Syndicated Bank Loan Market Summary – Week Ending 1/6/23
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Syndicated Bank Loan Market Summary: Week Ending 1/6/23
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
forward calendar
Forward calendar during the week ending 1/6/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Atlas Air Worldwide | $1.9B credit facilities: $300MM RC; $1.6B TL | GS, BCLY, AP, MIZ, CAG | Q1 2023 |
| Consumer Direct Care Network Inc. | $150MM credit facilities: $75MM TL; $75MM RC | N/A | Q1 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q1 2023 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q1 2023 |
| Tegna Inc. | $4B credit facilities: $500MM RC; $3.5B TL | RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 12/30/22 – 1/6/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.80% | 95.52 | 94.76 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 1.01% | 99.43 | 98.44 | 13 |
| 3 | 4,750 | ZAYO TL | 2.14% | 82.23 | 80.51 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.25% | 99.90 | 99.65 | 12 |
| 5 | 3,900 | DIRECTV TL | 0.33% | 97.34 | 97.02 | 10 |
| 6 | 3,600 | CDK GLOBAL TL | 0.68% | 99.62 | 98.94 | 12 |
| 7 | 3,582 | MISYS TL B | 0.14% | 88.48 | 88.35 | 11 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.59% | 99.24 | 98.65 | 13 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.05% | 94.94 | 93.96 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 1.22% | 100.62 | 99.41 | 10 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 1.28% | 96.13 | 94.91 | 10 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | -0.02% | 96.07 | 96.09 | 11 |
| 13 | 3,380 | SOLERA TL B | 0.82% | 92.08 | 91.33 | 13 |
| 14 | 3,325 | CINEWORLD TL B | 2.53% | 18.28 | 17.82 | 11 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.37% | 99.16 | 98.79 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.81% | 98.91 | 98.11 | 10 |
| 17 | 3,100 | TRANSUNION TL B6 | 0.56% | 99.46 | 98.90 | 10 |
| 18 | 3,000 | DELTA SKYMILES TL B | 0.42% | 102.25 | 101.83 | 11 |
| 19 | 2,985 | HARBOR FREIGHT TL B | 0.55% | 95.75 | 95.23 | 11 |
| 20 | 2,884 | BMC SOFTWARE TL B | 0.96% | 96.78 | 95.86 | 13 |
| AVERAGE | 3,774 | 0.83% | 92.61 | 91.93 | 11.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 12/30/22 – 1/6/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AMC ENTERTAINMENT TL B1 | 7.12% | 57.68 | 53.84 | 13 |
| 2 | NEP TL B | 5.50% | 90.85 | 86.11 | 10 |
| 3 | RCN GRANDE TL | 4.30% | 83.94 | 80.48 | 9 |
| 4 | PRETIUM PACKAGING TL B | 3.71% | 82.10 | 79.17 | 8 |
| 5 | ASURION TL B8 | 3.35% | 92.00 | 89.01 | 8 |
| 6 | DELL SOFTWARE GROUP TL B | 2.65% | 79.02 | 76.98 | 8 |
| 7 | EG GROUP TL B | 2.40% | 95.46 | 93.22 | 6 |
| 8 | CARNIVAL PLC TL B | 2.32% | 97.71 | 95.49 | 7 |
| 9 | ZAYO TL | 2.14% | 82.23 | 80.51 | 11 |
| 10 | TROPICANA TL | 1.98% | 91.08 | 89.32 | 11 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 12/30/22 – 1/6/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | TRILLIANT FOOD TL B | -8.22% | 80.13 | 87.31 | 4 |
| 2 | COLORADO BUYER TL | -6.23% | 78.90 | 84.14 | 7 |
| 3 | ORBCOMM TL | -6.07% | 79.81 | 84.98 | 3 |
| 4 | CSC SERVICEWORKS INC TL | -3.96% | 81.01 | 84.35 | 6 |
| 5 | NTHRIVE 2ND LIEN TL | -2.88% | 73.11 | 75.27 | 5 |
| 6 | AT&T COLOCATION TL | -1.88% | 64.27 | 65.51 | 10 |
| 7 | FOREST CITY ENTERPRISES TL B | -1.31% | 94.59 | 95.85 | 6 |
| 8 | TORRID TL | -1.01% | 79.78 | 80.60 | 5 |
| 9 | ACCELERATED HEALTH SYSTEMS LLC TL B | -0.91% | 79.48 | 80.21 | 5 |
| 10 | EMERALD ELECTRONICS EMS TL B | -0.86% | 92.45 | 93.26 | 2 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/30/22 – 1/6/23 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 12/30/22 – 1/6/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 12/30/22 vs. the week ending 1/6/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BMC SOFTWARE TL B | 25 | 73 | 48 | 192% |
| 2 | CAESARS RESORT COLLECTION TL B | 45 | 90 | 45 | 100% |
| 3 | UBER TECHNOLOGIES TL B | 18 | 62 | 44 | 244% |
| 4 | CAESARS RESORT COLLECTION TL B | 0 | 40 | 40 | NA |
| 5 | HUB INTL LTD TL B3 | 42 | 81 | 39 | 93% |
| 6 | MESSER INDUSTRIES TL B | 46 | 84 | 38 | 83% |
| 7 | TEAM HEALTH TL | 18 | 55 | 37 | 206% |
| 8 | AT HOME STORES TL B | 18 | 55 | 37 | 206% |
| 9 | US SILICA CO TL B | 16 | 52 | 36 | 225% |
| 10 | UBER TECHNOLOGIES TL B | 22 | 58 | 36 | 164% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/30/22 – 1/6/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | PHILIPS APPLIANCES EUR TL B | 16 |
| 3 | TRANSDIGM INC. TL E | 15 |
| 4 | ELSAN GROUPE EXT EUR TL B | 15 |
| 5 | WHEEL PROS TL | 15 |
| 6 | BRAND ENERGY TL | 14 |
| 7 | ACCOLADE WINES GBP TL B | 14 |
| 8 | SIGMA BIDCO GBP TL B4 | 14 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 14 |
| 10 | TECHEM EUR TL B4 | 14 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/30/22 – 1/6/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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