Syndicated Bank Loan Market Summary – Week Ending 3/3/23
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Syndicated Bank Loan Market Summary: Week Ending 3/3/23
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 3/3/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Uber Technologies Inc. | 1430 | Term Loan | 3/3/2030 | S+325 |
| Cirque Du Soleil | 100 | Revolving Credit | 3/8/2028 | N/A |
| ABG Intermediate Holdings 2 LLC | 500 | Delayed-draw Term Loan | 12/21/2028 | S+400 |
| ABG Intermediate Holdings 2 LLC | 1525 | Term Loan | 12/21/2028 | S+400 |
forward calendar
Forward calendar during the week ending 3/3/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Archroma | $850MM TLB (B2/B) | JPM,HSBC | Q1 2023 |
| Authentic Brands Group LLC | $2.025B credit facilities: $500MM DD(B1/B), TLB2 | Q1 2023 | |
| Cirque Du Soleil | $650MM credit facilities:$550MM TLB ,$100MM RC | JPM,GS,MS,RBC | Q1 2023 |
| Confluent Health LLC | $125MM Incremental TL (B3/B-) | Q1 2023 | |
| Entegris INC | $2.5B TLB (Baa3/BB/BBB-) | MS,BA,WF,PNC,GS | Q1 2023 |
| Hanesbrand INC | $900MM TLB (Ba2/BB+) | JPM | Q1 2023 |
| Ineos Quattro | €750MM TLB | JPM | Q1 2023 |
| Koppers INC | $400MM TLB (Ba3/BB-/BB) | JPM,WF | Q1 2023 |
| Nouryon Holding BV | $750MM TLB (B2/B+/BB-) | JPM | Q1 2023 |
| QLIK Technologies INC | 1.4B TLB (B3/B) | MS | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/24/23 – 3/3/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.48% | 100.86 | 100.37 | 14 |
| 2 | 7,270 | MEDLINE TL B | 0.60% | 97.01 | 96.43 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.29% | 99.86 | 99.57 | 13 |
| 4 | 5,000 | QWEST CORPORATION TL B | -3.96% | 81.34 | 84.70 | 10 |
| 5 | 4,750 | ZAYO TL | 4.03% | 84.57 | 81.29 | 16 |
| 6 | 4,559 | TRANSDIGM INC. TL I | 0.29% | 99.82 | 99.54 | 14 |
| 7 | 3,900 | DIRECTV TL | 0.41% | 97.36 | 96.96 | 14 |
| 8 | 3,600 | NORTONLIFELOCK TL B | 0.33% | 99.10 | 98.77 | 10 |
| 9 | 3,600 | CDK GLOBAL TL | 0.29% | 99.79 | 99.51 | 11 |
| 10 | 3,582 | MISYS TL B | 0.58% | 94.58 | 94.03 | 13 |
| 11 | 3,500 | PILOT TRAVEL TL B | 0.20% | 99.26 | 99.06 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.40% | 102.73 | 102.32 | 15 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | 1.20% | 98.04 | 96.88 | 12 |
| 14 | 3,420 | RCN GRANDE TL | 0.68% | 83.41 | 82.84 | 12 |
| 15 | 3,380 | SOLERA TL B | -2.54% | 90.69 | 93.06 | 16 |
| 16 | 3,325 | CINEWORLD TL B | -31.45% | 12.00 | 17.51 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.24% | 99.80 | 99.56 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.05% | 98.14 | 98.09 | 12 |
| 19 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -13.40% | 10.17 | 11.74 | 12 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.25% | 98.90 | 98.65 | 12 |
| AVERAGE | 4,172 | -2.05% | 87.37 | 87.54 | 12.7 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 2/24/23-3/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ZAYO TL | 4.03% | 84.57 | 81.29 | 16 |
| 2 | PATHWAY PARTNERS VET MANAGEMENT TL | 1.82% | 88.68 | 87.09 | 10 |
| 3 | CARROLS HOLDCO INC TL B | 1.71% | 91.78 | 90.23 | 9 |
| 4 | WEBER-STEPHEN TL B | 1.36% | 87.80 | 86.62 | 13 |
| 5 | CORELOGIC TL B | 1.34% | 86.48 | 85.34 | 9 |
| 6 | EQUINOX HLDGS INC TL B | 1.20% | 84.31 | 83.30 | 14 |
| 7 | GOLDEN NUGGET INC TL B | 1.20% | 98.04 | 96.88 | 12 |
| 8 | CLEAR CHANNEL OUTDOOR TL B | 1.10% | 94.53 | 93.50 | 16 |
| 9 | GOODRX TL | 1.07% | 99.57 | 98.52 | 6 |
| 10 | PRINCE MINERALS TL | 1.02% | 86.20 | 85.33 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 2/24/23-3/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | VENATOR TL B | -17.10% | 63.03 | 76.04 | 8 |
| 2 | CONSOLIDATED COMMUNICATIONS TL B | -9.08% | 81.14 | 89.24 | 8 |
| 3 | PRETIUM PACKAGING TL B | -7.06% | 81.16 | 87.32 | 7 |
| 4 | CONVERGEONE 2ND LIEN TL | -4.75% | 45.38 | 47.64 | 8 |
| 5 | QWEST CORPORATION TL B | -3.96% | 81.34 | 84.70 | 10 |
| 6 | CANO HEALTH TL B | -3.70% | 77.55 | 80.53 | 7 |
| 7 | HEARTHSIDE FOODS TL B3 | -3.20% | 89.11 | 92.05 | 8 |
| 8 | IHEART TL B | -2.79% | 95.02 | 97.75 | 5 |
| 9 | BLOUNT TL B | -2.71% | 81.09 | 83.34 | 13 |
| 10 | IHEART TL B | -2.56% | 94.60 | 97.08 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/24/23-3/3/23 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 2/24/23-3/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/24/23 vs. the week ending 3/3/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | STAPLES TL B1 | 64 | 110 | 46 | 72% |
| 2 | OLDCASTLE TL B | 48 | 92 | 44 | 92% |
| 3 | EPICOR SOFTWARE TL | 56 | 99 | 43 | 77% |
| 4 | HEARTHSIDE FOODS TL B | 44 | 84 | 40 | 91% |
| 5 | MESSER INDUSTRIES TL B | 66 | 106 | 40 | 61% |
| 6 | DIGICERT TL | 23 | 61 | 38 | 165% |
| 7 | UNITED CONTINENTAL TL B | 64 | 102 | 38 | 59% |
| 8 | RADIOLOGY PARTNERS TL B | 26 | 64 | 38 | 146% |
| 9 | TRINSEO TL B | 32 | 68 | 36 | 113% |
| 10 | TRINSEO TL B | 33 | 68 | 35 | 106% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/24/23-3/3/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 3 | WHEEL PROS TL | 17 |
| 4 | TELENET EUR TL | 16 |
| 5 | FRONERI TL B | 16 |
| 6 | ZAYO TL | 16 |
| 7 | BRAND ENERGY TL | 16 |
| 8 | AMC ENTERTAINMENT TL B1 | 16 |
| 9 | RACKSPACE HOSTING TL B | 16 |
| 10 | SOLERA TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/24/23-3/3/23
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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