Syndicated Bank Loan Market Summary – Week Ending 2/10/23
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Syndicated Bank Loan Market Summary: Week Ending 2/10/23
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 2/10/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Restaurant Brands Intl. Inc. | 260 | Term Loan | 10/1/2028 | N/A |
| American Greetings Corp. | 402 | Term Loan | 4/6/2028 | S+600 |
forward calendar
Forward calendar during the week ending 2/10/23
| 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 |
| 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 |
| 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 |
| Traverse Midstream Partners LLC | $1.28B TLB (B2/B+) | JPM | Q1 2023 |
| UGI Energy Services LLC | $800MM TLB (Ba3//BB+) | CS | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/3/23 – 2/10/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.25% | 100.37 | 100.63 | 11 |
| 2 | 7,270 | MEDLINE TL B | 0.19% | 97.75 | 97.57 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.05% | 99.95 | 100.00 | 13 |
| 4 | 4,750 | ZAYO TL | -2.47% | 83.45 | 85.57 | 14 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.10% | 99.86 | 99.76 | 15 |
| 6 | 3,900 | DIRECTV TL | 0.03% | 98.77 | 98.74 | 12 |
| 7 | 3,600 | CDK GLOBAL TL | 0.06% | 99.94 | 99.88 | 11 |
| 8 | 3,582 | MISYS TL B | 0.50% | 94.45 | 93.98 | 14 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -0.09% | 99.75 | 99.84 | 11 |
| 10 | 3,515 | TRANSDIGM INC. TL F | 0.08% | 99.91 | 99.83 | 12 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.15% | 102.82 | 102.97 | 14 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 0.06% | 99.07 | 99.01 | 11 |
| 13 | 3,420 | RCN GRANDE TL | 0.02% | 83.87 | 83.86 | 12 |
| 14 | 3,380 | SOLERA TL B | 0.41% | 95.78 | 95.39 | 14 |
| 15 | 3,325 | CINEWORLD TL B | -4.92% | 16.48 | 17.33 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.01% | 99.92 | 99.93 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.12% | 99.44 | 99.56 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 24.57% | 11.34 | 9.10 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | 0.07% | 98.83 | 98.76 | 11 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.07% | 99.79 | 99.86 | 11 |
| AVERAGE | 4,081 | 0.90% | 89.08 | 89.08 | 12.2 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 2/3/23-2/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AMC ENTERTAINMENT TL B1 | 6.69% | 68.28 | 64.00 | 17 |
| 2 | AIR MEDICAL TL B | 6.51% | 79.90 | 75.01 | 12 |
| 3 | CONVERGEONE TL B | 6.06% | 65.97 | 62.20 | 16 |
| 4 | AIR METHODS TL | 5.91% | 61.52 | 58.09 | 14 |
| 5 | CISION TL B | 5.88% | 72.10 | 68.09 | 9 |
| 6 | TELESAT TL B5 | 5.74% | 54.93 | 51.95 | 11 |
| 7 | LIFESCAN TL B | 5.63% | 78.38 | 74.20 | 10 |
| 8 | ASURION 2ND LIEN TL B4 | 4.20% | 87.41 | 83.88 | 7 |
| 9 | SECURUS TL | 4.13% | 73.55 | 70.64 | 7 |
| 10 | COLORADO BUYER TL | 3.48% | 84.78 | 81.93 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 2/3/23-2/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | QWEST CORPORATION TL B | -5.40% | 91.29 | 96.50 | 9 |
| 2 | LEVEL III TL B | -3.66% | 94.73 | 98.33 | 9 |
| 3 | ZAYO TL | -2.47% | 83.45 | 85.57 | 14 |
| 4 | THILEA TL B | -2.25% | 85.11 | 87.08 | 11 |
| 5 | QWEST CORPORATION TL A | -2.17% | 95.79 | 97.92 | 5 |
| 6 | BAUSCH HEALTH COMPANIES INC. TL B | -2.05% | 74.96 | 76.53 | 14 |
| 7 | LOGMEIN TL B | -1.42% | 54.98 | 55.78 | 12 |
| 8 | WINDSTREAM SERVICES LLC EXIT TL B | -1.40% | 89.85 | 91.13 | 8 |
| 9 | AT&T COLOCATION TL | -1.17% | 62.41 | 63.15 | 12 |
| 10 | MULTIPLAN TL B | -0.73% | 88.74 | 89.39 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/3/23-2/10/23 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 2/3/23-2/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/3/23 vs. the week ending 2/10/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | GEO GROUP TL1 | 16 | 40 | 24 | 150% |
| 2 | SABRE TL B | 10 | 30 | 20 | 200% |
| 3 | LUMMUS TECHNOLOGY TL B | 40 | 60 | 20 | 50% |
| 4 | LANDESK TL B | 22 | 38 | 16 | 73% |
| 5 | MISYS 2ND LIEN TL | 64 | 80 | 16 | 25% |
| 6 | SOLARWINDS TL B | 26 | 42 | 16 | 62% |
| 7 | ZEST DENTAL TL | 5 | 20 | 15 | 300% |
| 8 | AMC ENTERTAINMENT TL B1 | 50 | 65 | 15 | 30% |
| 9 | HARLAND CLARKE TL B7 | 18 | 32 | 14 | 78% |
| 10 | HUSKY INJECTION MOLDING TL B | 76 | 90 | 14 | 18% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/3/23-2/10/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | AMC ENTERTAINMENT TL B1 | 17 |
| 2 | CONVERGEONE TL B | 16 |
| 3 | BRAND ENERGY TL | 16 |
| 4 | CLEAR CHANNEL OUTDOOR TL B | 16 |
| 5 | WITTUR EUR TL B | 16 |
| 6 | TELENET EUR TL | 16 |
| 7 | CAESARS RESORT COLLECTION TL B | 15 |
| 8 | OLDCASTLE TL B | 15 |
| 9 | SIGMA BIDCO GBP TL B4 | 15 |
| 10 | STAPLES TL B1 | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/3/23-2/10/23
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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