Syndicated Bank Loan Market Summary – Week Ending 2/3/23
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Syndicated Bank Loan Market Summary: Week Ending 2/3/23
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 2/3/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Zest Dental | 320 | Term Loan | 1/25/2028 | S+550 |
| Del Monte Foods Co. | 125 | Term Loan | 5/1/2029 | S+425 |
| Brazos Delaware II LLC | 800 | Term Loan | 1/20/2030 | S+375 |
| Kloeckner & Co SE | 250 | Revolving Credit | 1/17/2025 | N/A |
forward calendar
Forward calendar during the week ending 2/3/23
| 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 |
| Cetera Financial Group | $750MM Incremental TL | UBS | Q1 2023 |
| DSM Engineering Materials | €2.9B TLs | GS, BCLY, UBS, BNP | Q1 2023 |
| First Brands Group LLC | $250MM TL | JEFF | 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 |
| NielsenIQ | $1.975B TLs (B2) | JPM, UBS, BofA, BMO, BNP, FT, HSBC, MUFG, RBC, SC, STD | Q1 2023 |
| Roper Industrial Products Investment Co. | $1.23B TL; €300MM TL; $475MM TL | UBS, BNP, RBC, BMO, MIZ, NTXS, TD, STD | 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 |
| Varsity Brands Inc. | $1.131B TLB | JEFF | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 1/27/23 – 2/3/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.47% | 97.57 | 97.11 | 10 |
| 2 | 5,900 | ATHENAHEALTH TL | 1.35% | 95.24 | 93.97 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.09% | 100.00 | 99.91 | 14 |
| 4 | 4,750 | ZAYO TL | 1.41% | 85.57 | 84.38 | 15 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.20% | 99.76 | 99.96 | 15 |
| 6 | 3,900 | DIRECTV TL | 0.52% | 98.74 | 98.22 | 12 |
| 7 | 3,600 | CDK GLOBAL TL | 0.09% | 99.88 | 99.79 | 11 |
| 8 | 3,582 | MISYS TL B | 0.14% | 93.98 | 93.85 | 15 |
| 9 | 3,524 | TRANSDIGM INC. TL F | 0.24% | 99.84 | 99.60 | 14 |
| 10 | 3,515 | TRANSDIGM INC. TL F | 0.16% | 99.83 | 99.67 | 12 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.13% | 97.19 | 97.32 | 10 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.39% | 102.97 | 102.57 | 11 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | 0.34% | 99.01 | 98.68 | 11 |
| 14 | 3,420 | RCN GRANDE TL | 0.12% | 83.86 | 83.76 | 11 |
| 15 | 3,380 | SOLERA TL B | 0.66% | 95.39 | 94.77 | 15 |
| 16 | 3,325 | CINEWORLD TL B | 3.76% | 17.33 | 16.70 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.03% | 99.93 | 99.90 | 12 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.07% | 99.56 | 99.49 | 11 |
| 19 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 12.09% | 9.10 | 8.12 | 11 |
| 20 | 3,190 | INTELSAT EXIT TL B | 0.49% | 98.76 | 98.28 | 11 |
| AVERAGE | 3,968 | 1.10% | 88.68 | 88.30 | 12.2 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 1/27/23-2/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | TELESAT TL B5 | 22.14% | 51.95 | 42.53 | 11 |
| 2 | AMC ENTERTAINMENT TL B1 | 11.20% | 64.00 | 57.55 | 17 |
| 3 | CONVERGEONE TL B | 8.23% | 62.20 | 57.47 | 17 |
| 4 | ELECTRONICS FOR IMAGING TL | 7.42% | 74.36 | 69.22 | 14 |
| 5 | LASERSHIP TL | 7.09% | 78.67 | 73.46 | 12 |
| 6 | US RENAL CARE TL B | 6.66% | 63.37 | 59.41 | 12 |
| 7 | WHEEL PROS TL | 4.64% | 70.93 | 67.79 | 15 |
| 8 | CLARION EVENTS TL | 3.89% | 77.78 | 74.87 | 11 |
| 9 | XPLORNET TL | 3.79% | 81.85 | 78.86 | 7 |
| 10 | THE NIELSEN COMPANY B.V. TL B | 3.35% | 93.44 | 90.41 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 1/27/23-2/3/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | 888 HOLDINGS TL | -5.31% | 85.97 | 90.80 | 5 |
| 2 | NUMERICABLE TL B12 | -3.05% | 95.89 | 98.91 | 10 |
| 3 | NAPA MANAGEMENT SERVICES TL B | -2.21% | 76.61 | 78.35 | 4 |
| 4 | BAUSCH HEALTH COMPANIES INC. TL B | -1.57% | 76.53 | 77.75 | 14 |
| 5 | TRINSEO TL B | -1.40% | 97.30 | 98.67 | 6 |
| 6 | DEALOGIC TL B | -1.32% | 97.99 | 99.29 | 8 |
| 7 | ADVANTAGE SALES TL B | -1.15% | 82.59 | 83.55 | 9 |
| 8 | CBS OUTDOOR TL B | -1.02% | 98.54 | 99.55 | 6 |
| 9 | SOUND PHYSICIANS TL | -0.96% | 81.36 | 82.14 | 5 |
| 10 | LEARNING CARE TL B | -0.92% | 91.17 | 92.02 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/27/23-2/3/23 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 1/27/23-2/3/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 1/27/23 vs. the week ending 2/3/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BAYER AG TL B | 30 | 68 | 38 | 127% |
| 2 | WEST CORP TL B | 8 | 41 | 33 | 413% |
| 3 | LSF11 A5 HOLDCO EXT TL B | 4 | 30 | 26 | 650% |
| 4 | HOTELBEDS EUR TL C | 0 | 20 | 20 | NA |
| 5 | BARRACUDA TL | 48 | 66 | 18 | 38% |
| 6 | COLORADO BUYER TL | 19 | 37 | 18 | 95% |
| 7 | WESTINGHOUSE TL B | 64 | 82 | 18 | 28% |
| 8 | CBAC BORROWER TL B | 36 | 53 | 17 | 47% |
| 9 | PLY GEM TL | 48 | 64 | 16 | 33% |
| 10 | PROOFPOINT TL B | 51 | 66 | 15 | 29% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/27/23-2/3/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | AMC ENTERTAINMENT TL B1 | 17 |
| 3 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 4 | TRANSDIGM INC. TL E | 16 |
| 5 | AMERICAN BATH TL | 16 |
| 6 | BRAND ENERGY TL | 16 |
| 7 | TELENET EUR TL | 16 |
| 8 | WHEEL PROS TL | 16 |
| 9 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 15 |
| 10 | CAESARS RESORT COLLECTION TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/27/23-2/3/23
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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