Syndicated Bank Loan Market Summary – Week Ending 10/13/23
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Syndicated Bank Loan Market Summary: Week Ending 10/13/23
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 10/13/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Ineos Hldgs LTD | 310 | Term Loan | 7/7/2030 | S+375 |
| DXP Enterprises Inc. | 550 | Term Loan | 9/26/2030 | S+475 |
| iSolved Inc. | 575 | Term Loan | 9/27/2030 | S+400 |
| Interstate Waste Services Inc. | 75 | Delayed-draw Term Loan | 9/19/2030 | S+450 |
forward calendar
Forward calendar during the week ending 10/13/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| ADT Inc. | $1.4B TLB (Ba2/BB) | BCLY,DB,MIZ,RBC,CITI,MS | Q4 2023 |
| Ciena Corp. | $670MM TLB (Baa3/BB+) | BofA | Q4 2023 |
| Cookman & Boardman Group | $500MM TLB (B3/B) | BofA,GS,TD,TRS,STF | Q4 2023 |
| FR Refuel | $120MM TL (B3/B-) | CTZ | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/6/23 – 10/13/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.38% | 99.75 | 99.37 | 12 |
| 2 | 5,000 | QWEST CORPORATION TL B | -1.03% | 70.14 | 70.87 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.05% | 99.82 | 99.77 | 12 |
| 4 | 4,750 | HUB INTL LTD TL B5 | 0.18% | 100.08 | 99.90 | 15 |
| 5 | 4,750 | ZAYO TL | 2.14% | 84.41 | 82.65 | 13 |
| 6 | 4,741 | INTERNET BRANDS TL B | 0.28% | 96.16 | 95.89 | 11 |
| 7 | 4,559 | TRANSDIGM INC. TL I | 0.18% | 99.97 | 99.78 | 18 |
| 8 | 4,463 | ULTIMATE SOFTWARE TL B | 0.37% | 99.63 | 99.26 | 13 |
| 9 | 4,415 | ICON PLC TL B | 0.21% | 100.00 | 99.79 | 10 |
| 10 | 4,260 | NUMERICABLE TL B | 0.36% | 90.03 | 89.71 | 11 |
| 11 | 4,050 | CITRIX TL B | 0.96% | 95.47 | 94.56 | 10 |
| 12 | 3,900 | DIRECTV TL | 0.93% | 97.61 | 96.72 | 16 |
| 13 | 3,600 | CDK GLOBAL TL | 0.07% | 99.75 | 99.68 | 15 |
| 14 | 3,550 | CITADEL TL B | 0.29% | 99.81 | 99.52 | 11 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.11% | 99.35 | 99.46 | 13 |
| 16 | 3,500 | PILOT TRAVEL TL B | 0.16% | 99.81 | 99.65 | 11 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | 0.07% | 102.28 | 102.21 | 13 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 0.83% | 98.82 | 98.01 | 14 |
| 19 | 3,420 | RCN GRANDE TL | 0.58% | 81.43 | 80.96 | 11 |
| 20 | 3,380 | SOLERA TL B | 0.55% | 94.78 | 94.26 | 12 |
| AVERAGE | 4,254 | 0.37% | 95.45 | 95.10 | 12.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 10/6/23-10/13/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CITY BREWING TL B | 12.98% | 75.00 | 66.38 | 8 |
| 2 | WELLPET TL B | 5.66% | 79.87 | 75.59 | 4 |
| 3 | WEIGHT WATCHERS TL B | 4.51% | 77.35 | 74.01 | 10 |
| 4 | ZAYO TL | 3.40% | 84.51 | 81.73 | 13 |
| 5 | SINCLAIR BROADCAST GROUP INC. TL B4 | 2.74% | 68.68 | 66.85 | 6 |
| 6 | EDWARD DON TL B | 1.86% | 99.29 | 97.48 | 4 |
| 7 | AMC ENTERTAINMENT TL B1 | 1.81% | 83.04 | 81.56 | 13 |
| 8 | CABLEVISION TL B5 | 1.76% | 91.09 | 89.51 | 9 |
| 9 | 888 HOLDINGS TL | 1.58% | 95.60 | 94.11 | 8 |
| 10 | SORENSON TL B | 1.53% | 96.43 | 94.98 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 10/6/23-10/13/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RESEARCH NOW 2ND LIEN TL | -8.64% | 45.68 | 50.00 | 4 |
| 2 | DUEMMEN ORANGE EUR TL B | -6.17% | 29.98 | 31.95 | 3 |
| 3 | CERBA HEALTHCARE EUR TL C | -2.47% | 93.50 | 95.87 | 14 |
| 4 | GREENWAY MEDICAL TL | -2.18% | 89.96 | 91.97 | 7 |
| 5 | HOMEVI EUR TL B | -2.15% | 89.98 | 91.96 | 12 |
| 6 | INNOVATIVE XCESSORIES TL | -1.93% | 79.43 | 81.00 | 8 |
| 7 | ACCELL GROUP EUR TL B | -1.76% | 86.80 | 88.36 | 13 |
| 8 | MAVENIR TL B | -1.71% | 75.96 | 77.29 | 4 |
| 9 | COMPREHENSIVE EYECARE PARTNERS TL | -1.70% | 66.60 | 67.75 | 8 |
| 10 | IMPALA EUR TL B | -1.67% | 93.44 | 95.02 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/6/23-10/13/23 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 10/6/23-10/13/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/6/23 vs. the week ending 10/13/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BUILDING MATERIALS DD TL B | 32 | 76 | 44 | 138% |
| 2 | GATES GLOBAL TL B4 | 16 | 41 | 25 | 156% |
| 3 | INEOS ENTERPRISES EUR TL B | 0 | 22 | 22 | NA |
| 4 | WHEEL PROS TL | 1 | 21 | 20 | 2000% |
| 5 | PARKWAY GENERATION TL B | 28 | 48 | 20 | 71% |
| 6 | NOMAD FOODS TL B4 | 38 | 54 | 16 | 42% |
| 7 | IGM RESIN EUR TL | 4 | 20 | 16 | 400% |
| 8 | ARVOS EUR TL B | 3 | 18 | 15 | 500% |
| 9 | TARKETT EUR TL B | 0 | 15 | 15 | NA |
| 10 | DEALOGIC EUR TL B | 28 | 42 | 14 | 50% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/6/23-10/13/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 18 |
| 2 | HILEX POLY TL B | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | USS PARENT TL B | 17 |
| 5 | TRANSDIGM INC. TL H | 16 |
| 6 | HEARTHSIDE FOODS TL B | 16 |
| 7 | ALKEGEN TL B | 16 |
| 8 | ACCOLADE WINES GBP TL B | 16 |
| 9 | ZIGGO EUR TL H | 16 |
| 10 | WESTINGHOUSE TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/6/23-10/13/23
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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