Syndicated Bank Loan Market Summary – Week Ending 5/12/23
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary: Week Ending 5/12/23
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 5/12/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Allied Universal Holdco LLC | 450 | Term Loan | 5/14/2028 | S+475 |
| Bracket Intermediate Holding | 980 | Term Loan | 4/19/2028 | S+500 |
forward calendar
Forward calendar during the week ending 5/12/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Kindercare Learning Cos. | $1.4B TL (B2) | BCLY, GS, MACQ, DB, UBS, BofA, JEFF, 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 |
| Nouryon | $2.5B TLB (B2) | JPM, BCLY, HSBC | 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 5/5/23 – 5/12/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.10% | 101.22 | 101.11 | 11 |
| 2 | 7,270 | MEDLINE TL B | -0.01% | 96.76 | 96.77 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.06% | 99.40 | 99.46 | 12 |
| 4 | 4,750 | ZAYO TL | -1.79% | 81.02 | 82.50 | 17 |
| 5 | 4,559 | TRANSDIGM INC. TL I | 0.03% | 99.59 | 99.56 | 14 |
| 6 | 4,463 | ULTIMATE SOFTWARE TL B | -0.45% | 96.24 | 96.68 | 11 |
| 7 | 3,900 | DIRECTV TL | 0.03% | 95.58 | 95.55 | 14 |
| 8 | 3,600 | CDK GLOBAL TL | -0.62% | 99.11 | 99.73 | 14 |
| 9 | 3,582 | MISYS TL B | -0.18% | 94.73 | 94.91 | 14 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.17% | 92.41 | 92.57 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 0.17% | 100.53 | 100.36 | 10 |
| 12 | 3,500 | SEDGWICK TL B | -0.18% | 98.00 | 98.18 | 10 |
| 13 | 3,500 | PILOT TRAVEL TL B | 0.07% | 99.37 | 99.30 | 10 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | -0.35% | 96.12 | 96.46 | 12 |
| 15 | 3,420 | RCN GRANDE TL | 1.26% | 83.61 | 82.57 | 12 |
| 16 | 3,380 | SOLERA TL B | -0.93% | 90.00 | 90.84 | 12 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.04% | 99.50 | 99.55 | 14 |
| 18 | 3,300 | NTL CABLE PLC TL N | -1.11% | 96.69 | 97.78 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | 0.04% | 98.54 | 98.49 | 10 |
| 20 | 3,100 | HUNTER DOUGLAS TL B | 1.02% | 91.26 | 90.34 | 12 |
| AVERAGE | 4,143 | -0.16% | 95.48 | 95.63 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 5/5/23-5/12/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ANCHOR GLASS 2ND LIEN TL | 38.93% | 35.59 | 25.62 | 7 |
| 2 | LIFESCAN 2ND LIEN TL | 9.18% | 60.00 | 54.96 | 5 |
| 3 | ICP GROUP TL | 8.42% | 74.94 | 69.12 | 6 |
| 4 | INTERIOR LOGIC TL B | 7.45% | 72.60 | 67.57 | 8 |
| 5 | MAVENIR TL B | 4.19% | 80.22 | 77.00 | 4 |
| 6 | ADVANTAGE SALES TL B | 2.51% | 86.92 | 84.79 | 10 |
| 7 | ATLANTIC AVIATION 2ND LIEN TL | 2.23% | 99.65 | 97.47 | 6 |
| 8 | SYNCSORT TL | 2.08% | 90.96 | 89.11 | 6 |
| 9 | LANDESK TL B | 1.57% | 80.21 | 78.97 | 10 |
| 10 | IMPERVA TL | 1.54% | 88.45 | 87.11 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 5/5/23-5/12/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | COLORADO BUYER TL | -12.59% | 62.91 | 71.97 | 8 |
| 2 | AIR METHODS TL | -11.14% | 53.18 | 59.85 | 9 |
| 3 | JUICE PLUS+ TL | -7.31% | 50.62 | 54.61 | 6 |
| 4 | INTERNATIONAL TEXTILE GROUP TL | -6.10% | 48.76 | 51.92 | 7 |
| 5 | GRANITE ACQUISITION TL B | -4.86% | 88.91 | 93.44 | 11 |
| 6 | WHEEL PROS TL | -3.59% | 67.68 | 70.20 | 14 |
| 7 | CATALENT PHARMA TL B | -3.08% | 95.53 | 98.57 | 5 |
| 8 | NUMERICABLE TL B13 | -2.58% | 93.07 | 95.53 | 5 |
| 9 | INTEL TL | -2.53% | 81.56 | 83.68 | 4 |
| 10 | MALLINCKRODT TL B | -2.47% | 68.57 | 70.31 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/5/23-5/12/23 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 5/5/23-5/12/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/5/23 vs. the week ending 5/12/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | HEARTLAND DENTAL EXT TL B | 2 | 38 | 36 | 1800% |
| 2 | AMNEAL PHARMACEUTIAL TL B | 35 | 70 | 35 | 100% |
| 3 | PRETIUM PACKAGING TL B | 84 | 106 | 22 | 26% |
| 4 | ECHO GLOBAL LOGISTICS TL B | 38 | 59 | 21 | 55% |
| 5 | ODYSSEY LOGISTICS & TECHNOLOGY TL | 34 | 54 | 20 | 59% |
| 6 | CALPINE CORP TL B5 | 94 | 113 | 19 | 20% |
| 7 | AKORN TL | 15 | 33 | 18 | 120% |
| 8 | PREGIS TL B | 66 | 84 | 18 | 27% |
| 9 | PEDIATRIC ASSOCIATES TL B | 20 | 38 | 18 | 90% |
| 10 | PRETIUM PACKAGING 2ND LIEN TL | 48 | 66 | 18 | 38% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/5/23-5/12/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 2 | ZAYO TL | 17 |
| 3 | DAE AVIATION TL | 17 |
| 4 | BMC SOFTWARE TL B | 17 |
| 5 | NTL CABLE PLC EUR TL R | 17 |
| 6 | ZIGGO EUR TL H | 17 |
| 7 | HILEX POLY TL B | 16 |
| 8 | ACTION NEDERLAND EUR TL B | 16 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 10 | FRONERI TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/5/23-5/12/23
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.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
