Syndicated Bank Loan Market Summary – Week Ending 4/7/23
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Syndicated Bank Loan Market Summary: Week Ending 4/7/23
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 4/7/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| BBB Industries LLC | $150MM TL | JPM, KKR | Q2 2023 |
| DSM Engineering Materials | €2.9B TLs | GS, BCLY, UBS, BNP | Q2 2023 |
| Harbourvest Partners | $500MM TL | JPM | Q2 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | 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 3/31/23 – 4/7/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.09% | 100.80 | 100.89 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.24% | 99.50 | 99.26 | 12 |
| 3 | 4,750 | ZAYO TL | -0.28% | 80.53 | 80.76 | 15 |
| 4 | 4,559 | TRANSDIGM INC. TL I | 0.20% | 99.84 | 99.65 | 12 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 0.08% | 97.43 | 97.36 | 12 |
| 6 | 3,900 | DIRECTV TL | 0.45% | 96.49 | 96.05 | 11 |
| 7 | 3,600 | CDK GLOBAL TL | 0.07% | 99.65 | 99.58 | 12 |
| 8 | 3,582 | MISYS TL B | -0.33% | 93.19 | 93.50 | 14 |
| 9 | 3,500 | PILOT TRAVEL TL B | 0.03% | 99.68 | 99.65 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | -0.36% | 101.02 | 101.38 | 12 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | -0.56% | 97.80 | 98.35 | 11 |
| 12 | 3,420 | RCN GRANDE TL | 3.10% | 84.09 | 81.57 | 13 |
| 13 | 3,380 | SOLERA TL B | 1.17% | 91.95 | 90.89 | 15 |
| 14 | 3,325 | CINEWORLD TL B | 14.34% | 17.06 | 14.92 | 12 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.16% | 99.77 | 99.61 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.68% | 99.01 | 98.34 | 11 |
| 17 | 3,100 | TRANSUNION TL B6 | 0.34% | 99.58 | 99.25 | 13 |
| 18 | 3,100 | HUNTER DOUGLAS TL B | -0.42% | 89.42 | 89.80 | 10 |
| 19 | 3,000 | DELTA SKYMILES TL B | -0.06% | 103.43 | 103.50 | 11 |
| 20 | 3,000 | WESTINGHOUSE TL B | 0.18% | 99.54 | 99.36 | 11 |
| AVERAGE | 3,891 | 0.95% | 92.49 | 92.18 | 12.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/31/23-4/7/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CISION TL B | 7.29% | 69.71 | 64.97 | 12 |
| 2 | DIAVERUM EUR TL B | 4.60% | 94.18 | 90.03 | 9 |
| 3 | SLV GROUP GMBH EUR TL B | 4.22% | 88.05 | 84.49 | 11 |
| 4 | RCN GRANDE TL | 3.10% | 84.09 | 81.57 | 13 |
| 5 | TIBCO TL A | 3.07% | 92.59 | 89.83 | 10 |
| 6 | CABLEVISION TL B | 2.84% | 97.57 | 94.87 | 7 |
| 7 | CITRIX TL B | 2.76% | 92.59 | 90.10 | 8 |
| 8 | ASPEN DENTAL TL B3 | 2.47% | 94.91 | 92.62 | 6 |
| 9 | INFOBLOX INC TL B | 1.59% | 94.43 | 92.96 | 8 |
| 10 | DEXKO EUR TL B | 1.57% | 90.02 | 88.63 | 5 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/31/23-4/7/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AIR MEDICAL TL B2 | -8.11% | 65.16 | 70.90 | 11 |
| 2 | SHUTTERFLY TL B | -7.71% | 44.97 | 48.73 | 10 |
| 3 | IGM RESIN EUR TL | -3.95% | 67.58 | 70.36 | 8 |
| 4 | WORLD KITCHEN TL | -2.79% | 37.00 | 38.06 | 7 |
| 5 | ELECTRONICS FOR IMAGING TL | -2.53% | 76.43 | 78.42 | 13 |
| 6 | HOUGHTON MIFFLIN TL B | -1.40% | 87.98 | 89.23 | 6 |
| 7 | CASINO GUICHARD EUR TL B | -1.27% | 73.97 | 74.92 | 15 |
| 8 | JCREW EXIT PIK TL | -1.18% | 93.83 | 94.95 | 6 |
| 9 | RSA SECURITY LLC TL B | -1.17% | 78.04 | 78.96 | 9 |
| 10 | AMERICAN TIRE TL B | -0.90% | 85.89 | 86.67 | 11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/31/23-4/7/23 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 3/31/23-4/7/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/31/23 vs. the week ending 4/7/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TEAM HEALTH EXT TL B | 26 | 48 | 22 | 85% |
| 2 | TEAM HEALTH TL | 26 | 46 | 20 | 77% |
| 3 | SAFE FLEET 2ND LIEN TL | 18 | 38 | 20 | 111% |
| 4 | AXALTA COATING SYSTEMS TL B4 | 28 | 46 | 18 | 64% |
| 5 | AUDIO VISUAL TL B1 | 33 | 50 | 17 | 52% |
| 6 | FONCIA GROUPE EUR TL B | 0 | 16 | 16 | NA |
| 7 | AUDIO VISUAL 2ND LIEN TL | 30 | 46 | 16 | 53% |
| 8 | GARDA SECURITY TL B | 17 | 32 | 15 | 88% |
| 9 | EPIC HEALTH TL B | 46 | 60 | 14 | 30% |
| 10 | UGI UTILITIES TL B | 13 | 27 | 14 | 108% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/31/23-4/7/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DAE AVIATION TL | 18 |
| 2 | HEARTHSIDE FOODS TL B | 16 |
| 3 | STAPLES TL B1 | 16 |
| 4 | FRONERI TL B | 16 |
| 5 | MISYS 2ND LIEN TL | 15 |
| 6 | KETER GROUP EUR TL B | 15 |
| 7 | HOSTESS BRANDS TL | 15 |
| 8 | ZAYO TL | 15 |
| 9 | AMERICAN BATH TL | 15 |
| 10 | CASINO GUICHARD EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/31/23-4/7/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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