Syndicated Bank Loan Market Summary – Week Ending 11/3/23
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Syndicated Bank Loan Market Summary: Week Ending 11/3/23
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 11/3/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Samarinda Investments | 480 | Term Loan | 11/24/2029 | S+450 |
| SUSE | 550 | Term Loan | 10/16/2030 | L+450 |
| Ceva Sante Animale | 1800 | Term Loan | 11/1/2030 | L+425 |
forward calendar
Forward calendar during the week ending 11/3/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| A-Gas Finco Inc. | $520MM TLB (B2/B) | CITI,HSBC,TRS | Q4 2023 |
| Archkey Holdings Inc. | $100MM DD TL | DB | Q4 2023 |
| Buckeye Partners LP | $1B TL | MUFG | Q4 2023 |
| Colibri | $400MM TL (B3/B) | GLB,JEFF | Q4 2023 |
| Veritiv Corp. | $1.525B credit facilities: $700MM TLB (B2/B+), $825MM RC | RBC,GS,WF,BMO,UBS,BNP | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/27/23 – 11/3/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.03% | 101.63 | 101.59 | 10 |
| 2 | 7,270 | MEDLINE TL B | 0.71% | 99.94 | 99.23 | 12 |
| 3 | 5,900 | ATHENAHEALTH TL | 1.26% | 97.83 | 96.61 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.29% | 99.90 | 99.61 | 13 |
| 5 | 5,000 | QWEST CORPORATION TL B | -7.20% | 67.80 | 73.06 | 10 |
| 6 | 4,750 | ZAYO TL | 0.57% | 84.66 | 84.19 | 14 |
| 7 | 4,750 | HUB INTL LTD TL B5 | 0.15% | 100.08 | 99.92 | 15 |
| 8 | 4,741 | INTERNET BRANDS TL B | 0.76% | 96.25 | 95.52 | 12 |
| 9 | 4,559 | TRANSDIGM INC. TL I | 0.18% | 99.98 | 99.80 | 19 |
| 10 | 4,463 | ULTIMATE SOFTWARE TL B | 0.38% | 99.70 | 99.32 | 12 |
| 11 | 4,260 | NUMERICABLE TL B | -1.50% | 87.41 | 88.75 | 10 |
| 12 | 4,050 | CITRIX TL B | 0.51% | 95.50 | 95.01 | 11 |
| 13 | 3,900 | DIRECTV TL | 0.94% | 98.02 | 97.11 | 14 |
| 14 | 3,580 | CDK GLOBAL TL B | 0.51% | 99.80 | 99.29 | 14 |
| 15 | 3,550 | CITADEL TL B | 0.16% | 99.87 | 99.72 | 11 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | 0.08% | 101.56 | 101.48 | 13 |
| 17 | 3,500 | PILOT TRAVEL TL B | 0.11% | 100.04 | 99.93 | 10 |
| 18 | 3,500 | SEDGWICK TL B | 0.41% | 99.87 | 99.47 | 10 |
| 19 | 3,450 | GOLDEN NUGGET INC TL B | 0.85% | 98.61 | 97.78 | 13 |
| 20 | 3,420 | RCN GRANDE TL | 0.12% | 82.57 | 82.47 | 12 |
| AVERAGE | 4,586 | -0.03% | 95.55 | 95.49 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 10/27/23-11/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AIR MEDICAL TL B | 8.80% | 69.79 | 64.14 | 13 |
| 2 | AT&T COLOCATION TL | 7.34% | 90.24 | 84.07 | 7 |
| 3 | INNOVATIVE XCESSORIES TL | 3.07% | 81.91 | 79.47 | 9 |
| 4 | OLAPLEX TL B | 2.23% | 90.43 | 88.46 | 7 |
| 5 | PURESTAR TL | 2.20% | 90.98 | 89.03 | 5 |
| 6 | WP CPP TL B | 2.03% | 96.60 | 94.68 | 8 |
| 7 | CONTERRA ULTRA TL B | 1.99% | 98.02 | 96.10 | 5 |
| 8 | J&J VENTURES GAMING TL | 1.92% | 96.30 | 94.49 | 7 |
| 9 | BAUSCH & LOMB INC TL B | 1.85% | 97.63 | 95.85 | 5 |
| 10 | APEX GROUP EUR TL B | 1.69% | 98.40 | 96.76 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 10/27/23-11/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CANO HEALTH TL B | -7.85% | 56.08 | 60.86 | 11 |
| 2 | QWEST CORPORATION TL B | -7.20% | 67.80 | 73.06 | 10 |
| 3 | SECURUS 2ND LIEN TL | -6.56% | 65.49 | 70.09 | 7 |
| 4 | RSA SECURITY LLC TL B | -6.56% | 79.89 | 85.50 | 7 |
| 5 | DELL SOFTWARE GROUP 2ND LIEN TL | -4.73% | 65.00 | 68.23 | 8 |
| 6 | COMMSCOPE TL B2 | -4.56% | 85.89 | 89.99 | 13 |
| 7 | TRINSEO TL B | -3.59% | 77.48 | 80.36 | 10 |
| 8 | SINCLAIR BROADCAST GROUP INC. TL B4 | -3.44% | 68.92 | 71.38 | 7 |
| 9 | CUMULUS MEDIA TL | -3.42% | 79.06 | 81.86 | 9 |
| 10 | WEIGHT WATCHERS TL B | -3.02% | 70.42 | 72.61 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/27/23-11/3/23 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 10/27/23-11/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/27/23 vs. the week ending 11/3/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ADEVINTA ASA EUR TL B | 26 | 52 | 26 | 100% |
| 2 | KIK CUSTOM TL B | 60 | 84 | 24 | 40% |
| 3 | LGC EUR TL B | 18 | 42 | 24 | 133% |
| 4 | TECHEM EUR TL B4 | 28 | 50 | 22 | 79% |
| 5 | LGC EUR TL B2 | 30 | 52 | 22 | 73% |
| 6 | TRANSDIGM INC. TL I | 122 | 144 | 22 | 18% |
| 7 | WM MORRISON SUPERMARKET PLC GBP TL B | 16 | 38 | 22 | 138% |
| 8 | BJ’S TL B | 37 | 58 | 21 | 57% |
| 9 | CEVA SANTE ANIMALE TL B | 6 | 26 | 20 | 333% |
| 10 | SOLERA EUR TL B | 22 | 42 | 20 | 91% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/27/23-11/3/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | TRANSDIGM INC. TL H | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | NTL CABLE PLC EUR TL R | 16 |
| 5 | WESTINGHOUSE TL B | 16 |
| 6 | HEARTHSIDE FOODS TL B | 16 |
| 7 | ALKEGEN TL B | 16 |
| 8 | ZIGGO EUR TL H | 16 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 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 10/27/23-11/3/23
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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