Syndicated Bank Loan Market Summary – Week Ending 7/21/23
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Syndicated Bank Loan Market Summary: Week Ending 7/21/23
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 7/21/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Software AG | 400 | Term Loan | 7/18/2030 | S+500 |
| Monitronics Intl. Inc. | 600 | Term Loan | 6/30/2028 | S+750 |
| Janus International Group LLC | 625 | Term Loan | 7/17/2030 | N/A |
| Dun & Bradstreet Corp. | 2666 | Term Loan | 2/8/2026 | L+275 |
forward calendar
Forward calendar during the week ending 7/21/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Invenergy Thermal Operating LLC | $500MM credit facilities: $150MM RC; $325MM TLB; $25MM TLC | MUFG,BofA,BMO | Q3 2023 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF,BMO,CTZ,TRS | Q3 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/14/23 – 7/21/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.04% | 101.48 | 101.44 | 12 |
| 2 | 7,270 | MEDLINE TL B | -0.30% | 99.25 | 99.55 | 10 |
| 3 | 5,900 | ATHENAHEALTH TL | -0.04% | 97.12 | 97.17 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.20% | 100.07 | 100.27 | 13 |
| 5 | 4,750 | HUB INTL LTD TL B5 | 0.00% | 100.43 | 100.43 | 15 |
| 6 | 4,750 | ZAYO TL | -0.39% | 76.08 | 76.38 | 17 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.43% | 96.69 | 97.11 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.00% | 100.18 | 100.17 | 18 |
| 9 | 4,475 | UNIVISION TL C5 | -0.11% | 99.97 | 100.09 | 10 |
| 10 | 4,050 | CITRIX TL B | 0.27% | 95.40 | 95.14 | 10 |
| 11 | 3,900 | DIRECTV TL | -0.03% | 99.33 | 99.37 | 16 |
| 12 | 3,600 | CDK GLOBAL TL | -0.06% | 99.99 | 100.05 | 13 |
| 13 | 3,582 | MISYS TL B | 0.23% | 96.16 | 95.94 | 13 |
| 14 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.23% | 95.81 | 95.59 | 10 |
| 15 | 3,500 | AMERICAN AIRLINES TL B | 0.22% | 103.48 | 103.26 | 13 |
| 16 | 3,500 | PILOT TRAVEL TL B | -0.09% | 99.85 | 99.95 | 10 |
| 17 | 3,450 | GOLDEN NUGGET INC TL B | -0.32% | 99.16 | 99.48 | 15 |
| 18 | 3,420 | RCN GRANDE TL | -1.14% | 84.56 | 85.54 | 12 |
| 19 | 3,380 | SOLERA TL B | -0.06% | 93.99 | 94.04 | 12 |
| 20 | 3,300 | NTL CABLE PLC TL N | -1.20% | 98.04 | 99.23 | 11 |
| AVERAGE | 4,461 | -0.17% | 96.85 | 97.01 | 12.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/14/23-7/21/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | COLORADO BUYER TL | 5.67% | 52.78 | 49.95 | 4 |
| 2 | ASTRA ACQUISITION CORP TL B | 3.61% | 72.83 | 70.30 | 6 |
| 3 | FOREST CITY ENTERPRISES TL B | 3.21% | 84.92 | 82.28 | 7 |
| 4 | DEDALUS EUR TL B | 3.04% | 89.47 | 86.83 | 13 |
| 5 | AMEDES GROUP EUR TL B | 2.76% | 94.50 | 91.96 | 11 |
| 6 | AT&T COLOCATION TL | 2.31% | 62.55 | 61.13 | 9 |
| 7 | BAUSCH HEALTH COMPANIES INC. TL B | 2.15% | 79.88 | 78.20 | 12 |
| 8 | HOLLEY PURCHASER TL | 2.09% | 90.31 | 88.46 | 8 |
| 9 | INOVIE EUR TL B | 2.06% | 91.68 | 89.83 | 11 |
| 10 | MALLINCKRODT EXIT TL | 1.88% | 77.08 | 75.66 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/14/23-7/21/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RSA SECURITY LLC TL B | -10.27% | 76.14 | 84.86 | 12 |
| 2 | ZAYO EUR TL | -6.64% | 72.51 | 77.67 | 14 |
| 3 | QWEST CORPORATION TL B | -5.57% | 70.99 | 75.18 | 9 |
| 4 | DUPAGE MEDICAL GROUP TL B | -3.87% | 88.07 | 91.62 | 10 |
| 5 | NUMERICABLE TL B | -3.31% | 84.65 | 87.55 | 9 |
| 6 | AMC ENTERTAINMENT TL B1 | -3.03% | 75.32 | 77.67 | 15 |
| 7 | VERACODE TL B | -2.28% | 95.58 | 97.81 | 6 |
| 8 | ACCELERATED HEALTH SYSTEMS LLC TL B | -2.07% | 79.38 | 81.06 | 7 |
| 9 | NORTHWEST FIBER TL | -2.01% | 96.40 | 98.38 | 9 |
| 10 | CABLEVISION TL B5 | -1.97% | 86.33 | 88.06 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/14/23-7/21/23 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 7/14/23-7/21/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/14/23 vs. the week ending 7/21/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | WYNDHAM HOTELS TL B | 16 | 54 | 38 | 238% |
| 2 | SOUND PHYSICIANS 2ND LIEN TL | 13 | 43 | 30 | 231% |
| 3 | TOSCA SERVICES TL | 33 | 61 | 28 | 85% |
| 4 | ACTION NEDERLAND EUR TL B3 | 2 | 28 | 26 | 1300% |
| 5 | XPO LOGISTICS TL B | 36 | 60 | 24 | 67% |
| 6 | HELIX GENERATION TL B | 32 | 56 | 24 | 75% |
| 7 | CONSTELLIS HOLDINGS LLC TL | 22 | 46 | 24 | 109% |
| 8 | EPIC HEALTH TL B | 56 | 80 | 24 | 43% |
| 9 | ELECTRICAL COMPONENTS TL B | 42 | 66 | 24 | 57% |
| 10 | SECURUS TL | 38 | 60 | 22 | 58% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/14/23-7/21/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 18 |
| 2 | HILEX POLY TL B | 17 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | ZAYO TL | 17 |
| 5 | AMERICAN BATH TL | 17 |
| 6 | TRANSDIGM INC. TL H | 16 |
| 7 | NORD ANGLIA EDUCATION FINANC EUR TL B | 16 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | GRIFOLS WORLDWIDE EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/14/23-7/21/23
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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