Syndicated Bank Loan Market Summary – Week Ending 5/26/23
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Syndicated Bank Loan Market Summary: Week Ending 5/26/23
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
forward calendar
Forward calendar during the week ending 5/26/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Casa Systems Inc. | $223MM TLB | JPM | Q2 2023 |
| 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 |
| Solenis | $750MM TLB (B3) | GS, BofA, BMO, HSBC, DB, CITI | 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 5/19/23 – 5/26/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.05% | 101.16 | 101.21 | 11 |
| 2 | 7,270 | MEDLINE TL B | -0.24% | 96.81 | 97.04 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.02% | 99.47 | 99.45 | 13 |
| 4 | 4,750 | ZAYO TL | -2.99% | 77.10 | 79.48 | 18 |
| 5 | 4,559 | TRANSDIGM INC. TL I | -0.31% | 99.25 | 99.56 | 15 |
| 6 | 3,900 | DIRECTV TL | -0.31% | 94.69 | 94.99 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | -0.55% | 98.37 | 98.91 | 15 |
| 8 | 3,582 | MISYS TL B | 0.01% | 94.99 | 94.98 | 15 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | -2.99% | 89.03 | 91.78 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | -0.19% | 98.99 | 99.17 | 11 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.27% | 100.21 | 100.48 | 10 |
| 12 | 3,500 | SEDGWICK TL B | -0.54% | 97.00 | 97.53 | 11 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | -0.29% | 96.04 | 96.32 | 12 |
| 14 | 3,420 | RCN GRANDE TL | -0.91% | 82.98 | 83.74 | 11 |
| 15 | 3,380 | SOLERA TL B | -0.55% | 89.37 | 89.87 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.20% | 99.23 | 99.42 | 15 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.49% | 95.99 | 96.46 | 14 |
| 18 | 3,190 | INTELSAT EXIT TL B | -0.23% | 98.31 | 98.54 | 10 |
| 19 | 3,100 | TRANSUNION TL B6 | -0.21% | 99.18 | 99.39 | 13 |
| 20 | 3,100 | HUNTER DOUGLAS TL B | 0.16% | 91.54 | 91.39 | 14 |
| AVERAGE | 4,075 | -0.56% | 94.99 | 95.49 | 12.8 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 5/19/23-5/26/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | SHUTTERFLY TL B | 26.53% | 57.98 | 45.82 | 10 |
| 2 | AT&T COLOCATION TL | 4.48% | 56.77 | 54.33 | 11 |
| 3 | YAK MAT TL | 4.25% | 81.91 | 78.57 | 4 |
| 4 | ACCENTCARE INC TL B | 3.89% | 81.53 | 78.48 | 4 |
| 5 | CBS RADIO INC TL B | 3.30% | 45.98 | 44.51 | 9 |
| 6 | EDWARD DON TL B | 2.61% | 95.19 | 92.77 | 4 |
| 7 | AIR MEDICAL TL B | 1.76% | 69.79 | 68.59 | 15 |
| 8 | LANDESK TL B | 1.62% | 83.08 | 81.76 | 11 |
| 9 | VYAIRE MEDICAL TL B | 1.44% | 70.73 | 69.73 | 7 |
| 10 | PROMONTORY TL | 1.36% | 93.71 | 92.45 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 5/19/23-5/26/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RIVERBED EXIT PIK TL | -12.25% | 24.47 | 27.89 | 6 |
| 2 | WHEEL PROS TL | -10.30% | 60.82 | 67.80 | 13 |
| 3 | NATIONAL CINEMEDIA TL B | -9.33% | 29.53 | 32.57 | 10 |
| 4 | HEUBACH GMBH TL B | -8.05% | 73.00 | 79.39 | 3 |
| 5 | ZAYO EUR TL | -6.11% | 76.68 | 81.67 | 12 |
| 6 | ONE CALL TL B | -5.41% | 70.00 | 74.00 | 3 |
| 7 | ELECTRONICS FOR IMAGING TL | -3.66% | 71.41 | 74.12 | 13 |
| 8 | AT HOME STORES TL B | -3.17% | 65.79 | 67.94 | 10 |
| 9 | LIFEPOINT HOSPITALS TL B | -2.99% | 89.03 | 91.78 | 10 |
| 10 | COMMERCEHUB TL B | -2.74% | 86.62 | 89.06 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/19/23-5/26/23 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 5/19/23-5/26/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/19/23 vs. the week ending 5/26/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | DIEBOLD EXT TL B | 7 | 28 | 21 | 300% |
| 2 | THE NIELSEN COMPANY B.V. EUR TL B3 | 18 | 38 | 20 | 111% |
| 3 | T-MOBILE NETHERLANDS EUR TL B | 26 | 46 | 20 | 77% |
| 4 | CHARTER COMMUNICATIONS TL B2 | 66 | 86 | 20 | 30% |
| 5 | CHARTER COMMUNICATIONS TL B1 | 66 | 84 | 18 | 27% |
| 6 | ESSENTIAL POWER TL B | 14 | 32 | 18 | 129% |
| 7 | SIGMA BIDCO GBP TL B4 | 18 | 36 | 18 | 100% |
| 8 | PCI GAMING TL B | 38 | 55 | 17 | 45% |
| 9 | EW SCRIPPS TL B2 | 62 | 78 | 16 | 26% |
| 10 | ZELIS / REDCARD TL B | 44 | 60 | 16 | 36% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/19/23-5/26/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | NTL CABLE PLC EUR TL R | 18 |
| 2 | ZAYO TL | 18 |
| 3 | T-MOBILE NETHERLANDS EUR TL B | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 6 | NTL CABLE PLC GBP TL M | 17 |
| 7 | NTL CABLE PLC EUR TL O | 17 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 9 | MASMOVIL IBERCOM SA EUR TL B | 17 |
| 10 | TELENET EUR TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/19/23-5/26/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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