Syndicated Bank Loan Market Summary – Week Ending 4/21/23
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Syndicated Bank Loan Market Summary: Week Ending 4/21/23
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 4/21/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Qualtrics Intl. | 1200 | Term Loan | 4/10/2030 | S+350 |
| Parfums Holding Company Inc. | 655 | Term Loan | 6/1/2026 | S+600 |
forward calendar
Forward calendar during the week ending 4/21/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Internet Brands | $4.74B TL | RBC, KKR | Q2 2023 |
| Garret Motion Inc. | $700MM TLB | JPM | 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 |
| Signant Health | $1.06B credit facilities: $80MM RC; $850MM TL | JEFF, ANT | 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 |
| Titan Acquisition Holdings | $675MM TLB | JPM, BNP, MIZ, WF, BofA | Q2 2023 |
| TMF Group | $400MM TL | BCLY, GS, HSBC, NMA, DB | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/14/23 – 4/21/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 4,750 | ZAYO TL | -0.62% | 81.52 | 82.02 | 15 |
| 2 | 3,900 | DIRECTV TL | -0.01% | 96.70 | 96.72 | 11 |
| 3 | 3,582 | MISYS TL B | -0.36% | 92.86 | 93.19 | 14 |
| 4 | 3,500 | PILOT TRAVEL TL B | -0.03% | 99.71 | 99.74 | 10 |
| 5 | 3,500 | AMERICAN AIRLINES TL B | -0.17% | 100.57 | 100.74 | 12 |
| 6 | 3,420 | RCN GRANDE TL | 0.36% | 84.07 | 83.77 | 11 |
| 7 | 3,325 | CINEWORLD TL B | -1.96% | 16.10 | 16.42 | 12 |
| 8 | 3,312 | HUB INTL LTD TL B | -0.05% | 99.80 | 99.86 | 13 |
| 9 | 3,300 | NTL CABLE PLC TL N | -0.35% | 98.60 | 98.94 | 12 |
| 10 | 3,000 | DELTA SKYMILES TL B | 0.04% | 103.38 | 103.34 | 11 |
| 11 | 3,000 | WESTINGHOUSE TL B | 0.02% | 99.74 | 99.72 | 10 |
| 12 | 2,985 | HARBOR FREIGHT TL B | -0.32% | 97.51 | 97.82 | 12 |
| 13 | 2,884 | BMC SOFTWARE TL B | -0.07% | 98.87 | 98.94 | 15 |
| 14 | 2,853 | TK ELEVATOR TL B | -0.40% | 97.82 | 98.21 | 10 |
| 15 | 2,825 | BRAND ENERGY TL | -0.20% | 93.62 | 93.80 | 13 |
| 16 | 2,779 | PROTECTION1 TL B | -0.04% | 99.78 | 99.82 | 10 |
| 17 | 2,750 | TEAM HEALTH TL | 1.25% | 83.78 | 82.74 | 12 |
| 18 | 2,670 | FRONERI TL B | -0.11% | 98.68 | 98.79 | 15 |
| 19 | 2,550 | GENESEE & WYOMING TL | -0.02% | 99.69 | 99.71 | 11 |
| 20 | 2,525 | ZIGGO TL I | -0.25% | 98.40 | 98.64 | 11 |
| AVERAGE | 3,170 | -0.16% | 92.06 | 92.15 | 12.0 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 4/14/23-4/21/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | WEIGHT WATCHERS TL B | 13.65% | 65.30 | 57.46 | 8 |
| 2 | NATIONAL CINEMEDIA TL B | 9.57% | 35.23 | 32.15 | 7 |
| 3 | IMPERVA 2ND LIEN TL | 9.40% | 80.49 | 73.58 | 8 |
| 4 | STUBHUB TL B | 6.41% | 75.25 | 70.71 | 4 |
| 5 | CONVERGEONE TL B | 6.06% | 64.07 | 60.41 | 12 |
| 6 | ANCHOR GLASS TL B | 6.01% | 73.65 | 69.47 | 8 |
| 7 | TRITON WATER TL B | 4.59% | 94.27 | 90.14 | 9 |
| 8 | CLUB CORP TL B | 4.59% | 93.22 | 89.13 | 11 |
| 9 | CENGAGE TL B | 4.41% | 97.45 | 93.33 | 11 |
| 10 | CANO HEALTH TL B | 3.92% | 77.97 | 75.03 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 4/14/23-4/21/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | -18.30% | 74.74 | 91.48 | 9 |
| 2 | RACKSPACE HOSTING TL B | -6.94% | 45.57 | 48.97 | 11 |
| 3 | RADIOLOGY PARTNERS TL B | -6.87% | 74.25 | 79.72 | 8 |
| 4 | HUBBARD RADIO TL B | -6.84% | 79.71 | 85.57 | 5 |
| 5 | SHUTTERFLY TL B | -6.55% | 42.49 | 45.47 | 10 |
| 6 | TRADESMEN TL | -5.01% | 66.22 | 69.71 | 6 |
| 7 | CASINO GUICHARD EUR TL B | -3.91% | 71.04 | 73.93 | 14 |
| 8 | CISION TL B | -2.44% | 67.86 | 69.56 | 12 |
| 9 | FOREST CITY ENTERPRISES TL B | -2.29% | 83.03 | 84.98 | 7 |
| 10 | AIR MEDICAL TL B | -2.16% | 62.55 | 63.93 | 11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/14/23-4/21/23 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 4/14/23-4/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/14/23 vs. the week ending 4/21/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BLACKHAWK NETWORK TL | 22 | 51 | 29 | 132% |
| 2 | GENESIS CARE EUR TL B2 | 12 | 36 | 24 | 200% |
| 3 | CHAMBERLAIN GROUP TL B | 36 | 60 | 24 | 67% |
| 4 | NATIONAL FINANCIAL PARTNERS TL B | 40 | 63 | 23 | 58% |
| 5 | DUFF & PHELPS TL B | 20 | 43 | 23 | 115% |
| 6 | AMERICAN BATH TL | 66 | 88 | 22 | 33% |
| 7 | GRANITE ACQUISITION TL B | 66 | 88 | 22 | 33% |
| 8 | EDELMAN FINANCIAL TL B | 80 | 102 | 22 | 28% |
| 9 | USI HOLDINGS EXT TL | 32 | 53 | 21 | 66% |
| 10 | FOUR SEASONS TL B | 56 | 77 | 21 | 38% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/14/23-4/21/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DAE AVIATION TL | 18 |
| 2 | ACTION NEDERLAND EUR TL B | 16 |
| 3 | UNIVERSAL SERVICES TL B | 16 |
| 4 | KETER GROUP EUR TL B | 15 |
| 5 | FRONERI TL B | 15 |
| 6 | HOSTESS BRANDS TL | 15 |
| 7 | ZAYO TL | 15 |
| 8 | BMC SOFTWARE TL B | 15 |
| 9 | ZIGGO EUR TL H | 15 |
| 10 | TELENET EUR TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/14/23-4/21/23
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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