Syndicated Bank Loan Market Summary – Week Ending 3/8/24
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Syndicated Bank Loan Market Summary: Week Ending 3/8/24
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 3/8/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Groundworks LLC | Delayed-draw Term Loan | 150 | S+350 | |
| Clean Harbors Inc. | Term Loan | 500 | 10/1/2028 | S+175 |
| Renta Group OY | Term Loan | 550 | 7/28/2030 | E+450 |
forward calendar
Forward calendar during the week ending 3/8/24
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Quickbase | $415MM TL | GLB | Q1 2024 |
| TK Elevator | $2.941MM TLB | GS,BCLY,CA,DB,UBS | Q1 2024 |
| Truist Insurance Holdings | $7.075B credit facilities | JPM,MS,SP,BofA,WF,TRS | Q1 2024 |
| WS Audiology | €2.768B TLB (B-) | GS,DB,JPM,HSBC | Q1 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/1/24 – 3/8/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.07% | 102.15 | 102.08 | 10 |
| 2 | 7,270 | MEDLINE TL B | 0.12% | 100.13 | 100.01 | 13 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.01% | 99.90 | 99.91 | 14 |
| 4 | 4,750 | ZAYO TL | 0.90% | 90.66 | 89.86 | 16 |
| 5 | 4,559 | TRANSDIGM INC. TL I | 0.10% | 100.29 | 100.19 | 22 |
| 6 | 4,260 | NUMERICABLE TL B | 1.29% | 93.70 | 92.51 | 10 |
| 7 | 4,050 | CITRIX TL B | 0.37% | 99.48 | 99.11 | 12 |
| 8 | 3,900 | DIRECTV TL | 0.23% | 100.02 | 99.80 | 14 |
| 9 | 3,500 | PILOT TRAVEL TL B | 0.11% | 100.07 | 99.95 | 12 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 0.17% | 103.56 | 103.38 | 12 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 0.00% | 100.00 | 100.00 | 14 |
| 12 | 3,420 | RCN GRANDE TL | 0.06% | 81.88 | 81.83 | 15 |
| 13 | 3,380 | SOLERA TL B | 0.51% | 98.23 | 97.73 | 15 |
| 14 | 3,300 | NTL CABLE PLC TL N | 0.00% | 99.00 | 99.00 | 12 |
| 15 | 3,200 | COMMSCOPE TL B2 | 3.09% | 91.43 | 88.70 | 12 |
| 16 | 3,175 | MAGENTA BUYER LLC TL | 0.71% | 60.15 | 59.73 | 10 |
| 17 | 3,100 | ASURION TL B8 | 0.22% | 99.63 | 99.41 | 10 |
| 18 | 3,000 | DELTA SKYMILES TL B | 0.13% | 102.91 | 102.77 | 15 |
| 19 | 2,985 | HARBOR FREIGHT TL B | 0.23% | 99.59 | 99.36 | 15 |
| 20 | 2,853 | TK ELEVATOR TL B | 0.01% | 100.12 | 100.11 | 14 |
| AVERAGE | 4,061 | 0.41% | 96.15 | 95.77 | 13.4 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/1/24-3/8/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ST GEORGE WAREHOUSING TRUCKING TL | 20.39% | 55.32 | 45.95 | 4 |
| 2 | HDT GLOBAL TL B | 9.33% | 54.25 | 49.62 | 6 |
| 3 | FRANKLIN ENERGY TL | 6.38% | 96.10 | 90.34 | 6 |
| 4 | CARESTREAM DENTAL 2ND LIEN TL | 5.50% | 24.55 | 23.27 | 4 |
| 5 | MAVENIR TL B | 3.77% | 69.91 | 67.37 | 6 |
| 6 | ARTERRA WINES CANANDA TL B1 | 3.62% | 93.21 | 89.95 | 12 |
| 7 | MICHAELS STORES TL | 3.60% | 85.13 | 82.17 | 14 |
| 8 | NATIONAL MENTOR TL | 3.27% | 80.00 | 77.47 | 4 |
| 9 | COMMSCOPE TL B2 | 3.09% | 91.43 | 88.70 | 12 |
| 10 | AMERICAN TIRE TL B | 2.67% | 90.38 | 88.03 | 11 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/1/24-3/8/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ASTRA ACQUISITION CORP TL B | -16.95% | 40.37 | 48.61 | 10 |
| 2 | MOLD-RITE TL | -7.48% | 74.98 | 81.04 | 8 |
| 3 | HEUBACH GMBH TL B | -6.83% | 32.39 | 34.76 | 8 |
| 4 | CUMULUS MEDIA TL | -5.67% | 67.14 | 71.17 | 7 |
| 5 | MANNINGTON TL | -2.99% | 94.12 | 97.02 | 5 |
| 6 | COX ENTERPRISES, INC. TL B | -2.28% | 82.02 | 83.93 | 9 |
| 7 | SITEL LLC / SITEL FIN CORP EUR TL B | -1.84% | 94.58 | 96.35 | 10 |
| 8 | OSMOSE TL | -1.34% | 98.02 | 99.36 | 6 |
| 9 | IHEART TL B | -1.17% | 86.98 | 88.01 | 10 |
| 10 | RESTAURANT TECHNOLOGIES TL | -0.88% | 98.69 | 99.57 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/24-3/8/24 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 3/1/24-3/8/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/1/24 vs. the week ending 3/8/24
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TRITON WATER TL B | 20 | 54 | 34 | 170% |
| 2 | BLACKHAWK NETWORK TL B | 12 | 32 | 20 | 167% |
| 3 | WORLDLINE EUR TL | 14 | 34 | 20 | 143% |
| 4 | MOTOR FUEL GBP TL B1 | 0 | 19 | 19 | NA |
| 5 | REVERE POWER TL B | 40 | 58 | 18 | 45% |
| 6 | AFFIDEA EUR TL | 2 | 20 | 18 | 900% |
| 7 | FIRST EAGLE TL B | 38 | 56 | 18 | 47% |
| 8 | CORNERSTONE TL B | 40 | 58 | 18 | 45% |
| 9 | BROADSTREET PARTNERS TL B3 | 44 | 62 | 18 | 41% |
| 10 | ONE CALL TL B | 12 | 28 | 16 | 133% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/24-3/8/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 22 |
| 2 | ALKEGEN TL B | 18 |
| 3 | HUB INTL LTD TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 6 | EKATERRA EUR TL B | 17 |
| 7 | TENNECO TL B | 17 |
| 8 | TELENET EUR TL | 17 |
| 9 | TRANSDIGM INC. TL J | 16 |
| 10 | ZAYO TL | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/24-3/8/24
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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