Syndicated Bank Loan Market Summary – Week Ending 10/27/23
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Syndicated Bank Loan Market Summary: Week Ending 10/27/23
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 10/27/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| ZPG PLC | 400 | Term Loan | 7/18/2028 | E+500 |
| Minimax Viking GmbH | 490 | Term Loan | 7/1/2028 | L+325 |
| Acrisure LLC | 1000 | Term Loan | 10/16/2030 | S+450 |
| Delachaux SA | 770 | Term Loan | 4/1/2029 | L+425 |
forward calendar
Forward calendar during the week ending 10/27/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| A-Gas Finco Inc. | $520MM TLB (B2/B) | CITI, HSBC, TRS | Q4 2023 |
| Colibri | $400MM TL (B3/B) | GLB, JEFF | Q4 2023 |
| Kito Crosby | $205MM TL | UBS, KKR | Q4 2023 |
| Kraton Corp. | $300MM TLB (B3/B+) | WF | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/20/23 – 10/27/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.10% | 101.59 | 101.70 | 10 |
| 2 | 7,270 | MEDLINE TL B | -0.32% | 99.23 | 99.55 | 12 |
| 3 | 5,000 | QWEST CORPORATION TL B | 5.28% | 73.06 | 69.40 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.19% | 99.61 | 99.80 | 12 |
| 5 | 4,750 | ZAYO TL | -0.98% | 84.19 | 85.02 | 14 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.12% | 99.92 | 100.04 | 15 |
| 7 | 4,741 | INTERNET BRANDS TL B | -0.36% | 95.52 | 95.87 | 12 |
| 8 | 4,559 | TRANSDIGM INC. TL I | -0.16% | 99.80 | 99.96 | 19 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | -0.23% | 99.32 | 99.55 | 12 |
| 10 | 4,260 | NUMERICABLE TL B | -1.50% | 88.75 | 90.10 | 10 |
| 11 | 4,050 | CITRIX TL B | -0.58% | 95.01 | 95.56 | 11 |
| 12 | 3,900 | DIRECTV TL | -0.47% | 97.11 | 97.56 | 15 |
| 13 | 3,580 | CDK GLOBAL TL B | -0.28% | 99.29 | 99.57 | 14 |
| 14 | 3,550 | CITADEL TL B | -0.15% | 99.72 | 99.87 | 11 |
| 15 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.02% | 99.15 | 99.17 | 11 |
| 16 | 3,500 | SEDGWICK TL B | -0.08% | 99.47 | 99.54 | 10 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | -0.48% | 101.48 | 101.97 | 13 |
| 18 | 3,500 | PILOT TRAVEL TL B | -0.04% | 99.93 | 99.97 | 11 |
| 19 | 3,450 | GOLDEN NUGGET INC TL B | -0.64% | 97.78 | 98.41 | 13 |
| 20 | 3,420 | RCN GRANDE TL | 1.10% | 82.47 | 81.58 | 11 |
| AVERAGE | 4,466 | -0.02% | 95.62 | 95.71 | 12.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 10/20/23-10/27/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | QWEST CORPORATION TL B | 5.28% | 73.06 | 69.40 | 10 |
| 2 | SOUND PHYSICIANS TL | 3.98% | 31.22 | 30.02 | 7 |
| 3 | SINCLAIR BROADCAST GROUP INC. TL B4 | 2.72% | 71.38 | 69.49 | 6 |
| 4 | LEVEL III TL B | 1.83% | 93.69 | 92.01 | 10 |
| 5 | JOURNEY PERSONAL CARE TL | 1.81% | 95.70 | 94.00 | 7 |
| 6 | MITCHELL 2ND LIEN TL | 1.53% | 92.55 | 91.16 | 5 |
| 7 | SOLENIS EUR TL B | 0.84% | 97.23 | 96.42 | 11 |
| 8 | HOTELBEDS EUR TL D | 0.77% | 99.28 | 98.52 | 13 |
| 9 | APEX GROUP EUR TL B | 0.73% | 96.76 | 96.06 | 9 |
| 10 | BABILOU EUR TL B | 0.71% | 97.61 | 96.92 | 11 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 10/20/23-10/27/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | COMPREHENSIVE EYECARE PARTNERS TL | -16.42% | 55.51 | 66.42 | 13 |
| 2 | INTERTAPE POLYMER US INC TL | -5.54% | 88.47 | 93.65 | 13 |
| 3 | WEIGHT WATCHERS TL B | -5.38% | 72.61 | 76.74 | 10 |
| 4 | MULTI-COLOR TL B | -5.11% | 94.10 | 99.17 | 12 |
| 5 | NEP TL B | -4.30% | 90.90 | 94.99 | 11 |
| 6 | HUBBARD RADIO TL B | -3.93% | 82.24 | 85.60 | 6 |
| 7 | ELECTRONICS FOR IMAGING TL | -3.77% | 62.57 | 65.02 | 7 |
| 8 | TRINSEO TL B | -3.51% | 80.36 | 83.29 | 11 |
| 9 | CANO HEALTH TL B | -2.95% | 60.86 | 62.71 | 11 |
| 10 | SI GROUP TL | -2.80% | 75.61 | 77.79 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/20/23-10/27/23 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 10/20/23-10/27/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/20/23 vs. the week ending 10/27/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PRIMESOURCE BUILDING TL B | 14 | 87 | 73 | 521% |
| 2 | MASMOVIL IBERCOM SA EUR TL B2 | 6 | 50 | 44 | 733% |
| 3 | BJ’S TL B | 4 | 37 | 33 | 825% |
| 4 | SEVERIN TL | 2 | 30 | 28 | 1400% |
| 5 | ZEPHYR BIDCO GBP TL B | 2 | 26 | 24 | 1200% |
| 6 | AMWINS EXT TL B | 70 | 94 | 24 | 34% |
| 7 | CAESARS ENTERTAINMENT TL A | 6 | 28 | 22 | 367% |
| 8 | LEARFIELD TL | 6 | 26 | 20 | 333% |
| 9 | PCI GAMING TL B | 48 | 67 | 19 | 40% |
| 10 | BERRY PLASTICS TL | 82 | 100 | 18 | 22% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/20/23-10/27/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | TRANSDIGM INC. TL H | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | HEARTHSIDE FOODS TL B | 16 |
| 5 | ALKEGEN TL B | 16 |
| 6 | ZIGGO EUR TL H | 16 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 8 | NTL CABLE PLC EUR TL R | 16 |
| 9 | BELLIS ACQUISITION CO PLC EUR TL B | 16 |
| 10 | AMWINS TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/20/23-10/27/23
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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