Syndicated Bank Loan Market Summary – Week Ending 3/22/24
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Syndicated Bank Loan Market Summary: Week Ending 3/22/24
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 3/22/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Alterra Mountain | Term Loan | 1988 | 3/18/2028 | S+325 |
| Apex Tool Group LLC | Term Loan | 232 | 2/8/2030 | S+1000 |
| Univar Inc. | Term Loan | 2754 | 8/1/2030 | S+400 |
forward calendar
Forward calendar during the week ending 3/22/24
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Avantor | $772MM TLB | GS | Q1 2024 |
| Coherent Corp. | $2.443B TL | JPM | Q1 2024 |
| ECI Software Solutions | $981MM TLB (B2/B-) | BofA | Q1 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/15/24 – 3/22/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 3,300 | NTL CABLE PLC TL N | -0.31% | 98.74 | 99.04 | 12 |
| 2 | 3,200 | COMMSCOPE TL B2 | -0.61% | 92.10 | 92.67 | 12 |
| 3 | 2,550 | GENESEE & WYOMING TL | 0.00% | 100.10 | 100.10 | 13 |
| 4 | 2,525 | ZIGGO TL I | -0.28% | 98.60 | 98.87 | 12 |
| 5 | 2,500 | GRIFOLS WORLDWIDE TL B | 0.53% | 97.04 | 96.53 | 11 |
| 6 | 2,295 | TELENET TL | -0.72% | 97.48 | 98.18 | 10 |
| 7 | 2,250 | ZIGGO EUR TL H | -0.31% | 96.42 | 96.73 | 16 |
| 8 | 2,000 | AMC ENTERTAINMENT TL B1 | 1.22% | 83.80 | 82.78 | 14 |
| 9 | 2,000 | CLEAR CHANNEL OUTDOOR TL B | 0.12% | 99.81 | 99.69 | 14 |
| 10 | 2,000 | STAPLES TL B1 | 0.27% | 98.88 | 98.62 | 15 |
| 11 | 1,963 | SIVANTOS EUR TL B1 | -0.18% | 99.34 | 99.52 | 13 |
| 12 | 1,750 | VERIFONE TL B | -2.94% | 87.52 | 90.17 | 11 |
| 13 | 1,650 | DIGICERT TL | 0.00% | 99.43 | 99.43 | 13 |
| 14 | 1,594 | FIRST EAGLE TL B | 0.10% | 99.84 | 99.74 | 10 |
| 15 | 1,500 | US FOODS TL B | 0.07% | 100.19 | 100.12 | 12 |
| 16 | 1,418 | NUMERICABLE TL B11 | -10.13% | 89.27 | 99.33 | 10 |
| 17 | 1,410 | NASCAR TL B | 0.02% | 100.39 | 100.37 | 12 |
| 18 | 1,400 | GRANITE ENERGY TL B | -0.02% | 100.06 | 100.08 | 11 |
| 19 | 1,359 | GRIFOLS WORLDWIDE EUR TL B | 0.34% | 93.31 | 92.99 | 13 |
| 20 | 1,300 | CABLE & WIRELESS TL B5 | -0.17% | 98.76 | 98.93 | 11 |
| AVERAGE | 1,998 | -0.65% | 96.55 | 97.19 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/15/24-3/22/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | WIDEOPENWEST TL B | 2.94% | 86.84 | 84.36 | 12 |
| 2 | CUBIC CORP TL B | 2.15% | 93.19 | 91.23 | 10 |
| 3 | LEVEL III TL B | 2.10% | 100.33 | 98.27 | 6 |
| 4 | COX ENTERPRISES, INC. TL B | 1.69% | 86.73 | 85.29 | 9 |
| 5 | SABRE TL B | 1.32% | 86.49 | 85.36 | 6 |
| 6 | AMC ENTERTAINMENT TL B1 | 1.22% | 83.80 | 82.78 | 14 |
| 7 | PIXELLE SPECIALTY SOLUTIONS TL B | 1.13% | 80.52 | 79.63 | 13 |
| 8 | GRANITE ACQUISITION TL B | 1.01% | 92.92 | 91.99 | 13 |
| 9 | INTERTAPE POLYMER US INC TL | 0.96% | 94.89 | 94.00 | 13 |
| 10 | NOBIAN EUR TL B | 0.81% | 99.20 | 98.41 | 15 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/15/24-3/22/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | NUMERICABLE TL B12 | -17.55% | 81.25 | 98.55 | 8 |
| 2 | ALTICE FINANCING TL B | -9.81% | 89.91 | 99.69 | 8 |
| 3 | SINCLAIR BROADCAST GROUP INC. TL B3 | -5.22% | 78.63 | 82.97 | 10 |
| 4 | EOS US FINCO LLC TL B | -3.54% | 84.87 | 87.98 | 7 |
| 5 | VERIFONE TL B | -2.94% | 87.52 | 90.17 | 11 |
| 6 | PETCO TL B | -2.58% | 92.53 | 94.98 | 12 |
| 7 | DELL SOFTWARE GROUP TL B | -2.32% | 76.74 | 78.56 | 13 |
| 8 | CABLEVISION TL B6 | -2.27% | 94.78 | 96.98 | 7 |
| 9 | CERBA HEALTHCARE EUR TL C | -1.65% | 92.61 | 94.16 | 15 |
| 10 | GRAY TELEVISION TL D | -1.39% | 93.97 | 95.29 | 11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/15/24-3/22/24 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 3/15/24-3/22/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/15/24 vs. the week ending 3/22/24
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | SS&C TECH TL B | 46 | 80 | 34 | 74% |
| 2 | TOSCA SERVICES TL | 42 | 75 | 33 | 79% |
| 3 | AXALTA COATING SYSTEMS TL B6 | 6 | 33 | 27 | 450% |
| 4 | LASERSHIP TL | 34 | 60 | 26 | 76% |
| 5 | WEST DEPTFORD ENERGY TL B | 42 | 64 | 22 | 52% |
| 6 | STATION CASINO TL B | 20 | 42 | 22 | 110% |
| 7 | TK ELEVATOR TL B | 44 | 66 | 22 | 50% |
| 8 | SINCLAIR BROADCAST GROUP INC. TL B2 | 7 | 28 | 21 | 300% |
| 9 | ZAYO TL | 77 | 97 | 20 | 26% |
| 10 | NEP 2ND LIEN TL | 18 | 38 | 20 | 111% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/15/24-3/22/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | ALKEGEN TL B | 18 |
| 3 | HUB INTL LTD TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | TELENET EUR TL | 17 |
| 6 | FRONERI TL B | 17 |
| 7 | EKATERRA EUR TL B | 17 |
| 8 | TENNECO TL B | 17 |
| 9 | ZAYO TL | 17 |
| 10 | TRANSDIGM INC. TL J | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/15/24-3/22/24
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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