Syndicated Bank Loan Market Summary – Week Ending 6/2/23
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Syndicated Bank Loan Market Summary: Week Ending 6/2/23
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 6/2/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| UKG Inc. | 400 | Term Loan | 5/1/2026 | S+450 |
| Solenis Intl LP | 500 | Term Loan | 11/9/2028 | S+500 |
| TTM Technologies Inc. | 350 | Term Loan | 5/30/2030 | S+275 |
forward calendar
Forward calendar during the week ending 6/2/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Casa Systems Inc. | $223MM TLB | JPM | Q2 2023 |
| Fortrea | $1.52B credit facilities (Ba3/BB/BB+): $450MM RC; $500MM TLA; $570MM TLB | GS, BCLY, BofA, CITI, JPM, MUFG | Q2 2023 |
| Inmar Inc. | $950MM TL (B3/B-) | N/A | N/A |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 5/26/23 – 6/2/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.02% | 101.18 | 101.16 | 11 |
| 2 | 7,270 | MEDLINE TL B | 0.58% | 97.37 | 96.81 | 11 |
| 3 | 5,160 | INTEL TL | 0.31% | 93.82 | 93.54 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.03% | 99.50 | 99.47 | 13 |
| 5 | 4,750 | ZAYO TL | -0.13% | 77.00 | 77.10 | 17 |
| 6 | 4,559 | TRANSDIGM INC. TL I | 0.11% | 99.36 | 99.25 | 15 |
| 7 | 4,050 | CITRIX TL B | 0.24% | 92.71 | 92.49 | 10 |
| 8 | 3,900 | DIRECTV TL | 0.29% | 94.97 | 94.69 | 15 |
| 9 | 3,600 | CDK GLOBAL TL | 0.61% | 98.97 | 98.37 | 15 |
| 10 | 3,582 | MISYS TL B | 0.11% | 95.09 | 94.99 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.57% | 88.53 | 89.03 | 10 |
| 12 | 3,500 | PILOT TRAVEL TL B | 0.43% | 99.41 | 98.99 | 11 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | 0.42% | 100.64 | 100.21 | 10 |
| 14 | 3,500 | SEDGWICK TL B | 0.56% | 97.54 | 97.00 | 11 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | 0.82% | 96.83 | 96.04 | 12 |
| 16 | 3,420 | RCN GRANDE TL | -0.57% | 82.50 | 82.98 | 11 |
| 17 | 3,380 | SOLERA TL B | -0.23% | 89.17 | 89.37 | 13 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.15% | 99.38 | 99.23 | 15 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.00% | 95.99 | 95.99 | 14 |
| 20 | 3,190 | INTELSAT EXIT TL B | -0.13% | 98.19 | 98.31 | 11 |
| AVERAGE | 4,225 | 0.15% | 94.91 | 94.75 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 5/26/23-6/2/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | 15.79% | 50.28 | 43.43 | 16 |
| 2 | CASINO GUICHARD EUR TL B | 8.96% | 77.10 | 70.77 | 9 |
| 3 | CBS RADIO INC TL B | 5.81% | 48.65 | 45.98 | 9 |
| 4 | TROPICANA TL | 5.10% | 92.64 | 88.14 | 12 |
| 5 | AMC ENTERTAINMENT TL B1 | 3.48% | 79.00 | 76.34 | 13 |
| 6 | COX ENTERPRISES, INC. TL B | 2.52% | 83.80 | 81.74 | 6 |
| 7 | BELLIS ACQUISITION CO PLC EUR TL B | 1.55% | 95.78 | 94.31 | 16 |
| 8 | LEARFIELD TL B | 1.53% | 75.10 | 73.97 | 8 |
| 9 | RECIPHARM EUR TL B | 1.44% | 96.12 | 94.75 | 12 |
| 10 | EG GROUP TL B | 1.41% | 97.52 | 96.16 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 5/26/23-6/2/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | AIR MEDICAL TL B | -7.52% | 64.54 | 69.79 | 15 |
| 2 | HOMEVI EUR TL B | -6.35% | 88.37 | 94.37 | 11 |
| 3 | NEP TL B | -4.74% | 85.59 | 89.85 | 10 |
| 4 | XPLORNET TL | -4.35% | 77.12 | 80.63 | 7 |
| 5 | PRETIUM PACKAGING TL B | -2.72% | 76.73 | 78.87 | 11 |
| 6 | DELL SOFTWARE GROUP TL B | -2.14% | 82.58 | 84.39 | 12 |
| 7 | CAST & CREW TL | -1.96% | 96.57 | 98.49 | 10 |
| 8 | CAST & CREW TL | -1.95% | 96.26 | 98.17 | 9 |
| 9 | UNIFRAX TL B | -1.54% | 89.65 | 91.05 | 10 |
| 10 | AMERICAN TIRE TL B | -1.53% | 84.53 | 85.84 | 17 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/26/23-6/2/23 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 5/26/23-6/2/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/26/23 vs. the week ending 6/2/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ICONIX TL | 0 | 26 | 26 | NA |
| 2 | SOLENIS TL B | 12 | 34 | 22 | 183% |
| 3 | MERION ROSE MERGER TL B | 2 | 14 | 12 | 600% |
| 4 | FLOW CONTROL 2ND LIEN TL | 2 | 14 | 12 | 600% |
| 5 | VIRGIN PULSE TL | 17 | 28 | 11 | 65% |
| 6 | WYNDHAM HOTELS TL B | 13 | 24 | 11 | 85% |
| 7 | RYMAN HOSPITALITY TL B | 21 | 30 | 9 | 43% |
| 8 | INEOS FIN TL B | 41 | 50 | 9 | 22% |
| 9 | ACCELL GROUP EUR TL B | 0 | 8 | 8 | NA |
| 10 | DEXKO TL | 8 | 16 | 8 | 100% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/26/23-6/2/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HEARTHSIDE FOODS TL B | 17 |
| 2 | NTL CABLE PLC GBP TL M | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | NTL CABLE PLC EUR TL R | 17 |
| 5 | ZAYO TL | 17 |
| 6 | BMC SOFTWARE TL B | 17 |
| 7 | T-MOBILE NETHERLANDS EUR TL B | 17 |
| 8 | AMERICAN TIRE TL B | 17 |
| 9 | ZIGGO EUR TL H | 17 |
| 10 | HILEX POLY TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/26/23-6/2/23
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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