Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 3/28/24

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 3/28/24

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Ankura Consulting Group LLC Term Loan 577 3/17/2028 S+400
Avantor Performance Materials Inc. Term Loan 772 11/1/2027 S+200
Tekni Plex Inc. Term Loan 876 9/17/2028 S+400

forward calendar

Forward calendar during the week ending 3/28/24

Issuer Deal Information Banks Expected Issue Date
Agiliti Inc. $300MM TL (B2/B) JPM Q2 2024
Coherent Corp. $2.443B TL JPM Q2 2024
Imprivata $1.102B TLB (B-) GS Q2 2024

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/22/24 – 3/28/24

RANK SIZE (MM) NAME CHANGE PRC PRC-1W DEALERS
1 7,270 MEDLINE TL B 0.06% 100.04 99.98 15
2 6,143 MEDLINE TL B 0.13% 100.24 100.12 10
3 5,900 ATHENAHEALTH TL -0.20% 98.83 99.02 10
4 5,385 ULTIMATE SOFTWARE TL B 0.08% 100.46 100.38 15
5 4,860 HUB INTL LTD TL B 0.02% 100.05 100.03 17
6 4,750 ZAYO TL -3.35% 87.56 90.59 17
7 4,741 INTERNET BRANDS TL B 0.12% 99.32 99.20 13
8 4,559 TRANSDIGM INC. TL I 0.10% 100.22 100.12 19
9 4,525 TRANSDIGM INC. TL I 0.12% 100.31 100.20 14
10 4,260 NUMERICABLE TL B -0.74% 80.23 80.83 12
11 4,237 INSPIRE BRANDS TL 0.02% 99.99 99.97 11
12 4,050 CITRIX TL B 0.14% 99.46 99.32 12
13 3,900 DIRECTV TL 0.09% 100.33 100.24 15
14 3,580 CDK GLOBAL TL B 0.08% 100.32 100.24 15
15 3,500 WESTINGHOUSE TL B -0.03% 99.85 99.88 15
16 3,500 SEDGWICK TL B 0.00% 100.15 100.15 10
17 3,500 AMERICAN AIRLINES TL B 0.10% 103.82 103.72 12
18 3,500 PILOT TRAVEL TL B -0.07% 100.04 100.12 11
19 3,450 GOLDEN NUGGET INC TL B -0.02% 100.14 100.16 14
20 3,420 RCN GRANDE TL -0.73% 83.16 83.77 15
AVERAGE 4,451 -0.20% 97.73 97.90 13.6

Top 10 Performers

Showcases the top 10 loan performers based on the largest bid price increases between 3/22/24-3/28/24

RANK NAME CHANGE PRC PRC-1W DEALERS
1 NUMERICABLE TL B12 5.77% 85.94 81.25 8
2 MICHAELS STORES TL 3.54% 89.53 86.47 15
3 HARLAND CLARKE TL 3.51% 96.90 93.62 11
4 PIXELLE SPECIALTY SOLUTIONS TL B 1.44% 81.68 80.52 13
5 CABLEVISION TL B6 1.30% 96.01 94.78 7
6 VERIFONE TL B 0.88% 88.29 87.52 12
7 GOPHER RESOURCE TL 0.77% 89.35 88.67 10
8 MULTI-COLOR EUR TL B 0.75% 95.67 94.95 10
9 CAPITAL VISION SERVICES LLC TL 0.70% 99.74 99.04 15
10 TRITON WATER TL B 0.60% 98.93 98.34 10

Bottom 10 Perfromers

Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/22/24-3/28/24

RANK NAME CHANGE PRC PRC-1W DEALERS
1 ASURION 2ND LIEN TL B3 -5.56% 89.86 95.15 10
2 KLOECKNER EUR TL B -5.43% 87.13 92.14 14
3 SANDVINE TL -5.02% 69.29 72.95 10
4 AMERICAN TIRE TL B -4.73% 85.94 90.20 11
5 ZAYO TL -3.35% 87.56 90.59 17
6 USS PARENT TL B -2.64% 76.01 78.07 13
7 HUWS GRAY GBP TL B -2.43% 86.93 89.10 8
8 COMMSCOPE TL B2 -2.37% 89.92 92.10 11
9 CRH EUROPE EUR TL B -1.87% 96.58 98.42 14
10 SKILLSOFT TL B -1.78% 89.14 90.75 9

Avg Bid PX by Sector

Displays the average loan bid price by sector between 3/22/24-3/28/24

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 3/22/24-3/28/24

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 3/22/24 vs. the week ending 3/28/24

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 TRANSDIGM INC. TL K 56 82 26 46%
2 TRANSDIGM INC. TL I 64 84 20 31%
3 INMARSAT TL B 14 32 18 129%
4 JMC STEEL TL B 6 24 18 300%
5 VISTRA ENERGY TL B 20 38 18 90%
6 VISUAL COMFORT 2ND LIEN TL 2 20 18 900%
7 ADVISOR GROUP TL B 36 54 18 50%
8 HB FULLER TL B 10 26 16 160%
9 SITEL LLC / SITEL FIN CORP TL B 46 62 16 35%
10 GARDA SECURITY TL B 30 46 16 53%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 3/22/24-3/28/24

RANK TRANCHE DEALERS
1 TRANSDIGM INC. TL I 19
2 TRANSDIGM INC. TL J 17
3 HUB INTL LTD TL B 17
4 ZIGGO EUR TL H 17
5 TELENET EUR TL 17
6 FRONERI TL B 17
7 ZAYO TL 17
8 GATES GLOBAL TL B3 17
9 EKATERRA EUR TL B 17
10 ALKEGEN TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 3/22/24-3/28/24

Sector Bid-Offer Spread

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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