Syndicated Bank Loan Market Summary – Week Ending 6/16/23
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Syndicated Bank Loan Market Summary: Week Ending 6/16/23
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 6/16/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Merlin Entertainments PLC | 900 | Term Loan | 11/12/2029 | E+450 |
forward calendar
Forward calendar during the week ending 6/16/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Cyanco Intermediate 2 Corp | 420MM TLB(B2/B) | RBC,MS,DB | Q2 2023 |
| Aramark | $750MM TLB (BBB-) | BCLY | Q2 2023 |
| EG Group | $2.791B TLB | BCLY | Q2 2023 |
| Fortrea | $1.52B credit facilities (Ba3/BB/BB+): $450MM RC; $500MM TLA; $570MM TLB | GS, BCLY, BofA, CITI, JPM, MUFG | Q2 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q2 2023 |
| RXBenefits | $150MM TL (B3/B) | BCLY, DB, GS | Q2 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/9/23 – 6/16/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.03% | 101.43 | 101.46 | 12 |
| 2 | 7,270 | MEDLINE TL B | 0.37% | 98.57 | 98.21 | 11 |
| 3 | 5,160 | INTEL TL | 0.16% | 95.22 | 95.07 | 12 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.03% | 99.80 | 99.83 | 12 |
| 5 | 4,750 | HUB INTL LTD TL B5 | 0.24% | 99.91 | 99.67 | 12 |
| 6 | 4,750 | ZAYO TL | 0.62% | 79.92 | 79.42 | 15 |
| 7 | 4,559 | TRANSDIGM INC. TL I | 0.08% | 99.87 | 99.79 | 15 |
| 8 | 4,050 | CITRIX TL B | 0.47% | 94.00 | 93.56 | 10 |
| 9 | 3,900 | DIRECTV TL | 0.68% | 96.81 | 96.16 | 15 |
| 10 | 3,600 | CDK GLOBAL TL | 0.14% | 99.49 | 99.35 | 15 |
| 11 | 3,582 | MISYS TL B | 0.58% | 96.93 | 96.37 | 13 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.47% | 90.49 | 90.06 | 10 |
| 13 | 3,500 | PILOT TRAVEL TL B | -0.02% | 99.71 | 99.73 | 11 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 0.25% | 101.35 | 101.10 | 12 |
| 15 | 3,500 | SEDGWICK TL B | 0.33% | 98.85 | 98.52 | 10 |
| 16 | 3,450 | GOLDEN NUGGET INC TL B | 0.61% | 98.52 | 97.93 | 12 |
| 17 | 3,420 | RCN GRANDE TL | 0.86% | 83.72 | 83.00 | 10 |
| 18 | 3,380 | SOLERA TL B | 3.05% | 90.09 | 87.43 | 12 |
| 19 | 3,312 | HUB INTL LTD TL B | 0.14% | 99.86 | 99.71 | 15 |
| 20 | 3,300 | NTL CABLE PLC TL N | 1.18% | 98.58 | 97.43 | 13 |
| AVERAGE | 4,303 | 0.51% | 96.16 | 95.69 | 12.4 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 6/9/23-6/16/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | 9.50% | 65.26 | 59.60 | 16 |
| 2 | RACKSPACE HOSTING TL B | 8.18% | 42.90 | 39.66 | 13 |
| 3 | VERITAS US INC TL B | 7.08% | 82.40 | 76.95 | 14 |
| 4 | CITY BREWING TL B | 6.95% | 51.42 | 48.08 | 7 |
| 5 | SABRE TL B2 | 6.82% | 77.39 | 72.45 | 5 |
| 6 | QWEST CORPORATION TL B | 5.89% | 75.67 | 71.47 | 9 |
| 7 | PURE FISHING TL B | 4.55% | 70.01 | 66.96 | 7 |
| 8 | CORRECT CARE TL B | 4.35% | 72.84 | 69.81 | 9 |
| 9 | GRANITE ACQUISITION TL B | 4.22% | 84.49 | 81.07 | 12 |
| 10 | TEAM HEALTH EXT TL B | 3.88% | 69.03 | 66.45 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 6/9/23-6/16/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | JUICE PLUS+ TL | -8.13% | 46.06 | 50.14 | 6 |
| 2 | STRATEGIC MATERIALS TL | -5.76% | 68.97 | 73.18 | 7 |
| 3 | AIR MEDICAL TL B | -3.83% | 59.12 | 61.48 | 15 |
| 4 | US RENAL CARE TL B | -3.44% | 49.44 | 51.21 | 11 |
| 5 | SVMSTR TL B | -3.41% | 90.73 | 93.93 | 6 |
| 6 | S&S HOLDINGS TL | -2.85% | 86.46 | 89.00 | 5 |
| 7 | HOUGHTON MIFFLIN TL B | -2.05% | 85.07 | 86.84 | 7 |
| 8 | TRADESMEN TL | -1.35% | 57.83 | 58.63 | 8 |
| 9 | TROPICANA TL | -0.98% | 93.19 | 94.12 | 12 |
| 10 | PROMETRIC TL | -0.47% | 91.65 | 92.08 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/9/23-6/16/23 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 6/9/23-6/16/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/9/23 vs. the week ending 6/16/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CLARION EVENTS TL | 0 | 32 | 32 | NA |
| 2 | TRITECH SOFTWARE SYSTEMS TL | 47 | 78 | 31 | 66% |
| 3 | OPEN TEXT CORP TL B | 31 | 62 | 31 | 100% |
| 4 | CINEMARK TL B | 22 | 48 | 26 | 118% |
| 5 | TELESAT TL B5 | 10 | 34 | 24 | 240% |
| 6 | SS&C TECH TL B3 | 56 | 76 | 20 | 36% |
| 7 | SOUND PHYSICIANS 2ND LIEN TL | 53 | 72 | 19 | 36% |
| 8 | ANASTASIA BEVERLY HILLS TL B | 62 | 78 | 16 | 26% |
| 9 | HUB INTL LTD TL B4 | 94 | 110 | 16 | 17% |
| 10 | UGI UTILITIES TL B | 46 | 62 | 16 | 35% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/9/23-6/16/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HEARTHSIDE FOODS TL B | 17 |
| 2 | BMC SOFTWARE TL B | 17 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | AMERICAN TIRE TL B | 17 |
| 5 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 6 | HILEX POLY TL B | 16 |
| 7 | SIGMA BIDCO GBP TL B4 | 16 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 9 | STAPLES TL B1 | 16 |
| 10 | GRIFOLS WORLDWIDE EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/9/23-6/16/23
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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