CUSTOM TL B | 64 | 96 | 32 | 50% |
| 6 | DAE AVIATION TL | 74 | 106 | 32 | 43% |
| 7 | UNITED CONTINENTAL TL B | 52 | 84 | 32 | 62% |
| 8 | DELTA SKYMILES TL B | 54 | 86 | 32 | 59% |
| 9 | MESSER INDUSTRIES TL B | 62 | 94 | 32 | 52% |
| 10 | BERRY PLASTICS TL Z | 69 | 100 | 31 | 45% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/10/22 – 11/18/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CINEWORLD TL B | 19 |
| 2 | CONVERGEONE TL B | 18 |
| 3 | AMC ENTERTAINMENT TL B1 | 17 |
| 4 | TRANSDIGM INC. TL E | 17 |
| 5 | BMC SOFTWARE TL B | 17 |
| 6 | BRAND ENERGY TL | 17 |
| 7 | CINEWORLD TL B | 16 |
| 8 | SIGMA BIDCO GBP TL B4 | 16 |
| 9 | TRANSDIGM INC. TL G | 16 |
| 10 | TRANSDIGM INC. TL F | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/10/22 – 11/18/22
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
Stay up-to-date with weekly summaries.
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