Syndicated Bank Loan Market Summary – Week Ending 6/9/23
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Syndicated Bank Loan Market Summary: Week Ending 6/9/23
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 6/9/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Help At Home Inc. | 130 | Delayed-draw Term Loan | 10/29/2027 | S+500 |
| Emerald Expositions Holding Inc. | 415 | Term Loan | 5/22/2026 | S+500 |
forward calendar
Forward calendar during the week ending 6/9/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Aramark | $750MM TLB (BBB-) | BCLY | Q2 2023 |
| EG Group | $2.791B TLB | BCLY | Q2 2023 |
| Fortrea | $1.52B credit facilities (Ba3/BB/BB+): $450MM RC; $500MM TLA; $570MM TLB | GS, BCLY, BofA, CITI, JPM, MUFG | Q2 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q2 2023 |
| RXBenefits | $150MM TL (B3/B) | BCLY, DB, GS | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/2/23 – 6/9/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.28% | 101.46 | 101.18 | 11 |
| 2 | 7,270 | MEDLINE TL B | 0.87% | 98.21 | 97.37 | 11 |
| 3 | 5,160 | INTEL TL | 1.33% | 95.07 | 93.82 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.33% | 99.83 | 99.50 | 12 |
| 5 | 4,750 | ZAYO TL | 3.15% | 79.42 | 77.00 | 17 |
| 6 | 4,559 | TRANSDIGM INC. TL I | 0.43% | 99.79 | 99.36 | 15 |
| 7 | 4,050 | CITRIX TL B | 0.92% | 93.56 | 92.71 | 10 |
| 8 | 3,900 | DIRECTV TL | 1.25% | 96.16 | 94.97 | 15 |
| 9 | 3,600 | CDK GLOBAL TL | 0.39% | 99.35 | 98.97 | 15 |
| 10 | 3,582 | MISYS TL B | 1.35% | 96.37 | 95.09 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.74% | 90.06 | 88.53 | 10 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.45% | 101.10 | 100.64 | 12 |
| 13 | 3,500 | SEDGWICK TL B | 1.01% | 98.52 | 97.54 | 10 |
| 14 | 3,500 | PILOT TRAVEL TL B | 0.32% | 99.73 | 99.41 | 11 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | 1.13% | 97.93 | 96.83 | 12 |
| 16 | 3,420 | RCN GRANDE TL | 0.60% | 83.00 | 82.50 | 11 |
| 17 | 3,380 | SOLERA TL B | -1.95% | 87.43 | 89.17 | 12 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.34% | 99.71 | 99.38 | 15 |
| 19 | 3,300 | NTL CABLE PLC TL N | 1.50% | 97.43 | 95.99 | 13 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.53% | 98.71 | 98.19 | 11 |
| AVERAGE | 4,225 | 0.80% | 95.64 | 94.91 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 6/2/23-6/9/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | 18.54% | 59.60 | 50.28 | 16 |
| 2 | US TELEPACIFIC TL B | 16.08% | 31.42 | 27.06 | 8 |
| 3 | IHEART TL B | 9.21% | 86.14 | 78.87 | 10 |
| 4 | MALLINCKRODT EXIT TL | 9.10% | 75.26 | 68.98 | 7 |
| 5 | INTEL TL | 7.76% | 75.92 | 70.45 | 5 |
| 6 | HEARTHSIDE FOODS TL B2 | 4.72% | 85.36 | 81.52 | 9 |
| 7 | RESTORATION HARDWARE TL B | 4.13% | 93.38 | 89.67 | 7 |
| 8 | WESTJET TL | 3.54% | 95.53 | 92.26 | 11 |
| 9 | TOSCA SERVICES TL | 3.48% | 72.62 | 70.18 | 9 |
| 10 | CITY BREWING TL B | 3.44% | 48.08 | 46.48 | 7 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 6/2/23-6/9/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | THILEA TL B | -8.20% | 61.43 | 66.92 | 8 |
| 2 | GRANITE ACQUISITION TL B | -6.03% | 81.07 | 86.27 | 11 |
| 3 | COMPREHENSIVE EYECARE PARTNERS TL | -5.91% | 69.84 | 74.23 | 10 |
| 4 | AIR MEDICAL TL B2 | -5.10% | 61.34 | 64.64 | 12 |
| 5 | CBS RADIO INC TL B | -2.82% | 47.28 | 48.65 | 9 |
| 6 | SOLERA TL B | -1.95% | 87.43 | 89.17 | 12 |
| 7 | SHUTTERFLY TL B | -1.87% | 55.77 | 56.84 | 10 |
| 8 | TRADESMEN TL | -1.85% | 58.63 | 59.73 | 9 |
| 9 | WEBER-STEPHEN TL B | -1.59% | 86.53 | 87.93 | 10 |
| 10 | HOMEVI EUR TL B | -1.46% | 87.09 | 88.37 | 11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/2/23-6/9/23 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 6/2/23-6/9/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/2/23 vs. the week ending 6/9/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | HEARTHSIDE FOODS TL B | 60 | 135 | 75 | 125% |
| 2 | RACKSPACE HOSTING TL B | 24 | 99 | 75 | 313% |
| 3 | TRAEGER TL | 34 | 104 | 70 | 206% |
| 4 | USS PARENT TL B | 30 | 96 | 66 | 220% |
| 5 | AIR MEDICAL TL B2 | 34 | 98 | 64 | 188% |
| 6 | ZAYO TL | 48 | 106 | 58 | 121% |
| 7 | STAPLES TL B1 | 60 | 117 | 57 | 95% |
| 8 | GOPHER RESOURCE TL | 28 | 84 | 56 | 200% |
| 9 | AIR MEDICAL TL B | 32 | 88 | 56 | 175% |
| 10 | GATES GLOBAL TL B3 | 63 | 118 | 55 | 87% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/2/23-6/9/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HEARTHSIDE FOODS TL B | 18 |
| 2 | ZAYO TL | 17 |
| 3 | BMC SOFTWARE TL B | 17 |
| 4 | AMERICAN TIRE TL B | 17 |
| 5 | STAPLES TL B1 | 16 |
| 6 | ACTION NEDERLAND EXT EUR TL B | 16 |
| 7 | TELENET EUR TL | 16 |
| 8 | BERRY PLASTICS TL Z | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | HUB INTL LTD TL B3 | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/2/23-6/9/23
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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