Syndicated Bank Loan Market Summary – Week Ending 8/4/23
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Syndicated Bank Loan Market Summary: Week Ending 8/4/23
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 8/4/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Software AG | 640 | Term Loan | 7/18/2030 | L+475 |
| Fortress Investment Group | 850 | Term Loan | 6/1/2029 | S+300 |
| Arqiva | 450 | Term Loan | 3/30/2028 | SN+500 |
forward calendar
Forward calendar during the week ending 8/4/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Avient Corp. | $832MM TLB7 | MS | Q3 2023 |
| Axalta Coating Systems LTD | $1.845B TLB4 | BCLY | Q3 2023 |
| Chemours Co. | $960MM TLB (BBB-) | JPM | Q3 2023 |
| Consilio | $200MM TL | KKR,SP | 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 |
| Northriver Midstream Finance LP | $850MM TLB | BMO,RBC | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/28/23 – 8/4/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,900 | ATHENAHEALTH TL | -0.07% | 96.87 | 96.94 | 10 |
| 2 | 4,750 | ZAYO TL | -0.07% | 75.98 | 76.03 | 15 |
| 3 | 4,475 | UNIVISION TL C5 | -0.12% | 99.75 | 99.88 | 10 |
| 4 | 3,900 | DIRECTV TL | -0.20% | 99.08 | 99.28 | 16 |
| 5 | 3,582 | MISYS TL B | 2.46% | 99.25 | 96.87 | 12 |
| 6 | 3,500 | PILOT TRAVEL TL B | 0.01% | 99.82 | 99.81 | 11 |
| 7 | 3,500 | AMERICAN AIRLINES TL B | -0.19% | 103.24 | 103.44 | 13 |
| 8 | 3,450 | GOLDEN NUGGET INC TL B | -0.36% | 98.48 | 98.83 | 14 |
| 9 | 3,420 | RCN GRANDE TL | -1.28% | 83.16 | 84.24 | 10 |
| 10 | 3,300 | NTL CABLE PLC TL N | -0.57% | 96.83 | 97.38 | 11 |
| 11 | 3,190 | INTELSAT EXIT TL B | -0.04% | 99.68 | 99.71 | 13 |
| 12 | 3,100 | TRANSUNION TL B6 | -0.16% | 99.65 | 99.80 | 15 |
| 13 | 3,100 | ASURION TL B8 | -0.92% | 96.48 | 97.38 | 10 |
| 14 | 3,000 | DELTA SKYMILES TL B | -0.04% | 103.92 | 103.96 | 13 |
| 15 | 3,000 | WESTINGHOUSE TL B | 0.01% | 99.83 | 99.82 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | -0.19% | 98.85 | 99.04 | 13 |
| 17 | 2,884 | BMC SOFTWARE TL B | 0.02% | 99.67 | 99.65 | 15 |
| 18 | 2,825 | BRAND ENERGY TL | 0.83% | 99.48 | 98.66 | 11 |
| 19 | 2,779 | PROTECTION1 TL B | 0.04% | 99.81 | 99.77 | 11 |
| 20 | 2,750 | REALPAGE TL B | -0.18% | 98.07 | 98.25 | 12 |
| AVERAGE | 3,469 | -0.05% | 97.39 | 97.44 | 12.4 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/28/23-8/4/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | GREENWAY MEDICAL TL | 7.71% | 80.98 | 75.18 | 6 |
| 2 | MISYS 2ND LIEN TL | 6.96% | 97.23 | 90.90 | 13 |
| 3 | AIR MEDICAL TL B2 | 5.38% | 64.35 | 61.06 | 9 |
| 4 | ASPECT SOFTWARE TL | 4.44% | 70.49 | 67.50 | 9 |
| 5 | FOREST CITY ENTERPRISES TL B | 4.28% | 89.29 | 85.62 | 6 |
| 6 | SONICWALL 2ND LIEN TL | 4.06% | 96.99 | 93.21 | 8 |
| 7 | TRAEGER TL | 3.78% | 87.29 | 84.11 | 12 |
| 8 | ASTRA ACQUISITION CORP TL B | 2.40% | 74.92 | 73.16 | 7 |
| 9 | PRINCE MINERALS TL | 2.10% | 91.92 | 90.02 | 11 |
| 10 | LIMETREE BAY TL B | 2.09% | 88.60 | 86.79 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/28/23-8/4/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PRETIUM PACKAGING TL B | -15.84% | 60.23 | 71.57 | 10 |
| 2 | THILEA TL B | -8.90% | 51.21 | 56.21 | 9 |
| 3 | CBS RADIO INC TL B | -7.01% | 50.06 | 53.83 | 8 |
| 4 | SINCLAIR BROADCAST GROUP INC. TL B4 | -6.56% | 68.12 | 72.90 | 5 |
| 5 | CONVERGEONE TL B | -4.69% | 60.90 | 63.90 | 10 |
| 6 | SOUND PHYSICIANS TL | -3.62% | 54.97 | 57.03 | 6 |
| 7 | ANASTASIA BEVERLY HILLS TL B | -3.29% | 72.93 | 75.41 | 9 |
| 8 | AMC ENTERTAINMENT TL B1 | -3.22% | 75.20 | 77.70 | 14 |
| 9 | GAINWELL TL | -1.92% | 96.46 | 98.35 | 4 |
| 10 | RACKSPACE HOSTING TL B | -1.77% | 43.26 | 44.04 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/28/23-8/4/23 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 7/28/23-8/4/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/28/23 vs. the week ending 8/4/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | HELIX GENERATION TL B | 60 | 98 | 38 | 63% |
| 2 | CYANCO TL B | 30 | 66 | 36 | 120% |
| 3 | AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B | 16 | 48 | 32 | 200% |
| 4 | WORLD KITCHEN TL | 18 | 48 | 30 | 167% |
| 5 | ATLANTIC AVIATION TL | 20 | 48 | 28 | 140% |
| 6 | DUN & BRADSTREET TL B | 24 | 48 | 24 | 100% |
| 7 | API TECHNOLOGIES TL | 12 | 36 | 24 | 200% |
| 8 | INTERTAPE POLYMER US INC TL | 56 | 79 | 23 | 41% |
| 9 | CINEWORLD EXIT TL | 14 | 36 | 22 | 157% |
| 10 | CASINO GUICHARD EUR TL B | 28 | 50 | 22 | 79% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/28/23-8/4/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 18 |
| 2 | HILEX POLY TL B | 17 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 5 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 6 | TRANSDIGM INC. TL H | 16 |
| 7 | ACCOLADE WINES GBP TL B | 16 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 9 | TELENET EUR TL | 16 |
| 10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/28/23-8/4/23
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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