Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 11/25/22
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 11/25/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Nielsen Hldg PLC | 2100 | Term Loan | 4/1/29 | S+500 |
| Amynta | 175 | Term Loan | 2/1/25 | S+500 |
| Focus Financial Partners LLC | 1760 | Term Loan | 6/30/28 | S+325 |
| Applied Systems Inc. | 1331 | Term Loan | 9/1/26 | S+450 |
| Solarwinds Inc. | 1245 | Term Loan | 11/14/27 | S+400 |
forward calendar
Forward calendar during the week ending 11/25/22
| Issuer | Deal Information | Banks | Expected Issue Date |
| Electro Rent Corp. | $534MM TLB (B-) | DB, BCLY, BMO, GS | 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 |
| Sebia | $225MM TLB | NMA, CAG, 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 11/18/22 – 11/25/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | -0.27% | 94.74 | 94.99 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.31% | 98.61 | 98.31 | 13 |
| 3 | 4,750 | ZAYO TL | -0.03% | 74.06 | 74.08 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.04% | 99.14 | 99.10 | 14 |
| 5 | 3,900 | DIRECTV TL | 0.27% | 95.73 | 95.47 | 12 |
| 6 | 3,600 | CDK GLOBAL TL | -0.01% | 98.48 | 98.50 | 13 |
| 7 | 3,582 | MISYS TL B | -0.08% | 90.47 | 90.55 | 14 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.00% | 98.38 | 98.38 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.11% | 92.36 | 92.27 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | 0.30% | 98.67 | 98.38 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.12% | 99.34 | 99.45 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -0.43% | 95.27 | 95.68 | 11 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 0.43% | 96.16 | 95.75 | 12 |
| 14 | 3,380 | SOLERA TL B | -3.17% | 91.27 | 94.26 | 15 |
| 15 | 3,325 | CINEWORLD TL B | -19.13% | 22.58 | 27.93 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.03% | 98.02 | 98.04 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | 0.06% | 97.41 | 97.35 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -3.00% | 16.52 | 17.03 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | -0.28% | 96.80 | 97.07 | 11 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.09% | 98.29 | 98.38 | 10 |
| AVERAGE | 3,826 | -1.26% | 87.61 | 88.05 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 11/18/22 – 11/25/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | WEST CORP TL B | 4.33% | 91.50 | 87.70 | 10 |
| 2 | STHI TL | 3.15% | 92.36 | 89.54 | 4 |
| 3 | SURGEY CENTER TL | 1.95% | 97.72 | 95.85 | 11 |
| 4 | COOPER STANDARD TL B | 1.82% | 97.44 | 95.70 | 11 |
| 5 | CAPITAL VISION SERVICES LLC TL | 1.14% | 84.60 | 83.65 | 9 |
| 6 | SPECTRUM BRANDS INC TL B | 1.04% | 97.25 | 96.25 | 2 |
| 7 | SABRE TL B | 1.00% | 99.60 | 98.61 | 6 |
| 8 | CYANCO TL B | 0.90% | 95.98 | 95.12 | 6 |
| 9 | ACPRODUCTS TL B | 0.82% | 72.78 | 72.18 | 15 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 0.77% | 98.47 | 97.72 | 14 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/18/22 – 11/25/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | CINEWORLD TL B | -19.13% | 22.58 | 27.93 | 15 |
| 2 | ALBANY MOLECULAR TL B | -5.82% | 83.72 | 88.90 | 9 |
| 3 | AMC ENTERTAINMENT TL B1 | -3.96% | 56.44 | 58.76 | 17 |
| 4 | NEP TL B | -3.24% | 84.14 | 86.96 | 6 |
| 5 | SOLERA TL B | -3.17% | 91.27 | 94.26 | 15 |
| 6 | PETVET TL | -1.78% | 92.53 | 94.21 | 6 |
| 7 | ADVANTAGE SALES TL B | -1.65% | 80.08 | 81.42 | 6 |
| 8 | LOGMEIN TL B | -1.48% | 64.66 | 65.63 | 11 |
| 9 | WHATABURGER TL B | -1.44% | 95.07 | 96.45 | 10 |
| 10 | BRIGHTSPRING TL B | -1.39% | 95.35 | 96.69 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/18/22 – 11/25/22
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 11/18/22 – 11/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 11/18/22 vs. the week ending 11/25/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ACCOLADE WINES GBP TL B | 2 | 20 | 18 | 900% |
| 2 | GENESIS CARE EUR TL B | 18 | 36 | 18 | 100% |
| 3 | NOBIAN EUR TL B | 12 | 26 | 14 | 117% |
| 4 | ASSUREDPARTNERS TL B4 | 2 | 16 | 14 | 700% |
| 5 | FOCUS FINANCIAL TL B5 | 1 | 14 | 13 | 1300% |
| 6 | APPLIED SYSTEMS EXT TL | 2 | 14 | 12 | 600% |
| 7 | OPEN TEXT CORP TL B | 8 | 20 | 12 | 150% |
| 8 | CITRIX EUR TL B | 6 | 16 | 10 | 167% |
| 9 | TECHEM EUR TL B4 | 32 | 42 | 10 | 31% |
| 10 | BMC SOFTWARE EUR TL B | 8 | 18 | 10 | 125% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/18/22 – 11/25/22
| RANK | TRANCHE | DEALERS |
| 1 | CONVERGEONE TL B | 17 |
| 2 | AMC ENTERTAINMENT TL B1 | 17 |
| 3 | CINEWORLD TL B | 17 |
| 4 | BRAND ENERGY TL | 17 |
| 5 | SIGMA BIDCO GBP TL B4 | 16 |
| 6 | TRANSDIGM INC. TL E | 16 |
| 7 | NTL CABLE PLC EUR TL R | 16 |
| 8 | STADA ARZNEIMITTEL EUR TL F | 16 |
| 9 | FRONERI TL B | 16 |
| 10 | CERBA HEALTHCARE EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/18/22 – 11/25/22
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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