Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 4/14/23
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 4/14/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Banijay Group Sas | 460 | Term Loan | 3/1/2028 | S+375 |
forward calendar
Forward calendar during the week ending 4/14/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| Internet Brands | $4.74B TL | RBC, KKR | Q2 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q2 2023 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q2 2023 |
| Optiv Inc. | $725MM TL (B3/B-) | JEFF, KKR | Q2 2023 |
| Qualtrics | $1B TLB (B/BB+) | JPM, BMO, CITI, CS, DB, KKR | Q2 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 | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/10/23 – 4/14/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | 0.74% | 101.54 | 100.80 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.04% | 99.45 | 99.50 | 12 |
| 3 | 4,750 | ZAYO TL | 1.86% | 82.02 | 80.53 | 15 |
| 4 | 4,559 | TRANSDIGM INC. TL I | 0.06% | 99.90 | 99.84 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 0.27% | 97.69 | 97.43 | 12 |
| 6 | 4,260 | NUMERICABLE TL B | 1.02% | 95.46 | 94.49 | 10 |
| 7 | 3,900 | DIRECTV TL | 0.24% | 96.72 | 96.49 | 11 |
| 8 | 3,600 | CDK GLOBAL TL | 0.24% | 99.89 | 99.65 | 12 |
| 9 | 3,582 | MISYS TL B | 0.01% | 93.19 | 93.19 | 15 |
| 10 | 3,500 | PILOT TRAVEL TL B | 0.06% | 99.74 | 99.68 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.28% | 100.74 | 101.02 | 12 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 0.26% | 98.06 | 97.80 | 11 |
| 13 | 3,420 | RCN GRANDE TL | -0.38% | 83.77 | 84.09 | 12 |
| 14 | 3,380 | SOLERA TL B | 0.54% | 92.45 | 91.95 | 14 |
| 15 | 3,325 | CINEWORLD TL B | -3.75% | 16.42 | 17.06 | 12 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.08% | 99.86 | 99.77 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.07% | 98.94 | 99.01 | 12 |
| 18 | 3,100 | TRANSUNION TL B6 | 0.04% | 99.62 | 99.58 | 13 |
| 19 | 3,100 | HUNTER DOUGLAS TL B | -0.04% | 89.38 | 89.42 | 11 |
| 20 | 3,000 | DELTA SKYMILES TL B | -0.10% | 103.34 | 103.43 | 11 |
| AVERAGE | 3,954 | 0.04% | 92.41 | 92.24 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 4/10/23-4/14/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | RSA SECURITY LLC TL B | 8.09% | 84.35 | 78.04 | 9 |
| 2 | TRAVELPORT TL B | 7.65% | 60.20 | 55.92 | 6 |
| 3 | CONSOLIDATED COMMUNICATIONS TL B | 5.03% | 83.18 | 79.19 | 9 |
| 4 | BLOUNT TL B | 4.63% | 84.35 | 80.62 | 11 |
| 5 | TKC HOLDINGS TL | 3.27% | 87.36 | 84.59 | 9 |
| 6 | BOB’S FURNITURE EXT TL B | 3.08% | 97.89 | 94.97 | 4 |
| 7 | DELL SOFTWARE GROUP TL B | 2.52% | 83.97 | 81.91 | 10 |
| 8 | CORELOGIC TL B | 2.14% | 87.49 | 85.66 | 8 |
| 9 | SI GROUP TL | 2.05% | 84.97 | 83.27 | 7 |
| 10 | MCGRAW-HILL GLOBAL TL B | 1.54% | 95.35 | 93.90 | 7 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 4/10/23-4/14/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | CLUB CORP TL B | -6.43% | 89.13 | 95.25 | 11 |
| 2 | JUICE PLUS+ TL | -5.31% | 57.97 | 61.23 | 5 |
| 3 | COLORADO BUYER TL | -4.98% | 77.36 | 81.41 | 9 |
| 4 | RACKSPACE HOSTING TL B | -4.27% | 48.97 | 51.16 | 12 |
| 5 | DIEBOLD EXT TL B | -3.72% | 48.75 | 50.63 | 5 |
| 6 | ONE CALL TL B | -3.35% | 71.43 | 73.91 | 6 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B3 | -2.38% | 86.00 | 88.10 | 6 |
| 8 | AIR MEDICAL TL B | -2.09% | 63.93 | 65.30 | 11 |
| 9 | TEAM HEALTH TL | -2.08% | 82.74 | 84.50 | 14 |
| 10 | RESEARCH NOW TL | -1.86% | 74.53 | 75.94 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/10/23-4/14/23
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 4/10/23-4/14/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/10/23 vs. the week ending 4/14/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | GULF FINANCE TL B | 40 | 82 | 42 | 105% |
| 2 | ZAYO TL | 64 | 104 | 40 | 63% |
| 3 | MISYS TL B | 62 | 101 | 39 | 63% |
| 4 | NTL CABLE PLC TL Q | 53 | 90 | 37 | 70% |
| 5 | RACKSPACE HOSTING TL B | 56 | 91 | 35 | 63% |
| 6 | JOURNEY PERSONAL CARE TL | 16 | 50 | 34 | 213% |
| 7 | DAE AVIATION TL | 94 | 128 | 34 | 36% |
| 8 | ANASTASIA BEVERLY HILLS TL B | 46 | 80 | 34 | 74% |
| 9 | PURE FISHING TL B | 48 | 82 | 34 | 71% |
| 10 | EPIC CRUDE TL B | 46 | 80 | 34 | 74% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/10/23-4/14/23
| RANK | TRANCHE | DEALERS |
| 1 | DAE AVIATION TL | 18 |
| 2 | ACTION NEDERLAND EUR TL B | 16 |
| 3 | UNIVERSAL SERVICES TL B | 16 |
| 4 | MISYS 2ND LIEN TL | 15 |
| 5 | MISYS TL B | 15 |
| 6 | BRAND ENERGY TL | 15 |
| 7 | KETER GROUP EUR TL B | 15 |
| 8 | FRONERI TL B | 15 |
| 9 | ZAYO TL | 15 |
| 10 | HOSTESS BRANDS TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/10/23-4/14/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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