Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 8/11/23
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 8/11/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| J & J Ventures Gaming LLC | 350 | Delayed-Draw Term Loan | 4/26/2028 | S+425 |
| Greystar Real Estate Partners LLC | 450 | Term Loan | 8/1/2030 | S+375 |
| Generation Bridge LLC | 865 | Term Loan | 7/24/2029 | S+425 |
forward calendar
Forward calendar during the week ending 8/11/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| Applovin Corp. | $1.5B TLB (Ba3) | JPM, BofA, KKR, CITI, CS, GS | Q3 2023 |
| Azz Inc. | $1.03B TLB (Ba3/B) | CITI, WF, BCLY, USB, CIBC | Q3 2023 |
| Sonicwall | $735MM TL | UBS | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/4/23 – 8/11/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | 0.02% | 101.53 | 101.52 | 12 |
| 2 | 7,270 | MEDLINE TL B | 0.19% | 98.72 | 98.53 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.04% | 99.97 | 100.01 | 13 |
| 4 | 4,750 | HUB INTL LTD TL B5 | -0.05% | 100.21 | 100.26 | 14 |
| 5 | 4,750 | ZAYO TL | 5.19% | 79.92 | 75.98 | 16 |
| 6 | 4,559 | TRANSDIGM INC. TL I | 0.12% | 100.00 | 99.89 | 21 |
| 7 | 4,475 | UNIVISION TL C5 | -0.19% | 99.56 | 99.75 | 10 |
| 8 | 4,050 | CITRIX TL B | -0.10% | 95.76 | 95.86 | 10 |
| 9 | 3,900 | DIRECTV TL | 0.19% | 99.27 | 99.08 | 16 |
| 10 | 3,600 | CDK GLOBAL TL | 0.09% | 99.93 | 99.84 | 14 |
| 11 | 3,582 | MISYS TL B | 0.17% | 99.42 | 99.25 | 12 |
| 12 | 3,550 | CITADEL TL B | 0.13% | 99.18 | 99.05 | 10 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.11% | 98.40 | 98.30 | 10 |
| 14 | 3,500 | PILOT TRAVEL TL B | 0.00% | 99.82 | 99.82 | 11 |
| 15 | 3,500 | AMERICAN AIRLINES TL B | 0.20% | 103.44 | 103.24 | 12 |
| 16 | 3,450 | GOLDEN NUGGET INC TL B | -0.01% | 98.47 | 98.48 | 15 |
| 17 | 3,420 | RCN GRANDE TL | -0.17% | 83.01 | 83.16 | 10 |
| 18 | 3,380 | SOLERA TL B | 0.16% | 94.62 | 94.47 | 11 |
| 19 | 3,300 | NTL CABLE PLC TL N | -0.33% | 96.51 | 96.83 | 11 |
| 20 | 3,190 | INTELSAT EXIT TL B | -0.05% | 99.63 | 99.68 | 13 |
| AVERAGE | 4,266 | 0.28% | 97.37 | 97.15 | 12.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 8/4/23-8/11/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | TEAM HEALTH TL | 9.75% | 97.68 | 89.00 | 9 |
| 2 | SINCLAIR BROADCAST GROUP INC. TL B4 | 8.62% | 74.00 | 68.12 | 5 |
| 3 | ZAYO TL | 5.19% | 79.92 | 75.98 | 16 |
| 4 | TELESAT TL B5 | 4.56% | 64.65 | 61.83 | 7 |
| 5 | ONE CALL TL B | 3.66% | 77.87 | 75.12 | 4 |
| 6 | NUMERICABLE TL B12 | 3.60% | 91.06 | 87.90 | 8 |
| 7 | QWEST CORPORATION TL B | 3.33% | 71.98 | 69.66 | 9 |
| 8 | AMC ENTERTAINMENT TL B1 | 3.29% | 77.67 | 75.20 | 14 |
| 9 | AT&T COLOCATION TL | 3.08% | 77.73 | 75.41 | 9 |
| 10 | TRAEGER TL | 3.06% | 89.97 | 87.29 | 12 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/4/23-8/11/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | SOUND PHYSICIANS 2ND LIEN TL | -18.75% | 20.14 | 24.79 | 8 |
| 2 | AIR METHODS TL | -13.41% | 27.56 | 31.82 | 7 |
| 3 | OLAPLEX TL B | -7.07% | 86.70 | 93.30 | 7 |
| 4 | SECURUS 2ND LIEN TL | -5.75% | 70.96 | 75.29 | 7 |
| 5 | CBS RADIO INC TL B | -4.74% | 47.69 | 50.06 | 8 |
| 6 | LANDESK TL B | -3.44% | 80.19 | 83.05 | 11 |
| 7 | WEST MARINE PIK TL A | -2.40% | 48.55 | 49.74 | 6 |
| 8 | ACCELERATED HEALTH SYSTEMS LLC TL B | -2.23% | 75.71 | 77.44 | 8 |
| 9 | AUDIO VISUAL TL B1 | -1.74% | 96.80 | 98.51 | 8 |
| 10 | RESTAURANT TECHNOLOGIES TL | -1.53% | 95.99 | 97.47 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/4/23-8/11/23
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 8/4/23-8/11/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/4/23 vs. the week ending 8/11/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CALPINE CONSTRUCTION FINANCE TL B | 14 | 70 | 56 | 400% |
| 2 | CINEWORLD EXIT TL | 36 | 64 | 28 | 78% |
| 3 | ACCOLADE WINES GBP TL B | 34 | 61 | 27 | 79% |
| 4 | VERITEXT TL B | 6 | 31 | 25 | 417% |
| 5 | ALCOA INC TL B | 14 | 36 | 22 | 157% |
| 6 | VERITAS US INC TL B | 62 | 83 | 21 | 34% |
| 7 | KNOWLTON PACKAGING INC TL B | 6 | 22 | 16 | 267% |
| 8 | CITADEL TL B | 54 | 70 | 16 | 30% |
| 9 | ENVISION HEALTHCARE TL B | 6 | 22 | 16 | 267% |
| 10 | SPX FLOW TL B | 56 | 70 | 14 | 25% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/4/23-8/11/23
| RANK | TRANCHE | DEALERS |
| 1 | TRANSDIGM INC. TL I | 21 |
| 2 | HILEX POLY TL B | 17 |
| 3 | ACCOLADE WINES GBP TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 6 | TRANSDIGM INC. TL H | 16 |
| 7 | ZAYO TL | 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 8/4/23-8/11/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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