Syndicated Bank Loan Market Summary – Week Ending 10/6/23
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Syndicated Bank Loan Market Summary: Week Ending 10/6/23
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 10/6/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Patriot Rail Company LLC | 100 | Term Loan | 10/18/2026 | S+400 |
| Spring Education | 850 | Term Loan | 9/14/2030 | S+450 |
| Prometric Inc. | 572 | Term Loan | 1/29/2028 | S+525 |
forward calendar
Forward calendar during the week ending 10/6/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| ADT Inc. | $1.4B TLB (Ba2/BB) | BCLY, DB, MIZ, RBC, CITI, MS | Q4 2023 |
| Delrin | $700MM TL | RBC, BMO, UBS, KEY, KKR | Q4 2023 |
| Evertec Inc. | $600MM TLB (Ba3/BB-) | TRS | Q4 2023 |
| FR Refuel | $120MM TL (B3/B-) | CTZ | Q4 2023 |
| Isolved | $650MM credit facilities: $75MM RC; $575MM TL | UBS, DB, CITI, JEFF, JPM | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/29/23 – 10/6/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.28% | 99.37 | 99.66 | 12 |
| 2 | 5,000 | QWEST CORPORATION TL B | 0.11% | 70.87 | 70.79 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.23% | 99.77 | 99.99 | 12 |
| 4 | 4,750 | ZAYO TL | 1.30% | 82.65 | 81.59 | 14 |
| 5 | 4,750 | HUB INTL LTD TL B5 | -0.33% | 99.90 | 100.23 | 15 |
| 6 | 4,741 | INTERNET BRANDS TL B | -0.77% | 95.89 | 96.63 | 11 |
| 7 | 4,559 | TRANSDIGM INC. TL I | -0.16% | 99.78 | 99.94 | 18 |
| 8 | 4,463 | ULTIMATE SOFTWARE TL B | -0.46% | 99.26 | 99.72 | 12 |
| 9 | 4,415 | ICON PLC TL B | -0.17% | 99.79 | 99.96 | 10 |
| 10 | 4,260 | NUMERICABLE TL B | -0.50% | 89.71 | 90.15 | 10 |
| 11 | 4,050 | CITRIX TL B | -1.54% | 94.56 | 96.04 | 10 |
| 12 | 3,900 | DIRECTV TL | -0.89% | 96.72 | 97.59 | 16 |
| 13 | 3,600 | CDK GLOBAL TL | -0.29% | 99.68 | 99.97 | 14 |
| 14 | 3,550 | CITADEL TL B | -0.16% | 99.52 | 99.68 | 11 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.09% | 99.46 | 99.54 | 13 |
| 16 | 3,500 | PILOT TRAVEL TL B | -0.17% | 99.65 | 99.82 | 11 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | -0.67% | 102.21 | 102.90 | 13 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | -0.90% | 98.01 | 98.90 | 14 |
| 19 | 3,420 | RCN GRANDE TL | -0.66% | 80.96 | 81.49 | 11 |
| 20 | 3,380 | SOLERA TL B | -1.32% | 94.26 | 95.53 | 12 |
| AVERAGE | 4,254 | -0.41% | 95.10 | 95.51 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 9/29/23-10/6/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | VIRGIN PULSE TL | 4.54% | 99.75 | 95.42 | 4 |
| 2 | UPLAND SOFTWARE TL | 2.18% | 95.32 | 93.29 | 9 |
| 3 | SLV GROUP GMBH EUR TL B | 1.75% | 85.79 | 84.31 | 11 |
| 4 | ZAYO TL | 1.30% | 82.65 | 81.59 | 14 |
| 5 | AMC ENTERTAINMENT TL B1 | 1.27% | 81.56 | 80.54 | 13 |
| 6 | VERIFONE TL B | 1.16% | 93.42 | 92.35 | 10 |
| 7 | RSA SECURITY LLC TL B | 1.01% | 86.13 | 85.27 | 9 |
| 8 | ALKEGEN TL B | 0.52% | 93.44 | 92.96 | 16 |
| 9 | DONCASTERS UNS TL B2 | 0.29% | 97.81 | 97.53 | 5 |
| 10 | CINEWORLD EXIT TL | 0.19% | 102.18 | 101.99 | 10 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/29/23-10/6/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | HORNBLOWER PIK TL B | -19.88% | 39.36 | 49.12 | 4 |
| 2 | THILEA TL B | -19.45% | 27.73 | 34.42 | 8 |
| 3 | STRATEGIC MATERIALS TL | -7.67% | 63.18 | 68.43 | 10 |
| 4 | TELE COLUMBUS EUR TL A3 | -5.78% | 56.13 | 59.57 | 9 |
| 5 | COMPREHENSIVE EYECARE PARTNERS TL | -5.43% | 67.75 | 71.64 | 9 |
| 6 | NTHRIVE 2ND LIEN TL | -5.23% | 58.43 | 61.65 | 5 |
| 7 | APEX TOOLS TL B | -5.05% | 86.51 | 91.10 | 10 |
| 8 | SINCLAIR BROADCAST GROUP INC. TL B4 | -3.26% | 66.85 | 69.10 | 6 |
| 9 | BARRACUDA TL | -2.67% | 96.22 | 98.86 | 10 |
| 10 | HUBBARD RADIO TL B | -2.60% | 87.88 | 90.23 | 5 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/29/23-10/6/23 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 9/29/23-10/6/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/29/23 vs. the week ending 10/6/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PQ CORP TL B | 22 | 61 | 39 | 177% |
| 2 | FLEETPRIDE TL B | 14 | 40 | 26 | 186% |
| 3 | LASERSHIP TL | 23 | 46 | 23 | 100% |
| 4 | CULLIGAN TL B | 34 | 56 | 22 | 65% |
| 5 | QUIKRETE TL B | 56 | 76 | 20 | 36% |
| 6 | ROCKET SOFTWARE TL B | 4 | 24 | 20 | 500% |
| 7 | AMWINS TL B | 96 | 116 | 20 | 21% |
| 8 | REALPAGE TL B | 62 | 82 | 20 | 32% |
| 9 | ASURION TL B9 | 43 | 62 | 19 | 44% |
| 10 | FIRST STUDENT TL B | 50 | 69 | 19 | 38% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/29/23-10/6/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TELENET EUR TL | 18 |
| 2 | TRANSDIGM INC. TL I | 18 |
| 3 | ZIGGO EUR TL H | 17 |
| 4 | HILEX POLY TL B | 17 |
| 5 | USS PARENT TL B | 17 |
| 6 | DIRECTV TL | 16 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | ACCOLADE WINES GBP TL B | 16 |
| 9 | ALKEGEN TL B | 16 |
| 10 | WESTINGHOUSE TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/29/23-10/6/23
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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