Syndicated Bank Loan Market Summary – Week Ending 4/28/23
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Syndicated Bank Loan Market Summary: Week Ending 4/28/23
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 4/28/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Agiliti Health Inc. | 1075 | Term Loan | 4/25/2030 | S+300 |
| Clarios Global LP | 2750 | Term Loan | 4/17/2030 | S+375 |
forward calendar
Forward calendar during the week ending 4/28/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Copeland | $2.75B TLB (Ba3/BB-/BB+) | RBC, BCLY | Q2 2023 |
| Datasite | $400MM TLB (B2/B-) | JPM, JEFF, DB, MUFG | Q2 2023 |
| Garret Motion Inc. | $700MM TLB | 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 |
| Signant Health | $1.06B credit facilities: $80MM RC; $850MM TL | JEFF, ANT | 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 |
| Titan Acquisition Holdings | $675MM TLB | JPM, BNP, MIZ, WF, BofA | Q2 2023 |
| TMF Group | $400MM TL | BCLY, GS, HSBC, NMA, DB | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/21/23 – 4/28/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 4,750 | ZAYO TL | -0.69% | 80.95 | 81.52 | 15 |
| 2 | 3,582 | MISYS TL B | 2.57% | 95.25 | 92.86 | 14 |
| 3 | 3,325 | CINEWORLD TL B | -6.44% | 15.06 | 16.10 | 10 |
| 4 | 3,312 | HUB INTL LTD TL B | -0.08% | 99.73 | 99.80 | 13 |
| 5 | 3,300 | NTL CABLE PLC TL N | -0.36% | 98.24 | 98.60 | 12 |
| 6 | 3,000 | WESTINGHOUSE TL B | -0.09% | 99.66 | 99.74 | 10 |
| 7 | 2,884 | BMC SOFTWARE TL B | -0.19% | 98.68 | 98.87 | 15 |
| 8 | 2,825 | BRAND ENERGY TL | 0.14% | 93.75 | 93.62 | 13 |
| 9 | 2,779 | PROTECTION1 TL B | -0.03% | 99.75 | 99.78 | 10 |
| 10 | 2,750 | TEAM HEALTH TL | 0.54% | 84.23 | 83.78 | 12 |
| 11 | 2,300 | RACKSPACE HOSTING TL B | -9.01% | 41.47 | 45.57 | 11 |
| 12 | 2,295 | TELENET TL | -0.28% | 97.50 | 97.78 | 11 |
| 13 | 2,285 | ACTION NEDERLAND EUR TL B | -1.58% | 98.24 | 99.81 | 16 |
| 14 | 2,225 | MESSER INDUSTRIES TL B | 0.05% | 99.77 | 99.72 | 12 |
| 15 | 2,100 | HUSKY INJECTION MOLDING TL B | 0.21% | 95.62 | 95.42 | 12 |
| 16 | 2,000 | SIGMA BIDCO EUR TL B1 | -0.32% | 94.17 | 94.47 | 12 |
| 17 | 2,000 | CEVA SANTE ANIMALE EUR TL B | -0.06% | 99.65 | 99.71 | 13 |
| 18 | 2,000 | STAPLES TL B1 | -0.47% | 90.05 | 90.47 | 15 |
| 19 | 2,000 | VERISURE EUR TL B | -0.25% | 95.92 | 96.17 | 14 |
| 20 | 2,000 | AMC ENTERTAINMENT TL B1 | -0.56% | 76.31 | 76.74 | 13 |
| AVERAGE | 2,686 | -0.85% | 87.70 | 88.03 | 12.7 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 4/21/23-4/28/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ANCHOR GLASS 2ND LIEN TL | 27.28% | 25.73 | 20.21 | 6 |
| 2 | GENESIS CARE TL B | 15.66% | 29.24 | 25.28 | 9 |
| 3 | ACCENTCARE INC TL B | 9.65% | 73.46 | 67.00 | 4 |
| 4 | DELL SOFTWARE GROUP 2ND LIEN TL | 9.26% | 70.47 | 64.50 | 6 |
| 5 | RSA SECURITY LLC 2ND LIEN TL | 6.97% | 58.94 | 55.10 | 6 |
| 6 | LIMETREE BAY TL B | 5.60% | 80.52 | 76.25 | 8 |
| 7 | STUBHUB TL B | 4.95% | 78.97 | 75.25 | 5 |
| 8 | FORCEPOINT TL B | 4.52% | 96.71 | 92.53 | 9 |
| 9 | EAGLEVIEW TL B | 3.25% | 89.17 | 86.36 | 7 |
| 10 | LEARFIELD TL B | 2.99% | 73.01 | 70.89 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 4/21/23-4/28/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | -34.55% | 48.92 | 74.74 | 13 |
| 2 | RACKSPACE HOSTING TL B | -9.01% | 41.47 | 45.57 | 11 |
| 3 | US TELEPACIFIC TL B | -5.40% | 27.14 | 28.69 | 8 |
| 4 | WORLD KITCHEN TL | -4.64% | 35.05 | 36.75 | 7 |
| 5 | TEAM HEALTH EXT TL B | -3.28% | 64.98 | 67.19 | 11 |
| 6 | RCN GRANDE TL | -3.04% | 81.52 | 84.07 | 11 |
| 7 | COLORADO BUYER TL | -3.03% | 73.94 | 76.25 | 8 |
| 8 | MOLD-RITE TL | -2.48% | 81.43 | 83.50 | 5 |
| 9 | ELECTRONICS FOR IMAGING TL | -2.17% | 73.89 | 75.53 | 10 |
| 10 | SOUND PHYSICIANS TL | -2.16% | 75.22 | 76.88 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/21/23-4/28/23 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 4/21/23-4/28/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/21/23 vs. the week ending 4/28/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ANCHOR GLASS 2ND LIEN TL | 12 | 50 | 38 | 317% |
| 2 | PACKERS HOLDINGS TL | 56 | 90 | 34 | 61% |
| 3 | TRANSDIGM INC. TL I | 75 | 102 | 27 | 36% |
| 4 | ALI GROUP TL B | 8 | 34 | 26 | 325% |
| 5 | STAPLES TL B2 | 66 | 85 | 19 | 29% |
| 6 | CISION TL B | 84 | 102 | 18 | 21% |
| 7 | TRANSDIGM INC. TL H | 81 | 99 | 18 | 22% |
| 8 | NORDIC AVIATION CAPITAL TL | 24 | 42 | 18 | 75% |
| 9 | SVP WORLDWIDE TL B | 17 | 33 | 16 | 94% |
| 10 | CASTLELAKE AVIATION TL B | 52 | 68 | 16 | 31% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/21/23-4/28/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DAE AVIATION TL | 18 |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 3 | ACTION NEDERLAND EUR TL B | 16 |
| 4 | STAPLES TL B1 | 15 |
| 5 | FRONERI TL B | 15 |
| 6 | HOSTESS BRANDS TL | 15 |
| 7 | ZAYO TL | 15 |
| 8 | NTL CABLE PLC EUR TL R | 15 |
| 9 | AMERICAN BATH TL | 15 |
| 10 | UNIVERSAL SERVICES TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/21/23-4/28/23
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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