Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 1/27/23
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 1/27/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Caesars Entertainment Inc. | 2500 | Term Loan | 1/20/2030 | S+335 |
| Intrado Inc. | 100 | Revolving Credit | 1/17/2028 | N/A |
| Intrado Inc. | 875 | Term Loan | 1/17/2030 | S+400 |
| GFL Environmental Inc. | 1287 | Term Loan | 5/31/2027 | N/A |
forward calendar
Forward calendar during the week ending 1/27/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| American Greetings Corp. | $282 MM TL | BCLY | Q1 2023 |
| Atlas Air Worldwide | $1.9B credit facilities: $300MM RC; $1.6B TL | GS, BCLY, AP, MIZ, CAG | Q1 2023 |
| Brazos Midstream | $800MM TLB (B1/B+) | BCLY, JEFF, BOK, CDB | Q1 2023 |
| Caesars Entertainment Inc. | $1.75B TLB | JPM | Q1 2023 |
| Eisneramper | $130MM TLB-2 | DB | Q1 2023 |
| Franchise Group Inc. | $200MM TL (B+) | JPM | 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 |
| Oryx Midstream | $300MM TLB | BCLY | 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 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/20/23 – 1/27/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.16% | 99.96 | 99.80 | 15 |
| 2 | 3,582 | MISYS TL B | 0.69% | 93.85 | 93.20 | 15 |
| 3 | 3,524 | TRANSDIGM INC. TL F | 0.09% | 99.60 | 99.51 | 14 |
| 4 | 3,325 | CINEWORLD TL B | -9.18% | 16.70 | 18.39 | 13 |
| 5 | 3,312 | HUB INTL LTD TL B | 0.09% | 99.90 | 99.81 | 12 |
| 6 | 3,300 | NTL CABLE PLC TL N | 0.23% | 99.49 | 99.27 | 10 |
| 7 | 2,825 | BRAND ENERGY TL | 0.81% | 92.94 | 92.20 | 16 |
| 8 | 2,750 | TEAM HEALTH TL | 0.72% | 92.08 | 91.42 | 13 |
| 9 | 2,500 | WEST CORP TL B | 0.37% | 92.09 | 91.75 | 10 |
| 10 | 2,285 | ACTION NEDERLAND EUR TL B | 0.42% | 98.96 | 98.54 | 14 |
| 11 | 2,225 | MESSER INDUSTRIES TL B | 0.01% | 99.81 | 99.79 | 12 |
| 12 | 2,210 | TRANSDIGM INC. TL E | 0.07% | 99.70 | 99.63 | 16 |
| 13 | 2,150 | NUMERICABLE TL B12 | 1.09% | 98.91 | 97.84 | 10 |
| 14 | 2,100 | HUSKY INJECTION MOLDING TL B | 0.99% | 97.25 | 96.30 | 12 |
| 15 | 2,000 | SIGMA BIDCO EUR TL B1 | 1.85% | 92.00 | 90.33 | 14 |
| 16 | 1,963 | SIVANTOS EUR TL B1 | 0.46% | 93.10 | 92.68 | 10 |
| 17 | 1,955 | WESTJET TL | 0.54% | 95.38 | 94.87 | 12 |
| 18 | 1,950 | SERTA SIMMONS TL | -15.32% | 5.93 | 7.00 | 12 |
| 19 | 1,935 | AIR MEDICAL TL B2 | 0.63% | 73.03 | 72.57 | 10 |
| 20 | 1,862 | GTT COMMUNICATIONS TL B | 3.66% | 48.20 | 46.49 | 11 |
| AVERAGE | 2,623 | -0.58% | 84.44 | 84.07 | 12.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 1/20/23-1/27/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | SERTA SIMMONS SO TL | 13.72% | 57.70 | 50.74 | 12 |
| 2 | XPLORNET TL | 7.72% | 78.86 | 73.20 | 7 |
| 3 | CLARION EVENTS TL | 3.09% | 74.87 | 72.62 | 12 |
| 4 | GOPHER RESOURCE TL | 2.53% | 72.72 | 70.93 | 12 |
| 5 | CENGAGE TL B | 2.53% | 94.65 | 92.31 | 12 |
| 6 | SABRE TL B | 2.43% | 94.93 | 92.68 | 7 |
| 7 | ULTIMATE SOFTWARE 2ND LIEN TL B | 2.32% | 94.51 | 92.36 | 8 |
| 8 | MCGRAW-HILL GLOBAL TL B | 2.10% | 95.38 | 93.42 | 8 |
| 9 | ZEST DENTAL TL | 1.99% | 98.89 | 96.96 | 5 |
| 10 | LANDESK TL B | 1.91% | 82.96 | 81.41 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/20/23-1/27/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | FLINT GROUP PIK 2ND LIEN EUR TL | -15.10% | 62.78 | 73.94 | 3 |
| 2 | BELLIS ACQUISITION CO PLC EUR TL B | -2.21% | 93.58 | 95.69 | 15 |
| 3 | AMC ENTERTAINMENT TL B1 | -1.82% | 57.55 | 58.62 | 16 |
| 4 | VERITAS US INC TL B | -1.31% | 68.68 | 69.59 | 9 |
| 5 | LEARNING CARE TL B | -1.17% | 92.02 | 93.11 | 8 |
| 6 | ZAYO TL | -0.97% | 84.38 | 85.20 | 16 |
| 7 | USS PARENT TL B | -0.93% | 85.08 | 85.88 | 14 |
| 8 | GOODRX TL | -0.73% | 98.73 | 99.46 | 6 |
| 9 | LSF11 A5 HOLDCO TL | -0.68% | 97.31 | 97.98 | 5 |
| 10 | GRANITE ACQUISITION TL B | -0.65% | 96.12 | 96.75 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/20/23-1/27/23
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 1/20/23-1/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 1/20/23 vs. the week ending 1/27/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | TRANSDIGM INC. TL F | 27 | 87 | 60 | 222% |
| 2 | HILEX POLY TL B | 58 | 106 | 48 | 83% |
| 3 | TRANSDIGM INC. TL E | 27 | 73 | 46 | 170% |
| 4 | DELTA SKYMILES TL B | 53 | 96 | 43 | 81% |
| 5 | NASCAR TL B | 58 | 98 | 40 | 69% |
| 6 | CALPINE CORP TL B5 | 62 | 100 | 38 | 61% |
| 7 | BERRY PLASTICS TL Z | 68 | 106 | 38 | 56% |
| 8 | UNITED CONTINENTAL TL B | 40 | 78 | 38 | 95% |
| 9 | COMPASS POWER TL B | 40 | 78 | 38 | 95% |
| 10 | TRANSUNION TL B6 | 63 | 101 | 38 | 60% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/20/23-1/27/23
| RANK | TRANCHE | DEALERS |
| 1 | CONVERGEONE TL B | 17 |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 3 | BRAND ENERGY TL | 16 |
| 4 | AMC ENTERTAINMENT TL B1 | 16 |
| 5 | CLEAR CHANNEL OUTDOOR TL B | 16 |
| 6 | WITTUR EUR TL B | 16 |
| 7 | TELENET EUR TL | 16 |
| 8 | TRANSDIGM INC. TL E | 16 |
| 9 | AMERICAN BATH TL | 16 |
| 10 | ZAYO TL | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/20/23-1/27/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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