Syndicated Bank Loan Market Summary – Week Ending 2/2/24
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Syndicated Bank Loan Market Summary: Week Ending 2/2/24
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 2/2/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Four Seasons Hotels Inc. | 842 | Term Loan B | 11/1/2029 | S+200 |
| Magnite Inc. | 365 | Term Loan B | 1/1/2031 | S+450 |
| Plusgrade Sec | 420 | Term Loan B | 1/17/2031 | S+450 |
| WestJet Airlines LTD | 1500 | Term Loan B | 1/23/2031 | S+375 |
forward calendar
Forward calendar during the week ending 2/2/24
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Adient | $635MM TLB2 | BofA | Q1 2024 |
| Amer Sports Inc | $600MM TLB | JPM,GS | Q1 2024 |
| American Builders & Contractors Supply Co. Inc. (Abc Supply Co. Inc.) | $1.415B TLB | BofA,MS | Q1 2024 |
| Ankura Consulting Group LLC | $577.1MM TL | DB | Q1 2024 |
| Consolidated Energy Finance SA | $750MM TLB (Ba3/BB-/BB+) | Q1 2024 | |
| Core & Main Inc | $750MM TLB | JPM | Q1 2025 |
| Kohler Energy | $1.625B TLB | BofA,GS,BMO,DB,HSBC,MIZ | Q1 2026 |
| Savers Inc. | $323MM TLB | KKR | Q1 2027 |
| Vistage Worldwide | $125MM TL | GLB | Q1 2028 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/26/24 – 2/2/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.12% | 102.18 | 102.30 | 11 |
| 2 | 7,270 | MEDLINE TL B | -0.13% | 99.80 | 99.93 | 12 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.40% | 100.05 | 100.45 | 13 |
| 4 | 4,750 | ZAYO TL | 0.15% | 84.40 | 84.28 | 15 |
| 5 | 4,750 | HUB INTL LTD TL B | -0.32% | 99.68 | 100.00 | 11 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.31% | 99.70 | 100.01 | 14 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.55% | 97.48 | 98.02 | 12 |
| 8 | 4,559 | TRANSDIGM INC. TL I | -0.18% | 99.94 | 100.13 | 18 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | -0.10% | 99.85 | 99.95 | 14 |
| 10 | 4,050 | CITRIX TL B | -0.01% | 97.96 | 97.98 | 14 |
| 11 | 3,900 | DIRECTV TL | 0.01% | 99.89 | 99.88 | 19 |
| 12 | 3,580 | CDK GLOBAL TL B | -0.13% | 100.04 | 100.17 | 15 |
| 13 | 3,550 | CITADEL TL B | -0.26% | 99.56 | 99.82 | 12 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | -0.21% | 102.26 | 102.48 | 13 |
| 15 | 3,500 | SEDGWICK TL B | -0.25% | 99.85 | 100.11 | 10 |
| 16 | 3,500 | WESTINGHOUSE TL B | -0.36% | 99.27 | 99.63 | 11 |
| 17 | 3,500 | PILOT TRAVEL TL B | -0.11% | 99.82 | 99.93 | 12 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 0.04% | 99.77 | 99.73 | 14 |
| 19 | 3,420 | RCN GRANDE TL | 0.19% | 81.01 | 80.85 | 15 |
| 20 | 3,380 | SOLERA TL B | -0.62% | 97.04 | 97.65 | 15 |
| AVERAGE | 4,409 | -0.18% | 97.98 | 98.16 | 13.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 1/26/24-2/2/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AVISON YOUNG TL | 9.18% | 33.98 | 31.12 | 8 |
| 2 | MAVENIR TL B | 6.35% | 65.69 | 61.76 | 6 |
| 3 | CBS RADIO INC TL B | 5.85% | 57.83 | 54.63 | 9 |
| 4 | VUE INTERNATIONAL BIDCO PLC EUR TL B | 5.37% | 33.76 | 32.04 | 7 |
| 5 | HURTIGRUTEN GROUP EUR TL B | 5.17% | 61.24 | 58.23 | 10 |
| 6 | SI GROUP TL | 5.12% | 69.29 | 65.92 | 12 |
| 7 | ANASTASIA BEVERLY HILLS TL B | 4.81% | 71.75 | 68.46 | 10 |
| 8 | MOUNTAINEER MERGER TL | 4.73% | 77.10 | 73.62 | 6 |
| 9 | CONSTELLIS HOLDINGS LLC TL | 4.68% | 91.01 | 86.94 | 6 |
| 10 | SELECT STAFFING TL B | 2.85% | 86.00 | 83.61 | 12 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/26/24-2/2/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ACCELL GROUP EUR TL B | -10.77% | 60.16 | 67.41 | 12 |
| 2 | LOGMEIN TL B | -9.02% | 43.81 | 48.15 | 7 |
| 3 | RESEARCH NOW 2ND LIEN TL | -6.01% | 23.36 | 24.86 | 5 |
| 4 | MAGENTA BUYER LLC TL B | -5.53% | 66.33 | 70.22 | 7 |
| 5 | WEIGHT WATCHERS TL B | -5.45% | 56.83 | 60.10 | 11 |
| 6 | ARTERRA WINES CANANDA TL B1 | -2.58% | 91.79 | 94.22 | 14 |
| 7 | MEDICAL SOLUTIONS TL | -2.39% | 89.35 | 91.54 | 9 |
| 8 | PIXELLE SPECIALTY SOLUTIONS TL B | -2.33% | 83.64 | 85.64 | 9 |
| 9 | FEMUR BUYER TL | -2.31% | 87.51 | 89.58 | 6 |
| 10 | QWEST CORPORATION TL A | -1.71% | 90.76 | 92.34 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/26/24-2/2/24 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 1/26/24-2/2/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 1/26/24 vs. the week ending 2/2/24
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | GO DADDY TL B | 34 | 84 | 50 | 147% |
| 2 | CALPINE CORP TL B10 | 70 | 112 | 42 | 60% |
| 3 | PRO MACH TL B | 45 | 79 | 34 | 76% |
| 4 | CITADEL TL B | 28 | 62 | 34 | 121% |
| 5 | JAZZ PHARMA TL B | 21 | 50 | 29 | 138% |
| 6 | AHEAD TL B | 8 | 35 | 27 | 338% |
| 7 | SBA COMMUNICATIONS CORP TL B | 40 | 66 | 26 | 65% |
| 8 | TRANSUNION TL B | 0 | 26 | 26 | NA |
| 9 | CHARTER NEX TL | 60 | 84 | 24 | 40% |
| 10 | SCIENTIFIC GAMES TL B | 55 | 78 | 23 | 42% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/26/24-2/2/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ALKEGEN TL B | 19 |
| 2 | DIRECTV TL | 19 |
| 3 | TRANSDIGM INC. TL I | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | HILEX POLY TL B | 18 |
| 6 | VERISURE EUR TL B | 18 |
| 7 | WESTINGHOUSE TL B | 18 |
| 8 | HEARTHSIDE FOODS TL B | 17 |
| 9 | TELENET EUR TL | 17 |
| 10 | STADA ARZNEIMITTEL EUR TL F | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/26/24-2/2/24
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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