Syndicated Bank Loans
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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
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