Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 12/2/22
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 12/2/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Sebia SA | 250 | Term Loan | 12/1/2027 | S+475 |
| Electro Rent Corp. | 520 | Term Loan | 11/1/2024 | S+560 |
forward calendar
Forward calendar during the week ending 12/2/22
| Issuer | Deal Information | Banks | Expected Issue Date |
| Axalta Coating Systems | $2B TLB | BCLY | 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 |
| 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 11/25/22 – 12/2/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | 0.56% | 95.27 | 94.74 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.14% | 98.75 | 98.61 | 12 |
| 3 | 4,750 | ZAYO TL | 4.92% | 77.70 | 74.06 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.31% | 99.45 | 99.14 | 14 |
| 5 | 3,900 | DIRECTV TL | 0.14% | 95.86 | 95.73 | 12 |
| 6 | 3,600 | CDK GLOBAL TL | 0.50% | 98.98 | 98.48 | 12 |
| 7 | 3,582 | MISYS TL B | -0.40% | 90.11 | 90.47 | 14 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.00% | 98.38 | 98.38 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.11% | 93.39 | 92.36 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | -0.27% | 98.41 | 98.67 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.04% | 99.30 | 99.34 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 0.15% | 95.41 | 95.27 | 10 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 0.39% | 96.53 | 96.16 | 12 |
| 14 | 3,380 | SOLERA TL B | 0.85% | 92.05 | 91.27 | 15 |
| 15 | 3,325 | CINEWORLD TL B | -7.48% | 20.89 | 22.58 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.04% | 98.06 | 98.02 | 13 |
| 17 | 3,300 | NTL CABLE PLC TL N | 0.16% | 97.56 | 97.41 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -6.30% | 15.48 | 16.52 | 11 |
| 19 | 3,190 | INTELSAT EXIT TL B | -0.36% | 96.45 | 96.80 | 10 |
| 20 | 3,100 | TRANSUNION TL B6 | 0.10% | 98.38 | 98.29 | 10 |
| AVERAGE | 3,826 | -0.27% | 87.82 | 87.61 | 11.8 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 11/25/22 – 12/2/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | ZAYO TL | 4.92% | 77.70 | 74.06 | 13 |
| 2 | NUMERICABLE TL B12 | 3.42% | 95.76 | 92.60 | 8 |
| 3 | CAMPING WORLD TL B | 2.57% | 90.80 | 88.52 | 9 |
| 4 | RACKSPACE HOSTING TL B | 2.04% | 67.81 | 66.45 | 9 |
| 5 | BAUSCH & LOMB INC TL | 1.93% | 95.26 | 93.45 | 11 |
| 6 | LANDESK TL B | 1.74% | 77.50 | 76.18 | 7 |
| 7 | SPRINGS WINDOW TL B | 1.69% | 79.25 | 77.92 | 7 |
| 8 | COX ENTERPRISES, INC. TL B | 1.47% | 93.64 | 92.28 | 8 |
| 9 | ALTICE FINANCING TL B | 1.47% | 97.79 | 96.37 | 7 |
| 10 | ATLANTIC BROADBAND TL B | 1.33% | 97.97 | 96.68 | 10 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/25/22 – 12/2/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | CINEWORLD TL B | -7.48% | 20.89 | 22.58 | 13 |
| 2 | TEAM HEALTH EXT TL B | -6.82% | 70.38 | 75.53 | 10 |
| 3 | AVAYA EXT TL B1 | -5.01% | 47.30 | 49.80 | 8 |
| 4 | TECTUM HOLDINGS INC TL B | -3.67% | 85.40 | 88.65 | 12 |
| 5 | PRESS GANEY TL | -2.49% | 92.03 | 94.37 | 4 |
| 6 | TEAM HEALTH TL | -2.45% | 83.72 | 85.83 | 12 |
| 7 | CITY BREWING TL B | -2.25% | 61.04 | 62.45 | 6 |
| 8 | ALBANY MOLECULAR TL B | -2.18% | 81.90 | 83.72 | 9 |
| 9 | ASPEN DENTAL TL B | -2.12% | 90.83 | 92.79 | 7 |
| 10 | PATHWAY PARTNERS VET MANAGEMENT TL | -1.78% | 87.46 | 89.04 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/25/22 – 12/2/22
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 11/25/22 – 12/2/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 11/25/22 vs. the week ending 12/2/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | MESSER INDUSTRIES TL B | 76 | 108 | 32 | 42% |
| 2 | TRANSDIGM INC. TL E | 68 | 100 | 32 | 47% |
| 3 | BAUSCH & LOMB INC TL | 52 | 84 | 32 | 62% |
| 4 | BERRY PLASTICS TL Z | 71 | 101 | 30 | 42% |
| 5 | MISYS TL B | 50 | 80 | 30 | 60% |
| 6 | HUB INTL LTD TL B | 58 | 88 | 30 | 52% |
| 7 | PEABODY ENERGY TL B | 34 | 63 | 29 | 85% |
| 8 | CONVERGEONE TL B | 60 | 89 | 29 | 48% |
| 9 | HUB INTL LTD TL B3 | 60 | 89 | 29 | 48% |
| 10 | UBER TECHNOLOGIES TL B | 40 | 69 | 29 | 73% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/25/22 – 12/2/22
| RANK | TRANCHE | DEALERS |
| 1 | CONVERGEONE TL B | 17 |
| 2 | SIGMA BIDCO GBP TL B4 | 16 |
| 3 | AMC ENTERTAINMENT TL B1 | 16 |
| 4 | BMC SOFTWARE TL B | 16 |
| 5 | BRAND ENERGY TL | 16 |
| 6 | FRONERI TL B | 16 |
| 7 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 15 |
| 8 | CERBA HEALTHCARE EUR TL C | 15 |
| 9 | HURTIGRUTEN GROUP EUR TL B | 15 |
| 10 | CINEWORLD TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/25/22 – 12/2/22
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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