Syndicated Bank Loan Market Summary – Week Ending 11/10/23
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Syndicated Bank Loan Market Summary: Week Ending 11/10/23
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 11/10/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Thor Industries Inc. | 450 | Term Loan | 11/1/2030 | S+275 |
| Colibri | 490 | Term Loan | 3/1/2029 | S+500 |
| Valvoline Inc. | 200 | Term Loan | 12/12/2027 | S+475 |
forward calendar
Forward calendar during the week ending 11/10/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| A-Gas Finco Inc. | $520MM TLB (B2/B) | CITI, HSBC, TRS | Q4 2023 |
| Archkey Holdings Inc. | $100MM DD TL | DB | Q4 2023 |
| Buckeye Partners LP | $1B TL | MUFG | Q4 2023 |
| Perrigo | $300MM TLB | JPM | Q4 2023 |
| System One | $65MM TLB | TRS | Q4 2023 |
| Veritiv Corp. | $1.525B credit facilities: $700MM TLB (B2/B+), $825MM RC | RBC, GS, WF, BMO, UBS, BNP | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 11/3/23 – 11/10/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.02% | 101.60 | 101.63 | 10 |
| 2 | 7,270 | MEDLINE TL B | 0.05% | 99.99 | 99.94 | 12 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.11% | 100.00 | 99.90 | 13 |
| 4 | 5,000 | QWEST CORPORATION TL B | -0.03% | 67.78 | 67.80 | 10 |
| 5 | 4,750 | ZAYO TL | 0.44% | 85.03 | 84.66 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | 0.16% | 100.24 | 100.08 | 15 |
| 7 | 4,741 | INTERNET BRANDS TL B | 0.46% | 96.69 | 96.25 | 11 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.10% | 100.07 | 99.98 | 19 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.13% | 99.83 | 99.70 | 12 |
| 10 | 4,050 | CITRIX TL B | 0.69% | 96.16 | 95.50 | 11 |
| 11 | 3,900 | DIRECTV TL | 0.13% | 98.15 | 98.02 | 15 |
| 12 | 3,580 | CDK GLOBAL TL B | 0.20% | 100.00 | 99.80 | 14 |
| 13 | 3,550 | CITADEL TL B | 0.08% | 99.96 | 99.87 | 11 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 0.01% | 101.57 | 101.56 | 13 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.01% | 100.05 | 100.04 | 11 |
| 16 | 3,500 | SEDGWICK TL B | 0.15% | 100.02 | 99.87 | 10 |
| 17 | 3,450 | GOLDEN NUGGET INC TL B | 0.48% | 99.08 | 98.61 | 12 |
| 18 | 3,420 | RCN GRANDE TL | -0.28% | 82.34 | 82.57 | 12 |
| 19 | 3,380 | SOLERA TL B | 0.38% | 95.77 | 95.41 | 12 |
| 20 | 3,300 | NTL CABLE PLC TL N | 0.31% | 98.49 | 98.18 | 11 |
| AVERAGE | 4,412 | 0.18% | 96.14 | 95.97 | 12.5 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 11/3/23-11/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | DIAMOND SPORTS P TL | 54.78% | 70.00 | 45.22 | 4 |
| 2 | WP CPP 2ND LIEN TL | 16.73% | 98.05 | 84.00 | 8 |
| 3 | THILEA TL B | 16.63% | 35.00 | 30.01 | 6 |
| 4 | AIR MEDICAL TL B | 4.11% | 72.66 | 69.79 | 11 |
| 5 | VIASAT INC TL B | 2.79% | 94.83 | 92.25 | 5 |
| 6 | EIG INVESTORS TL B | 2.64% | 95.50 | 93.04 | 9 |
| 7 | CAMPING WORLD TL B | 2.34% | 94.87 | 92.70 | 11 |
| 8 | US ANESTHESIA TL B | 2.21% | 89.55 | 87.62 | 11 |
| 9 | ADVANTAGE SALES TL B | 2.04% | 97.72 | 95.77 | 10 |
| 10 | BAYER AG TL B | 2.04% | 95.00 | 93.10 | 9 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/3/23-11/10/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | RACKSPACE HOSTING TL B | -3.51% | 41.55 | 43.06 | 11 |
| 2 | ICP GROUP TL | -3.49% | 75.09 | 77.81 | 8 |
| 3 | CELSA HUTA OSTROWIEC SP PIK EUR TL B | -3.07% | 82.60 | 85.22 | 2 |
| 4 | MULTI-COLOR EUR TL B | -1.83% | 92.24 | 93.95 | 7 |
| 5 | ASTRA ACQUISITION CORP TL B | -1.77% | 66.94 | 68.14 | 7 |
| 6 | ATLAS AIR TL B | -1.44% | 95.62 | 97.02 | 6 |
| 7 | FLY LEASING TL | -1.38% | 93.73 | 95.05 | 7 |
| 8 | STYROLUTION EUR TL B | -1.20% | 95.50 | 96.66 | 9 |
| 9 | DELL SOFTWARE GROUP TL B | -1.17% | 76.91 | 77.82 | 12 |
| 10 | MULTI-COLOR TL B | -1.08% | 92.57 | 93.58 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/3/23-11/10/23 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 11/3/23-11/10/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 11/3/23 vs. the week ending 11/10/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TENNECO TL B | 36 | 68 | 32 | 89% |
| 2 | HILTON GRAND VACATIONS BORROWER TL B | 16 | 46 | 30 | 188% |
| 3 | EXACTECH TL B | 8 | 38 | 30 | 375% |
| 4 | WP CPP 2ND LIEN TL | 14 | 38 | 24 | 171% |
| 5 | HOTELBEDS EUR TL C | 22 | 44 | 22 | 100% |
| 6 | THERAMEX EUR TL B | 22 | 42 | 20 | 91% |
| 7 | HOTELBEDS EUR TL B | 32 | 50 | 18 | 56% |
| 8 | ACTION NEDERLAND EUR TL B3 | 38 | 56 | 18 | 47% |
| 9 | CEGID GROUP EUR TL B | 34 | 51 | 17 | 50% |
| 10 | NORD ANGLIA EDUCATION FINANC EUR TL B | 12 | 28 | 16 | 133% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/3/23-11/10/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | TRANSDIGM INC. TL H | 17 |
| 3 | HEARTHSIDE FOODS TL B | 17 |
| 4 | TELENET EUR TL | 17 |
| 5 | HILEX POLY TL B | 17 |
| 6 | ALKEGEN TL B | 16 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 8 | ZIGGO EUR TL H | 16 |
| 9 | STADA ARZNEIMITTEL EUR TL F | 16 |
| 10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/3/23-11/10/23
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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