Syndicated Bank Loan Market Summary – Week Ending 1/20/23
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Syndicated Bank Loan Market Summary: Week Ending 1/20/23
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 1/20/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Windstream Services LLC | 250 | Term Loan | 2/23/2027 | N/A |
| RelaDyne Inc. | 250 | Term Loan | 12/1/2028 | S+500 |
| Ciena Corp. | 500 | Term Loan | 1/9/2030 | S+250 |
forward calendar
Forward calendar during the week ending 1/20/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Atlas Air Worldwide | $1.9B credit facilities: $300MM RC; $1.6B TL | GS, BCLY, AP, MIZ, CAG | Q1 2023 |
| Intrado | $925MM credit facilities: $100MM RC; $825MM TLB | RBC | Q1 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q1 2023 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q1 2023 |
| Tegna Inc. | $4B credit facilities: $500MM RC; $3.5B TL | RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC | Q1 2023 |
| Whitewater Whistler Holdings LLC | $500MM TLB (Ba2) | BCLY, BLS, GS, CS, MACQ, MUFG | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/13/23 – 1/20/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,000 | UNITED CONTINENTAL TL B | -0.05% | 99.67 | 99.73 | 14 |
| 2 | 4,750 | ZAYO TL | 2.05% | 85.20 | 83.49 | 15 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.15% | 99.80 | 99.95 | 13 |
| 4 | 3,900 | DIRECTV TL | -0.18% | 97.88 | 98.05 | 12 |
| 5 | 3,600 | CDK GLOBAL TL | -0.05% | 99.72 | 99.77 | 11 |
| 6 | 3,582 | MISYS TL B | 1.83% | 93.20 | 91.53 | 15 |
| 7 | 3,524 | TRANSDIGM INC. TL F | -0.07% | 99.51 | 99.58 | 14 |
| 8 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.07% | 97.00 | 96.93 | 10 |
| 9 | 3,500 | AMERICAN AIRLINES TL B | -0.07% | 101.93 | 102.00 | 10 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | 0.29% | 98.24 | 97.95 | 11 |
| 11 | 3,420 | RCN GRANDE TL | 0.42% | 83.39 | 83.04 | 10 |
| 12 | 3,380 | SOLERA TL B | -0.01% | 94.86 | 94.87 | 15 |
| 13 | 3,325 | CINEWORLD TL B | 2.29% | 18.39 | 17.98 | 13 |
| 14 | 3,312 | HUB INTL LTD TL B | 0.21% | 99.81 | 99.60 | 12 |
| 15 | 3,300 | NTL CABLE PLC TL N | 0.02% | 99.27 | 99.25 | 10 |
| 16 | 3,190 | INTELSAT EXIT TL B | 0.77% | 98.27 | 97.52 | 10 |
| 17 | 3,100 | TRANSUNION TL B6 | -0.12% | 99.54 | 99.66 | 11 |
| 18 | 3,000 | DELTA SKYMILES TL B | 0.27% | 103.07 | 102.79 | 12 |
| 19 | 3,000 | WESTINGHOUSE TL B | 0.00% | 99.75 | 99.75 | 10 |
| 20 | 2,985 | HARBOR FREIGHT TL B | 0.59% | 97.88 | 97.31 | 11 |
| AVERAGE | 3,577 | 0.41% | 93.32 | 93.04 | 12.0 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 1/13/23-1/20/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RSA SECURITY LLC 2ND LIEN TL | 12.62% | 55.66 | 49.42 | 9 |
| 2 | MISYS 2ND LIEN TL | 5.16% | 78.16 | 74.33 | 15 |
| 3 | AIR MEDICAL TL B2 | 3.96% | 72.57 | 69.81 | 9 |
| 4 | MULTIPLAN TL B | 3.04% | 89.52 | 86.88 | 9 |
| 5 | ERESEARCH TL B | 2.77% | 91.19 | 88.73 | 6 |
| 6 | PRETIUM PACKAGING TL B | 2.72% | 87.60 | 85.27 | 8 |
| 7 | TECTUM HOLDINGS INC TL B | 2.31% | 89.46 | 87.45 | 13 |
| 8 | CAPITAL VISION SERVICES LLC TL | 2.28% | 89.16 | 87.17 | 10 |
| 9 | WESTJET TL | 2.26% | 94.87 | 92.78 | 11 |
| 10 | SERTA SIMMONS SO TL | 2.18% | 50.74 | 49.66 | 10 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/13/23-1/20/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CORRECT CARE TL B | -8.10% | 72.09 | 78.44 | 7 |
| 2 | REVLON TL B2 | -5.07% | 45.26 | 47.68 | 6 |
| 3 | LOGMEIN TL B | -4.37% | 53.24 | 55.67 | 12 |
| 4 | CAMPING WORLD TL B | -1.32% | 93.44 | 94.69 | 10 |
| 5 | LIGHTSTONE GENERATION LLC TL B | -1.08% | 88.91 | 89.88 | 8 |
| 6 | VERITAS US INC TL B | -0.99% | 69.59 | 70.29 | 9 |
| 7 | TIERPOINT TL | -0.71% | 93.26 | 93.93 | 8 |
| 8 | GENON ENERGY INC TL B | -0.66% | 97.31 | 97.97 | 10 |
| 9 | EDGEWATER GENERATION TL B | -0.64% | 95.60 | 96.22 | 14 |
| 10 | ALLEN MEDIA TL B | -0.62% | 80.14 | 80.64 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/13/23-1/20/23 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 1/13/23-1/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 1/13/23 vs. the week ending 1/20/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | WARNER MUSIC TL | 10 | 44 | 34 | 340% |
| 2 | MISTER CAR WASH TL B | 28 | 52 | 24 | 86% |
| 3 | OBERTHUR TECHNOLOGIES SA EUR TL B | 20 | 40 | 20 | 100% |
| 4 | AREAS EUR TL B1 | 8 | 28 | 20 | 250% |
| 5 | ALEXANDER MANN GBP TL B | 14 | 30 | 16 | 114% |
| 6 | ALPHA GROUP EUR TL | 2 | 18 | 16 | 800% |
| 7 | ALIXPARTNERS EUR TL B | 14 | 30 | 16 | 114% |
| 8 | ARMACELL EUR TL B | 2 | 18 | 16 | 800% |
| 9 | AERNNOVA AEROSPACE EUR TL B | 4 | 18 | 14 | 350% |
| 10 | EXACT HOLDING EUR TL B2 | 4 | 16 | 12 | 300% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/13/23-1/20/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | BRAND ENERGY TL | 17 |
| 2 | CONVERGEONE TL B | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 16 |
| 4 | TRANSDIGM INC. TL E | 16 |
| 5 | AMERICAN BATH TL | 16 |
| 6 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 15 |
| 7 | MISYS 2ND LIEN TL | 15 |
| 8 | KETER GROUP EUR TL B | 15 |
| 9 | NUMERICABLE EUR TL B12 | 15 |
| 10 | PROSOL GESTION EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/13/23-1/20/23
Sector Bid-Offer Spread
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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