Syndicated Bank Loan Market Summary – Week Ending 10/20/23
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Syndicated Bank Loan Market Summary: Week Ending 10/20/23
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 10/20/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Homeserve PLC | 1050 | Term Loan | 10/2/2030 | S+300 |
| Citco Group LTD | 760 | Term Loan | 4/1/2028 | S+325 |
| Prime Security Services Borrower LLC | 1375 | Term Loan | 10/13/2030 | S+250 |
forward calendar
Forward calendar during the week ending 10/20/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| BGIS | $916MM TL | CITI | Q4 2023 |
| Ciena Corp. | $670MM TLB (Baa3/BB+) | BofA | Q4 2023 |
| FR Refuel | $120MM TL (B3/B-) | CTZ | Q4 2023 |
| Kito Crosby | $205MM TL | UBS,KKR | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/13/23 – 10/20/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.02% | 101.70 | 101.68 | 10 |
| 2 | 7,270 | MEDLINE TL B | -0.20% | 99.55 | 99.75 | 12 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.02% | 99.80 | 99.82 | 13 |
| 4 | 5,000 | QWEST CORPORATION TL B | -1.06% | 69.40 | 70.14 | 11 |
| 5 | 4,750 | HUB INTL LTD TL B5 | -0.04% | 100.04 | 100.08 | 15 |
| 6 | 4,750 | ZAYO TL | 0.72% | 85.02 | 84.41 | 13 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.30% | 95.87 | 96.16 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | -0.01% | 99.96 | 99.97 | 18 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | -0.08% | 99.55 | 99.63 | 12 |
| 10 | 4,260 | NUMERICABLE TL B | 0.08% | 90.10 | 90.03 | 10 |
| 11 | 4,050 | CITRIX TL B | 0.10% | 95.56 | 95.47 | 11 |
| 12 | 3,900 | DIRECTV TL | -0.05% | 97.56 | 97.61 | 16 |
| 13 | 3,600 | CDK GLOBAL TL | -0.13% | 99.63 | 99.75 | 15 |
| 14 | 3,550 | CITADEL TL B | 0.06% | 99.87 | 99.81 | 11 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.18% | 99.17 | 99.35 | 13 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | -0.30% | 101.97 | 102.28 | 13 |
| 17 | 3,500 | PILOT TRAVEL TL B | 0.17% | 99.97 | 99.81 | 11 |
| 18 | 3,500 | SEDGWICK TL B | -0.08% | 99.54 | 99.62 | 10 |
| 19 | 3,450 | GOLDEN NUGGET INC TL B | -0.42% | 98.41 | 98.82 | 14 |
| 20 | 3,420 | RCN GRANDE TL | 0.18% | 81.58 | 81.43 | 11 |
| AVERAGE | 4,467 | -0.08% | 95.71 | 95.78 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 10/13/23-10/20/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | THILEA TL B | 14.31% | 30.07 | 26.31 | 8 |
| 2 | ZAYO EUR TL | 6.04% | 83.95 | 79.16 | 14 |
| 3 | RADIOLOGY PARTNERS TL B | 2.49% | 74.32 | 72.52 | 12 |
| 4 | SINCLAIR BROADCAST GROUP INC. TL B3 | 2.15% | 71.42 | 69.92 | 7 |
| 5 | ORBCOMM TL | 1.90% | 91.08 | 89.38 | 5 |
| 6 | TRILLIANT FOOD TL B | 1.20% | 85.16 | 84.15 | 4 |
| 7 | MALLINCKRODT EXIT TL | 1.19% | 75.93 | 75.04 | 6 |
| 8 | PLASKOLITE TL | 1.09% | 96.68 | 95.64 | 8 |
| 9 | LANDESK TL B | 1.07% | 88.20 | 87.27 | 9 |
| 10 | MEDPLAST 2ND LIEN TL | 1.04% | 93.75 | 92.79 | 5 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 10/13/23-10/20/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ASTRA ACQUISITION CORP TL B | -8.54% | 68.14 | 74.50 | 6 |
| 2 | STRATEGIC PARTNERS TL B | -3.71% | 50.50 | 52.44 | 12 |
| 3 | TELESAT TL B5 | -3.55% | 68.79 | 71.32 | 7 |
| 4 | COMPREHENSIVE EYECARE PARTNERS TL | -3.14% | 66.42 | 68.57 | 12 |
| 5 | USS PARENT TL B | -2.97% | 77.11 | 79.47 | 17 |
| 6 | EIG INVESTORS TL B | -2.84% | 92.90 | 95.62 | 8 |
| 7 | AMERICAN TIRE TL B | -2.37% | 85.08 | 87.14 | 13 |
| 8 | HALO BUYER TL | -2.19% | 72.43 | 74.05 | 6 |
| 9 | US ANESTHESIA TL B | -2.04% | 86.61 | 88.41 | 11 |
| 10 | CLOUDERA TL B | -1.95% | 96.56 | 98.47 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/13/23-10/20/23 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 10/13/23-10/20/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/13/23 vs. the week ending 10/20/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BMC SOFTWARE TL B | 86 | 130 | 44 | 51% |
| 2 | SPRING EDUCATION TL | 6 | 49 | 43 | 717% |
| 3 | HUB INTL LTD TL B4 | 80 | 122 | 42 | 53% |
| 4 | TWIN RIVER TL B | 60 | 102 | 42 | 70% |
| 5 | DIGICERT 2ND LIEN TL | 42 | 82 | 40 | 95% |
| 6 | HILEX POLY TL B | 102 | 142 | 40 | 39% |
| 7 | STARS GROUP TL B | 59 | 98 | 39 | 66% |
| 8 | CDK GLOBAL TL B | 34 | 73 | 39 | 115% |
| 9 | WILSONART INTERNATIONAL TL E | 26 | 64 | 38 | 146% |
| 10 | AMWINS TL B | 88 | 124 | 36 | 41% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/13/23-10/20/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 18 |
| 2 | ZIGGO EUR TL H | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | HILEX POLY TL B | 17 |
| 5 | USS PARENT TL B | 17 |
| 6 | TRANSDIGM INC. TL H | 16 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | ALKEGEN TL B | 16 |
| 9 | NTL CABLE PLC EUR TL R | 16 |
| 10 | BERRY PLASTICS TL Z | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/13/23-10/20/23
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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