Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 12/9/22
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 12/9/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Axalta Coating Systems US Holdings Inc. | 2000 | Term Loan | 11/29/2029 | S+300 |
| Guggenheim Partners Investment Mgmt Hldgs LLC | 785 | Term Loan | 11/30/2029 | S+325 |
| American Axle & Manufacturing Inc. | 675 | Term Loan | 12/2/2029 | S+360 |
| Altice Intl. SARL | 1600 | Term Loan | 10/1/2027 | S+500 |
| TransDigm Group Inc. | 1725 | Term Loan | 2/1/2027 | S+350 |
forward calendar
Forward calendar during the week ending 12/9/22
| Issuer | Deal Information | Banks | Expected Issue Date |
| Dealer Tire | $1.35B TLB (B1) | JPM | 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 |
| Vistage Worldwide | $44MM TL | GLB | Q4 2022 |
| 888 Holdings PLC | $75MM TLB (B1/B/BB+) | MS, JPM, BCLY | Q4 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 12/2/22 – 12/9/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | -0.25% | 95.03 | 95.27 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.19% | 98.56 | 98.75 | 12 |
| 3 | 4,750 | ZAYO TL | 2.71% | 79.81 | 77.70 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.04% | 99.49 | 99.45 | 14 |
| 5 | 3,900 | DIRECTV TL | 0.37% | 96.21 | 95.86 | 13 |
| 6 | 3,600 | CDK GLOBAL TL | -0.09% | 98.89 | 98.98 | 12 |
| 7 | 3,582 | MISYS TL B | -1.15% | 89.07 | 90.11 | 13 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.16% | 98.53 | 98.38 | 15 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.34% | 93.70 | 93.39 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | -0.10% | 98.31 | 98.41 | 10 |
| 11 | 3,400 | REFRESCO HOLDING EUR TL B | -0.11% | 96.43 | 96.53 | 13 |
| 12 | 3,380 | SOLERA TL B | 0.00% | 92.05 | 92.05 | 15 |
| 13 | 3,325 | CINEWORLD TL B | -7.03% | 19.42 | 20.89 | 15 |
| 14 | 3,312 | HUB INTL LTD TL B | 0.14% | 98.19 | 98.06 | 13 |
| 15 | 3,300 | NTL CABLE PLC TL N | 0.07% | 97.63 | 97.56 | 11 |
| 16 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -6.32% | 14.50 | 15.48 | 11 |
| 17 | 3,190 | INTELSAT EXIT TL B | -0.03% | 96.41 | 96.45 | 10 |
| 18 | 3,100 | TRANSUNION TL B6 | 0.03% | 98.41 | 98.38 | 10 |
| 19 | 3,000 | WESTINGHOUSE TL B | 0.20% | 98.22 | 98.03 | 10 |
| 20 | 3,000 | DELTA SKYMILES TL B | 0.16% | 101.76 | 101.59 | 11 |
| AVERAGE | 3,778 | -0.55% | 88.03 | 88.07 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 12/2/22 – 12/9/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | GOPHER RESOURCE TL | 5.45% | 69.67 | 66.07 | 10 |
| 2 | ZAYO TL | 2.71% | 79.81 | 77.70 | 13 |
| 3 | BAUSCH HEALTH COMPANIES INC. TL B | 1.95% | 75.44 | 74.00 | 13 |
| 4 | SPRINGS WINDOW TL B | 1.91% | 80.76 | 79.25 | 7 |
| 5 | ASSUREDPARTNERS TL B | 1.72% | 98.05 | 96.40 | 7 |
| 6 | USS PARENT TL B | 1.53% | 82.76 | 81.51 | 12 |
| 7 | IMPERVA TL | 1.41% | 81.46 | 80.32 | 8 |
| 8 | HEARTHSIDE FOODS TL B | 1.33% | 87.82 | 86.67 | 12 |
| 9 | CROCS TL B | 1.19% | 97.57 | 96.43 | 9 |
| 10 | STAPLES TL B1 | 0.97% | 90.20 | 89.33 | 14 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 12/2/22 – 12/9/22
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | AMC ENTERTAINMENT TL B1 | -15.01% | 47.44 | 55.82 | 16 |
| 2 | WEST MARINE 2ND LIEN TL B | -13.03% | 54.16 | 62.27 | 4 |
| 3 | RSA SECURITY LLC 2ND LIEN TL | -11.63% | 39.59 | 44.80 | 8 |
| 4 | TROPICANA 2ND LIEN TL | -6.79% | 82.72 | 88.75 | 6 |
| 5 | PRETIUM PACKAGING TL B | -6.25% | 78.52 | 83.76 | 7 |
| 6 | WHEEL PROS TL | -5.77% | 61.86 | 65.65 | 13 |
| 7 | XPLORNET TL | -2.77% | 78.72 | 80.96 | 5 |
| 8 | AIR MEDICAL TL B | -2.38% | 76.35 | 78.21 | 10 |
| 9 | PATHWAY PARTNERS VET MANAGEMENT TL | -2.20% | 85.53 | 87.46 | 7 |
| 10 | VISUAL COMFORT TL | -2.17% | 89.63 | 91.62 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/2/22 – 12/9/22
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 12/2/22 – 12/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 12/2/22 vs. the week ending 12/9/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | PROMONTORY TL | 0 | 43 | 43 | NA |
| 2 | SCIENTIFIC GAMES TL B | 58 | 86 | 28 | 48% |
| 3 | SABRE INDUSTRIES TL | 36 | 60 | 24 | 67% |
| 4 | FIRST STUDENT TL B | 28 | 52 | 24 | 86% |
| 5 | PRETIUM PACKAGING TL B | 25 | 48 | 23 | 92% |
| 6 | COMPREHENSIVE EYECARE PARTNERS EXT TL B | 5 | 28 | 23 | 460% |
| 7 | TEAM HEALTH EXT TL B | 24 | 46 | 22 | 92% |
| 8 | JMC STEEL TL | 24 | 46 | 22 | 92% |
| 9 | ION CORPORATES TL B | 38 | 58 | 20 | 53% |
| 10 | COREL TL | 22 | 42 | 20 | 91% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/2/22 – 12/9/22
| RANK | TRANCHE | DEALERS |
| 1 | SIGMA BIDCO GBP TL B4 | 17 |
| 2 | CONVERGEONE TL B | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 16 |
| 4 | TRANSDIGM INC. TL E | 16 |
| 5 | BMC SOFTWARE TL B | 16 |
| 6 | BRAND ENERGY TL | 16 |
| 7 | FRONERI TL B | 16 |
| 8 | CERBA HEALTHCARE EUR TL C | 15 |
| 9 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 15 |
| 10 | NTL CABLE PLC GBP TL M | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/2/22 – 12/9/22
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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