Syndicated Bank Loan Market Summary – Week Ending 9/29/23
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Syndicated Bank Loan Market Summary: Week Ending 9/29/23
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 9/29/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Apergy | 620 | Term Loan | 6/7/2029 | S+275 |
| Clue Opco LLC | 400 | Revolving Credit | 9/7/2028 | N/A |
| Viasat Inc. | 617 | Term Loan | 5/30/2030 | S+450 |
forward calendar
Forward calendar during the week ending 9/29/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Alphia Inc. | $640MM TL (B2/B) | GS,JEFF,BMO,CTZ,DB,MS,RBB,SMBC,WF | Q4 2023 |
| Aramark Uniform Services | $1.8B credit facilities: $300MM RC; $1.5B TL | N/A | Q4 2023 |
| CHG Healthcare | $580MM TL (B2/B) | GS,JPM,BCLY,BMO,CITI | Q4 2023 |
| Delrin | $700MM TL | RBC,BMO,UBS,KEY,KKR | Q4 2023 |
| Interstate Waste Services | $575MM TLB (B2/B) | JPM,BMO,CMC,MUFG,STF | Q4 2023 |
| Spring Education Group | $950MM credit facilities: $100MM RC; $850MM TLB | MACQ,GS | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/22/23 – 9/29/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.27% | 99.66 | 99.93 | 12 |
| 2 | 5,900 | ATHENAHEALTH TL | -0.56% | 98.00 | 98.55 | 10 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.16% | 99.99 | 100.15 | 12 |
| 4 | 5,000 | QWEST CORPORATION TL B | -1.27% | 70.79 | 71.70 | 13 |
| 5 | 4,750 | HUB INTL LTD TL B5 | -0.37% | 100.23 | 100.61 | 14 |
| 6 | 4,750 | ZAYO TL | -0.04% | 81.59 | 81.62 | 15 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.33% | 96.63 | 96.95 | 12 |
| 8 | 4,559 | TRANSDIGM INC. TL I | -0.26% | 99.94 | 100.20 | 17 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | -0.19% | 99.72 | 99.90 | 12 |
| 10 | 4,415 | ICON PLC TL B | -0.08% | 99.96 | 100.04 | 11 |
| 11 | 4,260 | NUMERICABLE TL B | -0.42% | 90.15 | 90.53 | 11 |
| 12 | 4,050 | CITRIX TL B | -0.53% | 96.04 | 96.55 | 10 |
| 13 | 3,900 | DIRECTV TL | -0.87% | 97.59 | 98.44 | 15 |
| 14 | 3,600 | CDK GLOBAL TL | -0.20% | 99.97 | 100.17 | 12 |
| 15 | 3,550 | CITADEL TL B | -0.36% | 99.68 | 100.04 | 11 |
| 16 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.18% | 99.54 | 99.37 | 12 |
| 17 | 3,500 | PILOT TRAVEL TL B | -0.11% | 99.82 | 99.93 | 11 |
| 18 | 3,500 | AMERICAN AIRLINES TL B | -0.68% | 102.90 | 103.60 | 13 |
| 19 | 3,450 | GOLDEN NUGGET INC TL B | -0.60% | 98.90 | 99.49 | 15 |
| 20 | 3,420 | RCN GRANDE TL | -1.08% | 81.49 | 82.39 | 12 |
| AVERAGE | 4,380 | -0.41% | 95.63 | 96.01 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 9/22/23-9/29/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RUNNER BUYER TL B | 2.39% | 78.84 | 77.00 | 6 |
| 2 | SECTOR ALARM HOLDING EUR TL B1 | 2.17% | 93.20 | 91.22 | 15 |
| 3 | IDVERDE EUR TL B | 2.06% | 92.87 | 91.00 | 9 |
| 4 | MALLINCKRODT TL B | 1.87% | 75.16 | 73.78 | 7 |
| 5 | VERITAS US INC EUR TL B | 1.73% | 87.08 | 85.60 | 14 |
| 6 | WHEEL PROS TL | 1.46% | 70.76 | 69.74 | 15 |
| 7 | SGB-SMIT EUR TL B | 1.41% | 92.82 | 91.53 | 7 |
| 8 | VALEO FOODS GBP TL B | 1.15% | 86.80 | 85.81 | 9 |
| 9 | LANDESK TL B | 1.10% | 85.92 | 84.99 | 4 |
| 10 | ETHYPHARM GBP TL B | 1.06% | 88.63 | 87.70 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/22/23-9/29/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | KOFAX TL | -4.34% | 88.48 | 92.49 | 4 |
| 2 | HEARTHSIDE FOODS TL B3 | -3.07% | 87.23 | 89.99 | 12 |
| 3 | COMPREHENSIVE EYECARE PARTNERS TL | -2.77% | 71.64 | 73.68 | 10 |
| 4 | SOUND PHYSICIANS TL | -2.21% | 45.59 | 46.62 | 6 |
| 5 | HUBBARD RADIO TL B | -2.09% | 90.23 | 92.15 | 5 |
| 6 | PACKERS HOLDINGS TL | -1.98% | 59.27 | 60.47 | 12 |
| 7 | INMARSAT TL B | -1.82% | 97.67 | 99.48 | 9 |
| 8 | PRINCE MINERALS TL | -1.77% | 94.02 | 95.72 | 10 |
| 9 | MCGRAW-HILL GLOBAL TL B | -1.60% | 97.62 | 99.21 | 10 |
| 10 | THE NIELSEN COMPANY B.V. TL B | -1.54% | 89.54 | 90.94 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/22/23-9/29/23 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 9/22/23-9/29/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/22/23 vs. the week ending 9/29/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | COMPREHENSIVE EYECARE PARTNERS TL | 58 | 84 | 26 | 45% |
| 2 | INNOVATIVE XCESSORIES TL | 38 | 63 | 25 | 66% |
| 3 | SONICWALL TL B | 26 | 51 | 25 | 96% |
| 4 | DIEBOLD EXIT TL B | 12 | 34 | 22 | 183% |
| 5 | GLOBAL TELESYSTEMS 2ND LIEN TL | 14 | 36 | 22 | 157% |
| 6 | NEP TL B | 51 | 72 | 21 | 41% |
| 7 | RSA SECURITY LLC 2ND LIEN TL | 24 | 44 | 20 | 83% |
| 8 | SABRE TL B2 | 20 | 40 | 20 | 100% |
| 9 | AIR MEDICAL TL B | 62 | 82 | 20 | 32% |
| 10 | SYNCSORT 2ND LIEN TL | 11 | 30 | 19 | 173% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/22/23-9/29/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZIGGO EUR TL H | 18 |
| 2 | TELENET EUR TL | 18 |
| 3 | TRANSDIGM INC. TL I | 17 |
| 4 | BMC SOFTWARE TL B | 17 |
| 5 | HILEX POLY TL B | 17 |
| 6 | USS PARENT TL B | 17 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | ACCOLADE WINES GBP TL B | 16 |
| 9 | ALKEGEN 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 9/22/23-9/29/23
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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