Syndicated Bank Loan Market Summary – Week Ending 8/25/23
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Syndicated Bank Loan Market Summary: Week Ending 8/25/23
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 8/25/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Tecta America Corp. | 210 | Term Loan | 4/10/2028 | S+425 |
| Quikrete Holdings Inc. | 1679 | Term Loan | 3/18/2029 | S+275 |
| U.S. Foodservice | 722 | Term Loan | 11/22/2028 | S+250 |
forward calendar
Forward calendar during the week ending 8/25/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Aramark Uniform Services | $1.8B credit facilities: $300MM RC; $1.5B TL | Q3 2023 | |
| Forward Air Corp. | $400MM revolver | MS,CITI,GS,JPM | Q3 2023 |
| Simon & Schuster | $1.1B credit facilities | JEFF,KKR,UBS,HSBC,RBC | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/18/23 – 8/25/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.01% | 101.60 | 101.60 | 12 |
| 2 | 7,270 | MEDLINE TL B | 0.34% | 99.36 | 99.03 | 10 |
| 3 | 5,000 | QWEST CORPORATION TL B | -2.30% | 67.44 | 69.03 | 12 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.04% | 100.01 | 99.97 | 13 |
| 5 | 4,750 | ZAYO TL | -0.06% | 80.03 | 80.08 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | 0.08% | 100.22 | 100.14 | 14 |
| 7 | 4,741 | INTERNET BRANDS TL B | 0.22% | 95.71 | 95.51 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.03% | 100.04 | 100.01 | 20 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.15% | 99.62 | 99.47 | 10 |
| 10 | 4,050 | CITRIX TL B | 0.11% | 95.66 | 95.55 | 10 |
| 11 | 3,900 | DIRECTV TL | -0.11% | 99.08 | 99.19 | 15 |
| 12 | 3,600 | CDK GLOBAL TL | 0.03% | 99.99 | 99.96 | 14 |
| 13 | 3,582 | MISYS TL B | 0.05% | 99.88 | 99.82 | 12 |
| 14 | 3,550 | CITADEL TL B | 0.20% | 99.43 | 99.24 | 10 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.14% | 98.44 | 98.31 | 10 |
| 16 | 3,500 | PILOT TRAVEL TL B | -0.04% | 99.88 | 99.92 | 11 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | 0.16% | 103.68 | 103.52 | 12 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 0.30% | 98.77 | 98.47 | 14 |
| 19 | 3,420 | RCN GRANDE TL | -0.36% | 82.18 | 82.47 | 12 |
| 20 | 3,380 | SOLERA TL B | 0.58% | 95.64 | 95.09 | 12 |
| AVERAGE | 4,428 | -0.02% | 95.83 | 95.82 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 8/18/23-8/25/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | LIFTOFF TL B | 5.58% | 92.99 | 88.08 | 9 |
| 2 | COX ENTERPRISES, INC. TL B | 2.71% | 92.66 | 90.21 | 8 |
| 3 | TECTUM HOLDINGS INC TL B | 2.70% | 96.10 | 93.57 | 11 |
| 4 | HELP SYSTEMS TL | 2.10% | 95.42 | 93.46 | 6 |
| 5 | SVMSTR TL B | 2.04% | 94.37 | 92.49 | 6 |
| 6 | S&S HOLDINGS TL | 1.93% | 92.58 | 90.82 | 7 |
| 7 | WIPRO DATA CENTRE & CLOUD SERVICES INC TL B | 1.85% | 92.76 | 91.07 | 7 |
| 8 | NUMERICABLE TL B | 1.70% | 86.06 | 84.62 | 9 |
| 9 | PLASKOLITE TL | 1.59% | 91.32 | 89.89 | 8 |
| 10 | VISUAL COMFORT 2ND LIEN TL | 1.36% | 88.34 | 87.15 | 6 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/18/23-8/25/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | BUCCANEER TL B | -2.36% | 88.52 | 90.66 | 6 |
| 2 | QWEST CORPORATION TL B | -2.30% | 67.44 | 69.03 | 12 |
| 3 | SINCLAIR BROADCAST GROUP INC. TL B3 | -2.03% | 75.39 | 76.94 | 6 |
| 4 | USS PARENT TL B | -1.97% | 81.85 | 83.50 | 13 |
| 5 | ELECTRONICS FOR IMAGING TL | -1.84% | 65.06 | 66.28 | 10 |
| 6 | AMC ENTERTAINMENT TL B1 | -1.79% | 78.06 | 79.48 | 12 |
| 7 | KRATON POLYMERS TL B | -1.29% | 97.70 | 98.98 | 9 |
| 8 | GRANITE ACQUISITION TL B | -1.09% | 86.49 | 87.44 | 10 |
| 9 | BLOUNT TL B | -1.09% | 87.87 | 88.84 | 12 |
| 10 | LOGMEIN TL B | -0.74% | 64.10 | 64.58 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/18/23-8/25/23 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 8/18/23-8/25/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/18/23 vs. the week ending 8/25/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | DUFF & PHELPS TL B | 14 | 46 | 32 | 229% |
| 2 | WEST CORP TL B3 | 46 | 76 | 30 | 65% |
| 3 | DAE AVIATION TL B1 | 6 | 34 | 28 | 467% |
| 4 | SONICWALL TL B | 4 | 32 | 28 | 700% |
| 5 | DAVITA TL B | 80 | 108 | 28 | 35% |
| 6 | ELANCO ANIMAL HEALTH TL B | 80 | 108 | 28 | 35% |
| 7 | FOREFRONT DERMATOLOGY TL B | 9 | 36 | 27 | 300% |
| 8 | BAUSCH & LOMB INC TL | 66 | 90 | 24 | 36% |
| 9 | CALPINE CONSTRUCTION FINANCE TL B | 44 | 68 | 24 | 55% |
| 10 | ASURION TL B8 | 52 | 76 | 24 | 46% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/18/23-8/25/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 20 |
| 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 | KETER GROUP EUR TL B1 | 16 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 8 | TELENET EUR TL | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | VERISURE EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/18/23-8/25/23
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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