Syndicated Bank Loan Market Summary – Week Ending 3/31/23
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Syndicated Bank Loan Market Summary: Week Ending 3/31/23
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 3/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| RelaDyne Inc. | 350 | Term Loan | 12/2/2028 | S+500 |
| Hyperion Insurance Group LTD | 500 | Term Loan | 3/24/2030 | S+400 |
| Momentive Performance Materials Inc. | 850 | Term Loan | 3/13/2028 | S+450 |
| Krispy Kreme Doughnuts Inc. | 300 | Revolving Credit | 3/23/2028 | S+225 |
forward calendar
Forward calendar during the week ending 3/31/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| DSM Engineering Materials | €2.9B TLs | GS, BCLY, UBS, BNP | Q2 2023 |
| Howden Group Holdings LTD. | $500MM TLB (B2) | MS, JPM, BCLY, RBC, CITI, HSBC, LLD, NWM, ING | Q2 2023 |
| Koppers Inc. | $400MM TLB (Ba3/BB-/BB+) | WF, BofA, FT, PNC, CTB, TRS | Q2 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q2 2023 |
| Melissa & Doug | $325MM credit facilities: $65MM RC; $260MM TL | CS | Q2 2023 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q2 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 | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/24/23 – 3/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.00% | 100.89 | 100.89 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 1.13% | 99.26 | 98.15 | 12 |
| 3 | 4,750 | ZAYO TL | 2.09% | 80.76 | 79.11 | 16 |
| 4 | 4,559 | TRANSDIGM INC. TL I | 0.82% | 99.65 | 98.84 | 12 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 1.56% | 97.36 | 95.87 | 11 |
| 6 | 3,900 | DIRECTV TL | 1.15% | 96.05 | 94.96 | 11 |
| 7 | 3,600 | CDK GLOBAL TL | 0.49% | 99.58 | 99.09 | 12 |
| 8 | 3,582 | MISYS TL B | 1.09% | 93.50 | 92.49 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.76% | 95.20 | 93.55 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 0.82% | 101.38 | 100.56 | 12 |
| 11 | 3,500 | PILOT TRAVEL TL B | 0.41% | 99.65 | 99.24 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 1.96% | 98.35 | 96.46 | 11 |
| 13 | 3,420 | RCN GRANDE TL | 0.86% | 81.57 | 80.87 | 12 |
| 14 | 3,380 | SOLERA TL B | 2.91% | 90.89 | 88.32 | 16 |
| 15 | 3,325 | CINEWORLD TL B | 22.28% | 14.92 | 12.20 | 12 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.93% | 99.61 | 98.69 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | 1.81% | 98.34 | 96.59 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -13.12% | 6.02 | 6.92 | 11 |
| 19 | 3,100 | TRANSUNION TL B6 | 0.96% | 99.25 | 98.31 | 13 |
| 20 | 3,100 | HUNTER DOUGLAS TL B | 0.64% | 89.80 | 89.23 | 11 |
| AVERAGE | 3,927 | 1.53% | 87.10 | 86.02 | 12.0 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/24/23-3/31/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | EQUINOX HLDGS INC TL B | 7.77% | 90.56 | 84.03 | 14 |
| 2 | AMC ENTERTAINMENT TL B1 | 6.24% | 72.64 | 68.37 | 14 |
| 3 | EDELMAN FINANCIAL TL B | 4.28% | 96.15 | 92.21 | 12 |
| 4 | CONAIR HOLDINGS TL | 4.10% | 89.50 | 85.97 | 6 |
| 5 | WEBHELP EUR TL B | 3.96% | 99.00 | 95.23 | 11 |
| 6 | INTEL TL | 3.64% | 93.70 | 90.41 | 5 |
| 7 | SOLERA TL B | 2.91% | 90.89 | 88.32 | 14 |
| 8 | PRINCE MINERALS TL | 2.87% | 87.97 | 85.52 | 10 |
| 9 | VET INTERMEDIATE TL B | 2.69% | 93.10 | 90.66 | 7 |
| 10 | VISUAL COMFORT TL | 2.55% | 94.58 | 92.23 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/24/23-3/31/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ONE CALL TL B | -5.15% | 73.59 | 77.59 | 6 |
| 2 | COLORADO BUYER TL | -4.63% | 81.07 | 85.01 | 9 |
| 3 | AIR MEDICAL TL B2 | -3.90% | 70.90 | 73.78 | 11 |
| 4 | SHUTTERFLY TL B | -2.85% | 48.73 | 50.16 | 9 |
| 5 | RACKSPACE HOSTING TL B | -2.38% | 53.08 | 54.38 | 14 |
| 6 | WEIGHT WATCHERS TL B | -2.23% | 57.50 | 58.81 | 9 |
| 7 | MALLINCKRODT TL B | -1.80% | 71.46 | 72.77 | 7 |
| 8 | SINCLAIR BROADCAST GROUP INC. TL B3 | -1.69% | 90.39 | 91.94 | 7 |
| 9 | ENDO HEALTH TL B | -1.48% | 76.99 | 78.14 | 6 |
| 10 | COX ENTERPRISES, INC. TL B | -1.41% | 88.22 | 89.48 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/24/23-3/31/23 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 3/24/23-3/31/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/24/23 vs. the week ending 3/31/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PRETIUM PACKAGING TL B | 46 | 70 | 24 | 52% |
| 2 | HUB INTL LTD TL B3 | 75 | 97 | 22 | 29% |
| 3 | BMC SOFTWARE TL B | 74 | 95 | 21 | 28% |
| 4 | NOMAD FOODS TL B | 20 | 40 | 20 | 100% |
| 5 | WARNER MUSIC TL | 50 | 70 | 20 | 40% |
| 6 | UBER TECHNOLOGIES TL B | 40 | 60 | 20 | 50% |
| 7 | BMC SOFTWARE 2ND LIEN TL | 44 | 62 | 18 | 41% |
| 8 | BERLIN PACKAGING TL B | 56 | 74 | 18 | 32% |
| 9 | NASCAR TL B | 93 | 111 | 18 | 19% |
| 10 | KENAN TL B | 26 | 44 | 18 | 69% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/24/23-3/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DAE AVIATION TL | 17 |
| 2 | STAPLES TL B1 | 16 |
| 3 | ZAYO TL | 16 |
| 4 | AMERICAN BATH TL | 16 |
| 5 | BRAND ENERGY TL | 16 |
| 6 | SOLERA TL B | 16 |
| 7 | MISYS 2ND LIEN TL | 15 |
| 8 | KETER GROUP EUR TL B | 15 |
| 9 | HEARTHSIDE FOODS TL B | 15 |
| 10 | FRONERI TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/24/23-3/31/23
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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