Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 9/1/23
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 9/1/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| N/A | N/A | N/A | N/A | N/A |
forward calendar
Forward calendar during the week ending 9/1/23
| Issuer | Deal Information | Banks | Expected Issue Date |
| Aramark Uniform Services | $1.8B credit facilities: $300MM RC; $1.5B TL | Q3 2023 | |
| CHG Healthcare | $580MM TL (B2/B) | GS,JPM,BCLY,BMO,CITI | 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 |
| Syneos Health inc | $2.7B credit facilities | GS,WFC,C,JEF,UBS, RBC, BMO, HSBC,MQG,NTX,TFC | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/25/23 – 9/1/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 8,572 | GEO GROUP TL1 | -0.12% | 101.48 | 101.60 | 12 |
| 2 | 7,270 | MEDLINE TL B | 0.53% | 99.89 | 99.36 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.11% | 100.12 | 100.01 | 13 |
| 4 | 5,000 | QWEST CORPORATION TL B | -3.06% | 65.38 | 67.44 | 13 |
| 5 | 4,750 | HUB INTL LTD TL B5 | 0.16% | 100.38 | 100.22 | 15 |
| 6 | 4,750 | ZAYO TL | -0.15% | 79.91 | 80.03 | 15 |
| 7 | 4,741 | INTERNET BRANDS TL B | 0.32% | 96.02 | 95.71 | 12 |
| 8 | 4,741 | INTERNET BRANDS TL B | 0.32% | 96.02 | 95.71 | 12 |
| 9 | 4,559 | TRANSDIGM INC. TL I | 0.01% | 100.05 | 100.04 | 20 |
| 10 | 4,463 | ULTIMATE SOFTWARE TL B | 0.22% | 99.84 | 99.62 | 11 |
| 11 | 3,900 | DIRECTV TL | -0.30% | 98.78 | 99.08 | 15 |
| 12 | 3,600 | CDK GLOBAL TL | 0.10% | 100.09 | 99.99 | 12 |
| 13 | 3,600 | CDK GLOBAL TL | 0.10% | 100.09 | 99.99 | 12 |
| 14 | 3,582 | MISYS TL B | 0.01% | 99.88 | 99.88 | 11 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.68% | 99.11 | 98.44 | 11 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | 0.12% | 103.81 | 103.68 | 12 |
| 17 | 3,500 | PILOT TRAVEL TL B | -0.02% | 99.86 | 99.88 | 11 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 0.22% | 98.99 | 98.77 | 14 |
| 19 | 3,420 | RCN GRANDE TL | -0.89% | 81.44 | 82.18 | 13 |
| 20 | 3,380 | SOLERA TL B | 1.42% | 97.00 | 95.64 | 12 |
| AVERAGE | 4,465 | -0.01% | 95.91 | 95.86 | 12.9 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 8/25/23-9/1/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | NATIONAL MENTOR TL B | 9.82% | 87.10 | 79.31 | 7 |
| 2 | NAPA MANAGEMENT SERVICES TL B | 5.37% | 73.95 | 70.18 | 6 |
| 3 | ACCELERATED HEALTH SYSTEMS LLC TL B | 4.69% | 81.38 | 77.73 | 9 |
| 4 | SECURUS TL | 4.61% | 87.12 | 83.29 | 7 |
| 5 | TELESAT TL B5 | 3.72% | 71.88 | 69.30 | 7 |
| 6 | INTERTAPE POLYMER US INC TL | 3.69% | 90.05 | 86.85 | 10 |
| 7 | BROOKS AUTOMATION 2ND LIEN TL | 3.51% | 96.09 | 92.83 | 4 |
| 8 | TRAVELPORT TL | 2.44% | 95.62 | 93.34 | 9 |
| 9 | S&S HOLDINGS TL | 2.39% | 94.79 | 92.58 | 7 |
| 10 | HOUGHTON MIFFLIN TL B | 2.39% | 92.19 | 90.04 | 6 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/25/23-9/1/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | LEARFIELD TL B | -10.51% | 69.00 | 77.10 | 9 |
| 2 | MOBILEUM TL B | -4.54% | 62.93 | 65.92 | 5 |
| 3 | NTHRIVE 2ND LIEN TL | -4.34% | 60.71 | 63.47 | 5 |
| 4 | USS PARENT TL B | -3.07% | 79.34 | 81.85 | 13 |
| 5 | QWEST CORPORATION TL B | -3.06% | 65.38 | 67.44 | 13 |
| 6 | MALLINCKRODT TL B | -2.87% | 73.21 | 75.37 | 5 |
| 7 | CBS RADIO INC TL B | -2.77% | 43.88 | 45.13 | 8 |
| 8 | ALBANY MOLECULAR TL B | -1.24% | 84.37 | 85.43 | 6 |
| 9 | SINCLAIR BROADCAST GROUP INC. TL B4 | -1.16% | 71.72 | 72.56 | 5 |
| 10 | AMERICAN TIRE TL B | -1.11% | 87.91 | 88.90 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/25/23-9/1/23
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 8/25/23-9/1/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/25/23 vs. the week ending 9/1/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | US FOODS TL B | 28 | 70 | 42 | 150% |
| 2 | CITRIX TL A | 26 | 59 | 33 | 127% |
| 3 | TECTA AMERICA TL B | 8 | 38 | 30 | 375% |
| 4 | MAD ENGINE GLOBAL TL B | 14 | 41 | 27 | 193% |
| 5 | HELIX GENERATION TL B | 56 | 82 | 26 | 46% |
| 6 | OLDCASTLE TL B | 66 | 92 | 26 | 39% |
| 7 | AMERICAN TIRE TL B | 56 | 80 | 24 | 43% |
| 8 | TENNECO TL B | 16 | 40 | 24 | 150% |
| 9 | PITNEY BOWES TL B | 14 | 38 | 24 | 171% |
| 10 | ASPEN DENTAL TL B | 49 | 72 | 23 | 47% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/25/23-9/1/23
| RANK | TRANCHE | DEALERS |
| 1 | TRANSDIGM INC. TL I | 21 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | TELENET EUR TL | 17 |
| 4 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 5 | UPC HOLDING BV EUR TL | 17 |
| 6 | HILEX POLY TL B | 16 |
| 7 | NTL CABLE PLC GBP TL M | 16 |
| 8 | NORD ANGLIA EDUCATION FINANC EUR TL B | 16 |
| 9 | KETER GROUP EUR TL B1 | 16 |
| 10 | ACCOLADE WINES GBP TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/25/23-9/1/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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