Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 3/24/23
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 3/24/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Momentive Performance Materials Inc. | 850 | Term Loan | 3/13/2028 | S+450 |
| Albea Beauty Holdings SA | 566 | Term Loan | 12/21/2027 | E+500 |
| Nielsen Finance LLC | 500 | Term Loan | 3/5/2028 | SN+650 |
| Tibco Software Inc. | 250 | Term Loan | 3/30/2029 | SN+450 |
| Restaurant Brands Intl. Inc. | 310 | Term Loan | 10/19/2028 | S+525 |
forward calendar
Forward calendar during the week ending 3/24/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| DSM Engineering Materials | €2.9B TLs | GS, BCLY, UBS, BNP | Q1 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q1 2023 |
| Mitratech | $255MM credit facilities | GLB | Q1 2023 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q1 2023 |
| Reladyne | $350MM TLB2 | RBC, BMO, KEY, MACQ | 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 |
| Tricor/Vistra | $1.66B TLs | GS, BCLY, DB, HSBC, BNP, CITI, CA, MS, MUFG | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/17/23 – 3/24/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | 0.11% | 100.89 | 100.77 | 12 |
| 2 | 5,000 | QWEST CORPORATION TL B | -6.65% | 65.04 | 69.67 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.09% | 98.15 | 98.05 | 13 |
| 4 | 4,750 | ZAYO TL | -1.10% | 79.11 | 79.98 | 17 |
| 5 | 4,559 | TRANSDIGM INC. TL I | 0.08% | 98.84 | 98.76 | 15 |
| 6 | 4,463 | ULTIMATE SOFTWARE TL B | 0.13% | 95.87 | 95.74 | 11 |
| 7 | 3,900 | DIRECTV TL | -0.57% | 94.96 | 95.51 | 14 |
| 8 | 3,600 | CDK GLOBAL TL | 0.35% | 99.09 | 98.74 | 12 |
| 9 | 3,582 | MISYS TL B | 0.54% | 92.49 | 91.99 | 14 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.60% | 93.55 | 93.00 | 10 |
| 11 | 3,500 | PILOT TRAVEL TL B | 0.24% | 99.24 | 99.00 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.31% | 100.56 | 100.24 | 12 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | 1.10% | 96.46 | 95.42 | 12 |
| 14 | 3,420 | RCN GRANDE TL | -0.43% | 80.87 | 81.21 | 11 |
| 15 | 3,380 | SOLERA TL B | 0.71% | 88.32 | 87.70 | 15 |
| 16 | 3,325 | CINEWORLD TL B | -4.56% | 12.20 | 12.79 | 12 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.03% | 98.69 | 98.66 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.06% | 96.59 | 96.53 | 12 |
| 19 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -15.85% | 6.92 | 8.23 | 11 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.20% | 96.57 | 96.38 | 10 |
| AVERAGE | 4,027 | -1.23% | 84.72 | 84.92 | 12.4 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/17/23-3/24/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | AMC ENTERTAINMENT TL B1 | 6.29% | 68.37 | 64.32 | 13 |
| 2 | HARLAND CLARKE TL B7 | 3.48% | 96.63 | 93.38 | 7 |
| 3 | US LBM TL B | 3.39% | 92.72 | 89.68 | 12 |
| 4 | ERESEARCH TL B | 1.34% | 92.58 | 91.36 | 7 |
| 5 | CAMPING WORLD TL B | 1.33% | 90.21 | 89.03 | 11 |
| 6 | WESTJET TL | 1.30% | 94.70 | 93.49 | 12 |
| 7 | GOLDEN NUGGET INC TL B | 1.10% | 96.46 | 95.42 | 12 |
| 8 | VIVINT INC TL B | 1.09% | 98.99 | 97.92 | 10 |
| 9 | NATIONAL FINANCIAL PARTNERS TL B | 0.91% | 95.64 | 94.78 | 6 |
| 10 | HERBALIFE TL B | 0.91% | 98.45 | 97.56 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/17/23-3/24/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | RACKSPACE HOSTING TL B | -8.47% | 54.38 | 59.41 | 16 |
| 2 | QWEST CORPORATION TL B | -6.65% | 65.04 | 69.67 | 9 |
| 3 | SHUTTERFLY TL B | -6.38% | 50.16 | 53.58 | 10 |
| 4 | AIR MEDICAL TL B | -5.54% | 72.95 | 77.23 | 12 |
| 5 | PROMONTORY 2ND LIEN TL | -4.74% | 87.70 | 92.07 | 4 |
| 6 | THILEA TL B | -3.46% | 81.35 | 84.26 | 11 |
| 7 | TELESAT TL B5 | -3.37% | 48.59 | 50.28 | 8 |
| 8 | SABRE TL B2 | -2.85% | 84.35 | 86.83 | 5 |
| 9 | LEVEL III TL B | -2.80% | 81.99 | 84.36 | 8 |
| 10 | HUBBARD RADIO TL B | -2.54% | 85.71 | 87.95 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/17/23-3/24/23
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 3/17/23-3/24/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/17/23 vs. the week ending 3/24/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | ULTIMATE SOFTWARE TL B | 40 | 71 | 31 | 78% |
| 2 | BAUSCH HEALTH COMPANIES INC. TL B | 30 | 58 | 28 | 93% |
| 3 | SS&C TECH TL B6 | 34 | 62 | 28 | 82% |
| 4 | ZAYO TL | 69 | 97 | 28 | 41% |
| 5 | UNITED ROAD SERVICES TL | 15 | 42 | 27 | 180% |
| 6 | CARESTREAM DENTAL TL | 28 | 54 | 26 | 93% |
| 7 | BEACON ROOFING TL B | 56 | 82 | 26 | 46% |
| 8 | LUMMUS TECHNOLOGY TL B | 54 | 78 | 24 | 44% |
| 9 | AMERICAN AIRLINES TL B | 68 | 92 | 24 | 35% |
| 10 | TECOMET TL B | 22 | 46 | 24 | 109% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/17/23-3/24/23
| RANK | TRANCHE | DEALERS |
| 1 | DAE AVIATION TL | 18 |
| 2 | ZAYO TL | 18 |
| 3 | HEARTHSIDE FOODS TL B | 17 |
| 4 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 5 | UNITED NATURAL FOODS TL B | 16 |
| 6 | MISYS 2ND LIEN TL | 16 |
| 7 | CONVERGEONE TL B | 16 |
| 8 | STAPLES TL B1 | 16 |
| 9 | AMERICAN BATH TL | 16 |
| 10 | RACKSPACE HOSTING TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/17/23-3/24/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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