Syndicated Bank Loan Market Summary – Week Ending 11/17/23
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Syndicated Bank Loan Market Summary: Week Ending 11/17/23
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 11/17/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Buckeye Partners LP | 1000 | Term Loan | 11/15/2030 | S+250 |
| Xerox Corp. | 550 | Term Loan | 10/30/2029 | S+400 |
| TransDigm Group Inc. | 1000 | Term Loan | 2/1/2031 | S+325 |
| Hertz Corp. | 500 | Term Loan | 6/30/2028 | S+375 |
forward calendar
Forward calendar during the week ending 11/17/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| A-Gas Finco Inc. | $520MM TLB (B2/B) | CITI,HSBC,TRS | Q4 2023 |
| American Airlines Inc. | $750MM TLB (Ba2/BB/BB-) | CITI,BofA,MS | Q4 2023 |
| Northeast Grocery Inc. | $550MM TLB (B+) | DB,UBS,BofA | Q4 2023 |
| Perrigo | $300MM TLB | JPM | 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 11/10/23 – 11/17/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.04% | 100.03 | 99.99 | 14 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.07% | 99.93 | 100.00 | 14 |
| 3 | 4,750 | ZAYO TL | 0.41% | 85.38 | 85.03 | 15 |
| 4 | 4,750 | HUB INTL LTD TL B5 | 0.04% | 100.28 | 100.24 | 15 |
| 5 | 4,741 | INTERNET BRANDS TL B | 0.07% | 96.76 | 96.69 | 12 |
| 6 | 4,559 | TRANSDIGM INC. TL I | -0.05% | 100.02 | 100.07 | 20 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | 0.08% | 99.91 | 99.83 | 12 |
| 8 | 4,050 | CITRIX TL B | -0.37% | 95.80 | 96.16 | 11 |
| 9 | 3,900 | DIRECTV TL | 0.53% | 98.67 | 98.15 | 15 |
| 10 | 3,580 | CDK GLOBAL TL B | 0.01% | 100.01 | 100.00 | 14 |
| 11 | 3,550 | CITADEL TL B | -0.01% | 99.95 | 99.96 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.06% | 101.63 | 101.57 | 13 |
| 13 | 3,500 | PILOT TRAVEL TL B | -0.03% | 100.02 | 100.05 | 11 |
| 14 | 3,500 | SEDGWICK TL B | 0.06% | 100.08 | 100.02 | 10 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | 0.04% | 99.12 | 99.08 | 12 |
| 16 | 3,420 | RCN GRANDE TL | -2.77% | 80.06 | 82.34 | 12 |
| 17 | 3,380 | SOLERA TL B | 0.27% | 96.03 | 95.77 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.11% | 98.60 | 98.49 | 11 |
| 19 | 3,200 | COMMSCOPE TL B2 | 0.51% | 87.94 | 87.49 | 13 |
| 20 | 3,190 | INTELSAT EXIT TL B | -0.03% | 99.89 | 99.92 | 14 |
| AVERAGE | 4,053 | -0.06% | 97.01 | 97.04 | 13.1 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 11/10/23-11/17/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | EXACTECH TL B | 6.66% | 59.01 | 55.32 | 6 |
| 2 | PACKERS HOLDINGS TL | 4.27% | 60.39 | 57.92 | 10 |
| 3 | LOGMEIN TL B | 3.14% | 65.68 | 63.68 | 9 |
| 4 | LANDESK TL B | 2.80% | 91.14 | 88.66 | 4 |
| 5 | CORRECT CARE TL B | 2.76% | 83.77 | 81.52 | 10 |
| 6 | CONAIR HOLDINGS TL | 2.22% | 95.06 | 92.99 | 5 |
| 7 | ASCEND LEARNING TL B | 2.22% | 97.70 | 95.58 | 8 |
| 8 | VARSITY BRANDS TL B | 2.17% | 98.11 | 96.02 | 4 |
| 9 | TRITON WATER TL B | 2.17% | 98.49 | 96.40 | 12 |
| 10 | MCGRAW-HILL GLOBAL TL B | 2.09% | 97.59 | 95.60 | 11 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 11/10/23-11/17/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | CANO HEALTH TL B | -24.38% | 41.21 | 54.50 | 12 |
| 2 | USS PARENT TL B | -8.09% | 69.88 | 76.03 | 15 |
| 3 | VERITAS US INC TL B | -7.14% | 77.28 | 83.23 | 15 |
| 4 | ANASTASIA BEVERLY HILLS TL B | -3.47% | 66.41 | 68.79 | 10 |
| 5 | WIDEOPENWEST TL B | -3.35% | 89.05 | 92.14 | 12 |
| 6 | CAMBREX CORP TL | -3.05% | 96.29 | 99.32 | 7 |
| 7 | PODS TL B | -2.95% | 93.32 | 96.16 | 9 |
| 8 | COLORADO BUYER TL | -2.85% | 61.83 | 63.64 | 5 |
| 9 | CUMULUS MEDIA TL | -2.80% | 76.32 | 78.52 | 10 |
| 10 | RCN GRANDE TL | -2.77% | 80.06 | 82.34 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/10/23-11/17/23 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 11/10/23-11/17/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 11/10/23 vs. the week ending 11/17/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ALPHA BIDCO EUR TL B | 12 | 52 | 40 | 333% |
| 2 | VERITAS US INC TL B | 58 | 97 | 39 | 67% |
| 3 | STYROLUTION EUR TL B | 4 | 34 | 30 | 750% |
| 4 | LGC EUR TL B | 4 | 30 | 26 | 650% |
| 5 | PROTECTION1 TL B | 54 | 78 | 24 | 44% |
| 6 | WM MORRISON SUPERMARKET PLC GBP TL B | 40 | 62 | 22 | 55% |
| 7 | MATTERHORN MOBILE EUR TL B | 28 | 50 | 22 | 79% |
| 8 | DOUGLAS HOLDING EUR TL B | 22 | 44 | 22 | 100% |
| 9 | FOUNDATION BUILDING TL | 66 | 88 | 22 | 33% |
| 10 | NORD ANGLIA EDUCATION FINANC EUR TL B | 28 | 49 | 21 | 75% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/10/23-11/17/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 20 |
| 2 | TRANSDIGM INC. TL H | 17 |
| 3 | ALKEGEN TL B | 17 |
| 4 | HEARTHSIDE FOODS TL B | 17 |
| 5 | ZIGGO EUR TL H | 17 |
| 6 | TELENET EUR TL | 17 |
| 7 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 8 | HILEX POLY TL B | 17 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 10 | STADA ARZNEIMITTEL EUR TL F | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/10/23-11/17/23
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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