Syndicated Bank Loan Market Summary – Week Ending 5/5/23
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Syndicated Bank Loan Market Summary: Week Ending 5/5/23
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 5/5/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Bracket Intermediate Holding | 980 | Term Loan | 4/19/2028 | S+500 |
| Kenan Advantage Group Inc. | 300 | Term Loan | 4/20/2026 | S+400 |
forward calendar
Forward calendar during the week ending 5/5/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| AL NGPL Holdings LLC | $90MM TL | JEFF | 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 4/28/23 – 5/5/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.17% | 101.11 | 101.29 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.06% | 99.46 | 99.51 | 12 |
| 3 | 4,750 | ZAYO TL | 1.91% | 82.50 | 80.95 | 15 |
| 4 | 4,559 | TRANSDIGM INC. TL I | -0.27% | 99.56 | 99.83 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -0.60% | 96.68 | 97.26 | 10 |
| 6 | 3,900 | DIRECTV TL | -0.33% | 95.55 | 95.86 | 12 |
| 7 | 3,600 | CDK GLOBAL TL | -0.15% | 99.73 | 99.88 | 13 |
| 8 | 3,582 | MISYS TL B | -0.35% | 94.91 | 95.25 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | -1.55% | 92.57 | 94.02 | 10 |
| 10 | 3,500 | PILOT TRAVEL TL B | -0.29% | 99.30 | 99.58 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.23% | 100.36 | 100.59 | 11 |
| 12 | 3,500 | SEDGWICK TL B | -0.46% | 98.18 | 98.63 | 10 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | -0.67% | 96.46 | 97.11 | 12 |
| 14 | 3,420 | RCN GRANDE TL | 1.30% | 82.57 | 81.52 | 11 |
| 15 | 3,380 | SOLERA TL B | -1.86% | 90.84 | 92.56 | 12 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.18% | 99.55 | 99.73 | 13 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.47% | 97.78 | 98.24 | 11 |
| 18 | 3,100 | TRANSUNION TL B6 | -0.17% | 99.48 | 99.65 | 13 |
| 19 | 3,100 | HUNTER DOUGLAS TL B | 0.42% | 90.34 | 89.96 | 12 |
| 20 | 3,000 | WESTINGHOUSE TL B | -0.32% | 99.34 | 99.66 | 10 |
| AVERAGE | 3,925 | -0.22% | 95.81 | 96.05 | 11.8 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 4/28/23-5/5/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | SECURUS 2ND LIEN TL | 42.23% | 76.92 | 54.08 | 6 |
| 2 | AT&T COLOCATION TL | 17.97% | 49.00 | 41.54 | 12 |
| 3 | MAVENIR TL B | 6.94% | 77.00 | 72.00 | 4 |
| 4 | LIMETREE BAY TL B | 5.42% | 84.89 | 80.52 | 7 |
| 5 | LIFESCAN TL B | 5.16% | 78.16 | 74.33 | 8 |
| 6 | HUBBARD RADIO TL B | 4.02% | 83.96 | 80.71 | 5 |
| 7 | QWEST CORPORATION TL B | 2.67% | 69.39 | 67.58 | 8 |
| 8 | ZAYO TL | 1.91% | 82.50 | 80.95 | 15 |
| 9 | VIRGIN PULSE TL | 1.54% | 84.57 | 83.28 | 5 |
| 10 | LEVEL III TL B | 1.54% | 86.75 | 85.44 | 7 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 4/28/23-5/5/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | NATIONAL CINEMEDIA TL B | -10.51% | 30.40 | 33.97 | 8 |
| 2 | SOUND PHYSICIANS TL | -6.32% | 70.46 | 75.22 | 7 |
| 3 | PROMONTORY TL | -5.51% | 89.15 | 94.34 | 9 |
| 4 | CUMULUS MEDIA TL | -5.04% | 84.17 | 88.64 | 7 |
| 5 | INW ACQUISITION TL | -4.93% | 80.81 | 85.00 | 3 |
| 6 | IMPERVA 2ND LIEN TL | -3.66% | 78.82 | 81.81 | 7 |
| 7 | WEIGHT WATCHERS TL B | -3.23% | 65.18 | 67.35 | 8 |
| 8 | WP CPP TL B | -2.78% | 88.62 | 91.15 | 8 |
| 9 | FIRST STUDENT TL B | -2.68% | 92.76 | 95.31 | 7 |
| 10 | TRINSEO TL B | -2.63% | 96.00 | 98.59 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/28/23-5/5/23 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 4/28/23-5/5/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/28/23 vs. the week ending 5/5/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TEKNI-PLEX TL B | 32 | 64 | 32 | 100% |
| 2 | SS&C TECH TL B7 | 45 | 68 | 23 | 51% |
| 3 | NOMAD FOODS TL B | 58 | 80 | 22 | 38% |
| 4 | MANNINGTON TL | 6 | 26 | 20 | 333% |
| 5 | HEARTHSIDE FOODS TL B | 106 | 125 | 19 | 18% |
| 6 | AMC ENTERTAINMENT TL B1 | 70 | 86 | 16 | 23% |
| 7 | MEDRISK TL | 58 | 74 | 16 | 28% |
| 8 | SS&C TECH TL B6 | 72 | 88 | 16 | 22% |
| 9 | POLYCONCEPT TL B | 42 | 58 | 16 | 38% |
| 10 | SOLARWINDS TL B | 58 | 73 | 15 | 26% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/28/23-5/5/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 2 | DAE AVIATION TL | 17 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | ACTION NEDERLAND EUR TL B | 16 |
| 5 | NTL CABLE PLC EUR TL R | 16 |
| 6 | UPC HOLDING BV EUR TL | 16 |
| 7 | HEARTHSIDE FOODS TL B | 15 |
| 8 | FRONERI TL B | 15 |
| 9 | STAPLES TL B1 | 15 |
| 10 | EIRCOM FINCO SARL EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/28/23-5/5/23
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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