Syndicated Bank Loan Market Summary – Week Ending 3/10/23
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Syndicated Bank Loan Market Summary: Week Ending 3/10/23
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 3/10/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Cetera Financial Group Inc. | 750 | Term Loan | 2/23/2030 | S+450 |
| Wrench Group LLC | 150 | Term Loan | 4/1/2026 | S+450 |
| INEOS Styrolution Group GmbH | 400 | Term Loan | 3/3/2030 | S+400 |
| Tempo Acquisition LLC/FI | 65 | Term Loan | 8/31/2028 | S+300 |
forward calendar
Forward calendar during the week ending 3/10/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Archroma | $850MM TLB | JPM, HSBC, BofA | 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 |
| Mitratech | $255MM credit facilities | GLB | 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 |
| US Silica Holdings Inc. | $950MM TLB (B+) | BNP | Q1 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/3/23 – 3/10/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.18% | 101.04 | 100.86 | 14 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.11% | 99.75 | 99.86 | 13 |
| 3 | 5,000 | QWEST CORPORATION TL B | -9.17% | 73.88 | 81.34 | 10 |
| 4 | 4,750 | ZAYO TL | -1.48% | 83.31 | 84.57 | 16 |
| 5 | 4,559 | TRANSDIGM INC. TL I | -0.08% | 99.74 | 99.82 | 14 |
| 6 | 3,900 | DIRECTV TL | -0.02% | 97.34 | 97.36 | 14 |
| 7 | 3,600 | NORTONLIFELOCK TL B | 0.19% | 99.29 | 99.10 | 10 |
| 8 | 3,600 | CDK GLOBAL TL | -0.07% | 99.72 | 99.79 | 11 |
| 9 | 3,582 | MISYS TL B | -0.21% | 94.39 | 94.58 | 14 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -1.04% | 94.21 | 95.20 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 0.17% | 102.90 | 102.73 | 14 |
| 12 | 3,500 | PILOT TRAVEL TL B | 0.15% | 99.40 | 99.26 | 11 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | 0.06% | 98.11 | 98.04 | 12 |
| 14 | 3,420 | RCN GRANDE TL | -0.22% | 83.23 | 83.41 | 12 |
| 15 | 3,380 | SOLERA TL B | -1.24% | 89.56 | 90.69 | 16 |
| 16 | 3,325 | CINEWORLD TL B | 11.55% | 13.39 | 12.00 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.18% | 99.62 | 99.80 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.28% | 97.87 | 98.14 | 12 |
| 19 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -6.68% | 9.49 | 10.17 | 10 |
| 20 | 3,190 | INTELSAT EXIT TL B | -0.18% | 98.72 | 98.90 | 11 |
| AVERAGE | 3,984 | -0.43% | 86.75 | 87.28 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/3/23-3/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ADVANTAGE SALES TL B | 5.31% | 87.04 | 82.65 | 11 |
| 2 | DELL SOFTWARE GROUP 2ND LIEN TL | 3.93% | 66.40 | 63.89 | 7 |
| 3 | ACCELERATED HEALTH SYSTEMS LLC TL B | 3.42% | 67.84 | 65.60 | 6 |
| 4 | RENAISSANCE LEARNING 2ND LIEN TL | 2.68% | 98.48 | 95.91 | 8 |
| 5 | EG GROUP TL B | 2.13% | 95.31 | 93.33 | 6 |
| 6 | SYMPLR SOFTWARE TL | 1.83% | 90.55 | 88.92 | 9 |
| 7 | BELLIS ACQUISITION CO PLC EUR TL B | 1.45% | 94.32 | 92.97 | 14 |
| 8 | CALIBER COLLISION TL | 1.43% | 98.02 | 96.64 | 10 |
| 9 | RENAISSANCE LEARNING TL | 1.31% | 99.74 | 98.45 | 7 |
| 10 | OBERTHUR TECHNOLOGIES SA EUR TL B | 1.24% | 99.37 | 98.15 | 11 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/3/23-3/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | LUCKY BUCKS TL B | -23.89% | 37.67 | 49.49 | 9 |
| 2 | QWEST CORPORATION TL B | -9.17% | 73.88 | 81.34 | 10 |
| 3 | LEVEL III TL B | -3.99% | 87.76 | 91.41 | 8 |
| 4 | TROPICANA TL | -3.51% | 86.62 | 89.77 | 13 |
| 5 | CITY BREWING TL B | -2.26% | 44.69 | 45.73 | 12 |
| 6 | SOLENIS TL B | -2.02% | 95.81 | 97.79 | 9 |
| 7 | CISION TL B | -1.96% | 68.61 | 69.98 | 13 |
| 8 | INTEL TL | -1.63% | 83.42 | 84.80 | 5 |
| 9 | CABLEVISION TL B5 | -1.62% | 88.85 | 90.32 | 7 |
| 10 | VERACODE TL B | -1.56% | 94.07 | 95.56 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/3/23-3/10/23 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 3/3/23-3/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/3/23 vs. the week ending 3/10/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AUTHENTIC BRANDS TL B2 | 14 | 38 | 24 | 171% |
| 2 | VANTAGE SPECIALTY TL B | 2 | 24 | 22 | 1100% |
| 3 | SYNCSORT 2ND LIEN TL B | 0 | 20 | 20 | NA |
| 4 | WHATABURGER TL B | 67 | 84 | 17 | 25% |
| 5 | AUDIO VISUAL 2ND LIEN TL | 25 | 42 | 17 | 68% |
| 6 | ELECTRONICS FOR IMAGING TL | 51 | 68 | 17 | 33% |
| 7 | REALPAGE TL B | 59 | 74 | 15 | 25% |
| 8 | PODS TL B | 55 | 70 | 15 | 27% |
| 9 | BARRACUDA TL | 51 | 65 | 14 | 27% |
| 10 | DIVERSEY TL | 63 | 76 | 13 | 21% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/3/23-3/10/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 3 | RACKSPACE HOSTING TL B | 17 |
| 4 | WHEEL PROS TL | 17 |
| 5 | HEARTHSIDE FOODS TL B | 16 |
| 6 | FRONERI TL B | 16 |
| 7 | STAPLES TL B1 | 16 |
| 8 | DAE AVIATION TL | 16 |
| 9 | ZAYO TL | 16 |
| 10 | BRAND ENERGY TL | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/3/23-3/10/23
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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