Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 7/7/23
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 7/7/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Sierra Nevada Corp. | 226 | Term Loan | 6/29/2028 | S+200 |
forward calendar
Forward calendar during the week ending 7/7/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| Ion Corporates | $400MM TL | BNP,JPM | Q3 2023 |
| Lackawanna Energey Center LLC | $945MM credit facilities: $120MM RC; $380MM TLB; $95MM TLC; $350MM TLB1 | MS | Q3 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF,BMO,CTZ,TRS | Q3 2023 |
| Odyssey Logistics & Technology Corp. | $627.3MM credit facilities: $125MM RC; $502.3MM TL | UBS,CS,JPM,RBC,CTB,KEY | Q3 2023 |
| Upfield | $883MM TL | KKR,BNP,CITI,CAG,CS,DB,GS | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/30/23 – 7/7/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | -0.07% | 101.40 | 101.48 | 12 |
| 2 | 5,160 | INTEL TL | 0.38% | 95.84 | 95.48 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.05% | 99.92 | 99.87 | 13 |
| 4 | 4,750 | HUB INTL LTD TL B5 | 0.14% | 100.30 | 100.15 | 15 |
| 5 | 4,750 | ZAYO TL | -0.52% | 78.09 | 78.49 | 16 |
| 6 | 4,741 | INTERNET BRANDS TL B | 0.68% | 96.41 | 95.76 | 10 |
| 7 | 4,559 | TRANSDIGM INC. TL I | 0.05% | 99.93 | 99.89 | 16 |
| 8 | 4,475 | UNIVISION TL C5 | -0.13% | 100.04 | 100.16 | 10 |
| 9 | 4,050 | CITRIX TL B | -0.02% | 93.36 | 93.38 | 10 |
| 10 | 3,900 | DIRECTV TL | 0.95% | 98.55 | 97.62 | 15 |
| 11 | 3,600 | CDK GLOBAL TL | 0.14% | 99.85 | 99.71 | 12 |
| 12 | 3,582 | MISYS TL B | -0.33% | 95.63 | 95.95 | 13 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.45% | 93.93 | 92.59 | 10 |
| 14 | 3,500 | PILOT TRAVEL TL B | 0.07% | 99.87 | 99.80 | 10 |
| 15 | 3,500 | AMERICAN AIRLINES TL B | 0.19% | 102.33 | 102.14 | 11 |
| 16 | 3,500 | SEDGWICK TL B | 0.43% | 99.73 | 99.30 | 10 |
| 17 | 3,450 | GOLDEN NUGGET INC TL B | 0.13% | 98.92 | 98.79 | 13 |
| 18 | 3,420 | RCN GRANDE TL | -0.60% | 82.98 | 83.47 | 11 |
| 19 | 3,380 | SOLERA TL B | 0.91% | 92.51 | 91.67 | 12 |
| 20 | 3,300 | NTL CABLE PLC TL N | 0.07% | 99.20 | 99.13 | 12 |
| AVERAGE | 4,235 | 0.20% | 96.44 | 96.24 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 6/30/23-7/7/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | COMPREHENSIVE EYECARE PARTNERS TL | 3.70% | 75.95 | 73.25 | 12 |
| 2 | MULTIPLAN TL B | 3.35% | 92.17 | 89.18 | 8 |
| 3 | AMERICAN TRAILER WORLD TL | 2.88% | 91.81 | 89.23 | 7 |
| 4 | LEAF HOME SOLUTIONS TL | 2.53% | 85.13 | 83.03 | 6 |
| 5 | EQUINOX HLDGS INC 2ND LIEN TL | 2.48% | 76.54 | 74.68 | 10 |
| 6 | RSA SECURITY LLC TL B | 2.29% | 85.08 | 83.17 | 9 |
| 7 | MCGRAW-HILL GLOBAL TL B | 2.23% | 95.39 | 93.31 | 9 |
| 8 | FRANKLIN ENERGY TL | 1.97% | 86.68 | 85.00 | 7 |
| 9 | GLOBAL TELESYSTEMS TL | 1.95% | 93.35 | 91.57 | 10 |
| 10 | IHEART TL B | 1.77% | 87.78 | 86.25 | 10 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 6/30/23-7/7/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | RACKSPACE HOSTING TL B | -2.45% | 44.12 | 45.23 | 13 |
| 2 | LOGMEIN TL B | -1.64% | 61.92 | 62.95 | 11 |
| 3 | AIR MEDICAL TL B2 | -1.40% | 55.31 | 56.09 | 11 |
| 4 | ELECTRONICS FOR IMAGING TL | -1.18% | 67.12 | 67.92 | 10 |
| 5 | INTEL TL | -1.04% | 74.61 | 75.39 | 6 |
| 6 | AMC ENTERTAINMENT TL B1 | -0.99% | 77.23 | 78.00 | 13 |
| 7 | CISION TL B | -0.92% | 72.33 | 73.00 | 11 |
| 8 | ZAYO EUR TL | -0.80% | 77.76 | 78.39 | 12 |
| 9 | VERIZON TL B1 | -0.73% | 95.04 | 95.75 | 6 |
| 10 | UNIFRAX TL B | -0.70% | 87.73 | 88.34 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/30/23-7/7/23
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 6/30/23-7/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/30/23 vs. the week ending 7/7/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | INEOS FIN TL B | 6 | 36 | 30 | 500% |
| 2 | TRICOR GROUP EUR TL B | 0 | 28 | 28 | NA |
| 3 | PARQUES REUNIDOS SA EUR TL B3 | 0 | 20 | 20 | NA |
| 4 | CYANCO TL B | 2 | 22 | 20 | 1000% |
| 5 | SPRINGER NATURE EUR TL B | 18 | 38 | 20 | 111% |
| 6 | ALTICE FINANCING SA EUR TL B | 10 | 29 | 19 | 190% |
| 7 | VERISURE EUR TL B | 40 | 58 | 18 | 45% |
| 8 | VERISURE EUR TL B | 30 | 48 | 18 | 60% |
| 9 | BUSY BEES GBP TL B | 10 | 26 | 16 | 160% |
| 10 | CONSTELLATION ENTERPRISES EUR TL B | 12 | 28 | 16 | 133% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/30/23-7/7/23
| RANK | TRANCHE | DEALERS |
| 1 | ZIGGO EUR TL H | 17 |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 3 | TRANSDIGM INC. TL I | 16 |
| 4 | GRIFOLS WORLDWIDE EUR TL B | 16 |
| 5 | TELENET EUR TL | 16 |
| 6 | ZAYO TL | 16 |
| 7 | BERRY PLASTICS TL Z | 16 |
| 8 | VERISURE EUR TL B | 16 |
| 9 | BELLIS ACQUISITION CO PLC EUR TL B | 16 |
| 10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/30/23-7/7/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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