Syndicated Bank Loan Market Summary – Week Ending 7/28/23
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Syndicated Bank Loan Market Summary: Week Ending 7/28/23
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 7/28/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Software AG | 400 | Term Loan | 7/18/2030 | S+500 |
| Monitronics Intl. Inc. | 600 | Term Loan | 6/30/2028 | S+750 |
| Janus International Group LLC | 625 | Term Loan | 7/17/2030 | N/A |
| Dun & Bradstreet Corp. | 2666 | Term Loan | 2/8/2026 | L+275 |
forward calendar
Forward calendar during the week ending 7/28/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Avient Corp. | $832MM TLB7 | MS | Q3 2023 |
| H.B. Fuller Co. | $798MM TLB | JPM | Q3 2023 |
| Invenergy Thermal Operating LLC | $500MM credit facilities: $150MM RC; $325MM TLB; $25MM TLC | MUFG,BofA,BMO | Q3 2023 |
| Jones Deslaurier Insurance Management Inc. | $350MM TLB | BofA | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/21/23 – 7/28/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.04% | 101.52 | 101.48 | 13 |
| 2 | 7,270 | MEDLINE TL B | -0.22% | 99.04 | 99.25 | 10 |
| 3 | 5,900 | ATHENAHEALTH TL | -0.19% | 96.94 | 97.12 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.04% | 100.03 | 100.07 | 13 |
| 5 | 4,750 | ZAYO TL | -0.07% | 76.03 | 76.08 | 16 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.06% | 100.37 | 100.43 | 14 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.41% | 96.30 | 96.69 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | -0.09% | 100.09 | 100.18 | 18 |
| 9 | 4,475 | UNIVISION TL C5 | -0.10% | 99.88 | 99.97 | 10 |
| 10 | 4,260 | NUMERICABLE TL B | -2.42% | 82.61 | 84.65 | 10 |
| 11 | 4,050 | CITRIX TL B | 0.21% | 95.60 | 95.40 | 11 |
| 12 | 3,900 | DIRECTV TL | -0.05% | 99.28 | 99.33 | 15 |
| 13 | 3,600 | CDK GLOBAL TL | 0.03% | 100.02 | 99.99 | 13 |
| 14 | 3,582 | MISYS TL B | 0.74% | 96.87 | 96.16 | 12 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | 2.10% | 97.82 | 95.81 | 10 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | -0.05% | 103.44 | 103.48 | 13 |
| 17 | 3,500 | PILOT TRAVEL TL B | -0.04% | 99.81 | 99.85 | 11 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | -0.33% | 98.83 | 99.16 | 15 |
| 19 | 3,420 | RCN GRANDE TL | -0.39% | 84.24 | 84.56 | 10 |
| 20 | 3,380 | SOLERA TL B | 0.22% | 94.19 | 93.99 | 11 |
| AVERAGE | 4,509 | -0.06% | 96.15 | 96.18 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/21/23-7/28/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AT&T COLOCATION TL | 19.46% | 74.72 | 62.55 | 8 |
| 2 | US RENAL CARE TL B | 7.72% | 48.94 | 45.44 | 8 |
| 3 | IMPERVA TL | 6.82% | 99.78 | 93.41 | 10 |
| 4 | CUMULUS MEDIA TL | 5.20% | 76.48 | 72.69 | 9 |
| 5 | HORNBLOWER PIK TL B | 5.11% | 48.71 | 46.35 | 4 |
| 6 | DELL SOFTWARE GROUP TL B | 3.46% | 81.16 | 78.45 | 11 |
| 7 | AIR MEDICAL TL B2 | 3.18% | 61.06 | 59.18 | 9 |
| 8 | AMC ENTERTAINMENT TL B1 | 3.15% | 77.70 | 75.32 | 14 |
| 9 | MAVENIR TL B | 2.19% | 74.00 | 72.41 | 5 |
| 10 | LIFEPOINT HOSPITALS TL B | 2.10% | 97.82 | 95.81 | 10 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/21/23-7/28/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | USS PARENT TL B | -5.35% | 80.04 | 84.57 | 13 |
| 2 | SINCLAIR BROADCAST GROUP INC. TL B4 | -4.32% | 72.90 | 76.19 | 5 |
| 3 | NUMERICABLE TL B12 | -3.40% | 88.85 | 91.98 | 7 |
| 4 | ZAYO EUR TL | -2.47% | 70.72 | 72.51 | 14 |
| 5 | QWEST CORPORATION TL B | -2.22% | 69.41 | 70.99 | 9 |
| 6 | CBS RADIO INC TL B | -2.09% | 53.83 | 54.98 | 8 |
| 7 | CONSOLIDATED COMMUNICATIONS TL B | -1.99% | 86.39 | 88.14 | 8 |
| 8 | MEGA BROADBAND TL B | -1.94% | 96.75 | 98.67 | 4 |
| 9 | ANASTASIA BEVERLY HILLS TL B | -1.92% | 75.41 | 76.89 | 11 |
| 10 | MALLINCKRODT TL B | -1.77% | 75.58 | 76.94 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/21/23-7/28/23 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 7/21/23-7/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/21/23 vs. the week ending 7/28/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | FLINT GROUP PIK 2ND LIEN TL | 0 | 24 | 24 | NA |
| 2 | ONTIC TL B | 14 | 36 | 22 | 157% |
| 3 | AMC ENTERTAINMENT TL B1 | 64 | 86 | 22 | 34% |
| 4 | CALPINE CONSTRUCTION FINANCE TL | 62 | 82 | 20 | 32% |
| 5 | STUBHUB EUR TL B | 0 | 20 | 20 | NA |
| 6 | NORTHWEST FIBER TL | 54 | 74 | 20 | 37% |
| 7 | BAUSCH & LOMB INC TL | 84 | 104 | 20 | 24% |
| 8 | BOMBARDIER RECREATIONAL TL | 37 | 56 | 19 | 51% |
| 9 | INMARSAT TL B | 59 | 78 | 19 | 32% |
| 10 | DT MIDSTREAM TL B | 56 | 74 | 18 | 32% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/21/23-7/28/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 18 |
| 2 | HILEX POLY TL B | 17 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | ZAYO TL | 17 |
| 5 | TRANSDIGM INC. TL H | 16 |
| 6 | NORD ANGLIA EDUCATION FINANC EUR TL B | 16 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 8 | TELENET EUR TL | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | BELLIS ACQUISITION CO PLC EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/21/23-7/28/23
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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