Syndicated Bank Loan Market Summary – Week Ending 5/19/23
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Syndicated Bank Loan Market Summary: Week Ending 5/19/23
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 5/19/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Tank Hldg Corp. | 150 | Delayed-draw Term Loan | 3/31/2028 | S+600 |
| Imperial Dade | 1500 | Term Loan | 5/1/2028 | S+475 |
| Focus Financial Partners LLC | 500 | Term Loan | 6/30/2028 | S+350 |
forward calendar
Forward calendar during the week ending 5/19/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Casa Systems Inc. | $223MM TLB | JPM | Q2 2023 |
| Kindercare Learning Cos. | $1.4B TL (B2) | BCLY, GS, MACQ, DB, UBS, BofA, JEFF, KKR | 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 |
| Nouryon | $2.5B TLB (B2) | JPM, BCLY, HSBC | Q2 2023 |
| Protective Industrial Products Inc. | $150MM TL | ANT | Q2 2023 |
| Solenis | $750MM TLB (B3) | GS, BofA, BMO, HSBC, DB, CITI | 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 5/12/23 – 5/19/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.01% | 101.21 | 101.22 | 11 |
| 2 | 7,270 | MEDLINE TL B | 0.30% | 97.04 | 96.76 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.06% | 99.45 | 99.40 | 12 |
| 4 | 4,750 | ZAYO TL | -1.91% | 79.48 | 81.02 | 18 |
| 5 | 4,559 | TRANSDIGM INC. TL I | -0.03% | 99.56 | 99.59 | 14 |
| 6 | 4,463 | ULTIMATE SOFTWARE TL B | -0.82% | 95.45 | 96.24 | 10 |
| 7 | 3,900 | DIRECTV TL | -0.62% | 94.99 | 95.58 | 14 |
| 8 | 3,600 | CDK GLOBAL TL | -0.20% | 98.91 | 99.11 | 13 |
| 9 | 3,582 | MISYS TL B | 0.26% | 94.98 | 94.73 | 15 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.69% | 91.78 | 92.41 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.04% | 100.48 | 100.53 | 10 |
| 12 | 3,500 | PILOT TRAVEL TL B | -0.20% | 99.17 | 99.37 | 10 |
| 13 | 3,500 | SEDGWICK TL B | -0.48% | 97.53 | 98.00 | 10 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | 0.20% | 96.32 | 96.12 | 11 |
| 15 | 3,420 | RCN GRANDE TL | 0.15% | 83.74 | 83.61 | 12 |
| 16 | 3,380 | SOLERA TL B | -0.14% | 89.87 | 90.00 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.08% | 99.42 | 99.50 | 14 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.23% | 96.46 | 96.69 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | 0.00% | 98.54 | 98.54 | 10 |
| 20 | 3,100 | HUNTER DOUGLAS TL B | 0.15% | 91.39 | 91.26 | 11 |
| AVERAGE | 4,143 | -0.22% | 95.29 | 95.48 | 12.0 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 5/12/23-5/19/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ANCHOR GLASS 2ND LIEN TL | 11.86% | 39.81 | 35.59 | 7 |
| 2 | AIR MEDICAL TL B | 10.86% | 68.59 | 61.87 | 13 |
| 3 | HARLAND CLARKE TL | 7.11% | 87.62 | 81.81 | 9 |
| 4 | PACKERS HOLDINGS TL | 6.84% | 43.47 | 40.68 | 15 |
| 5 | AT&T COLOCATION TL | 4.71% | 54.33 | 51.89 | 12 |
| 6 | LEARNING CARE 2ND LIEN TL | 3.81% | 96.60 | 93.05 | 5 |
| 7 | LIFTOFF TL B | 3.11% | 83.58 | 81.06 | 9 |
| 8 | NOBIAN EUR TL B | 3.07% | 94.12 | 91.31 | 12 |
| 9 | EAGLEPICHER 2ND LIEN TL | 3.01% | 58.98 | 57.26 | 4 |
| 10 | MOLD-RITE TL | 2.76% | 83.27 | 81.03 | 7 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 5/12/23-5/19/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CBS RADIO INC TL B | -20.39% | 44.51 | 55.91 | 9 |
| 2 | INTEL TL | -12.36% | 71.48 | 81.56 | 5 |
| 3 | RESEARCH NOW 2ND LIEN TL | -11.34% | 50.00 | 56.40 | 4 |
| 4 | US RENAL CARE EXT TL B | -11.27% | 55.00 | 61.99 | 3 |
| 5 | AIR METHODS TL | -8.81% | 48.49 | 53.18 | 9 |
| 6 | AT HOME STORES TL B | -7.56% | 67.94 | 73.50 | 11 |
| 7 | SELECT STAFFING TL B | -7.02% | 78.92 | 84.88 | 9 |
| 8 | IHEART TL B | -5.71% | 79.49 | 84.31 | 9 |
| 9 | COMPREHENSIVE EYECARE PARTNERS EXT TL B | -5.19% | 75.90 | 80.05 | 6 |
| 10 | COMMERCEHUB TL B | -4.54% | 89.06 | 93.30 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/12/23-5/19/23 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 5/12/23-5/19/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/12/23 vs. the week ending 5/19/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CLARION EVENTS TL | 25 | 50 | 25 | 100% |
| 2 | WEBHELP EUR TL B | 18 | 41 | 23 | 128% |
| 3 | ARCLIN TL | 44 | 66 | 22 | 50% |
| 4 | FOCUS FINANCIAL TL B6 | 8 | 30 | 22 | 275% |
| 5 | STARS GROUP TL B | 48 | 69 | 21 | 44% |
| 6 | ENVISION HEALTHCARE P TL | 18 | 39 | 21 | 117% |
| 7 | EASTERN POWER TL B | 62 | 83 | 21 | 34% |
| 8 | CLARION EVENTS GBP TL | 10 | 30 | 20 | 200% |
| 9 | WSH INVESTMENTS GBP TL B | 0 | 20 | 20 | NA |
| 10 | WEBHELP GBP TL B | 26 | 46 | 20 | 77% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/12/23-5/19/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZAYO TL | 18 |
| 2 | NTL CABLE PLC EUR TL R | 17 |
| 3 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | TELENET EUR TL | 16 |
| 6 | MASMOVIL IBERCOM SA EUR TL B | 16 |
| 7 | NTL CABLE PLC GBP TL M | 16 |
| 8 | HEARTHSIDE FOODS TL B | 16 |
| 9 | FRONERI TL B | 16 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/12/23-5/19/23
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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