Syndicated Bank Loans

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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

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