Syndicated Bank Loan Market Summary – Week Ending 12/8/23
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Syndicated Bank Loan Market Summary: Week Ending 12/8/23
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 12/8/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Infrastrux Group Inc. | 600 | Term Loan | 9/26/2030 | E+450 |
| Sabert Corp. | 458 | Term Loan | 12/10/2026 | S+375 |
| PG&E Corp. | 750 | Term Loan | 6/1/2027 | S+250 |
| Charter Communications Operating LLC | 2300 | Term Loan | 12/2/2030 | S+200 |
forward calendar
Forward calendar during the week ending 12/8/23
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| A-Gas Finco Inc. | $520MM TLB (B2/B) | CITI,HSBC,TRS | Q4 2023 |
| Aspen Dental | $780MM TL | JPM | Q4 2023 |
| Chobani LLC | $550MM TL (B1/B-) | BofA,GS,JPM,TD | Q4 2023 |
| Davis Standard LLC | $450MM TLB (B) | WF | Q4 2023 |
| Overdrive | $600MM TLB (B2/B) | KKR,GS,MS,ING,TRS,CA | Q4 2023 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 12/1/23 – 12/8/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.04% | 101.64 | 101.68 | 10 |
| 2 | 7,270 | MEDLINE TL B | 0.15% | 100.09 | 99.94 | 15 |
| 3 | 5,000 | QWEST CORPORATION TL B | 6.37% | 68.34 | 64.24 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.00% | 100.05 | 100.05 | 15 |
| 5 | 4,750 | ZAYO TL | -0.17% | 84.80 | 84.94 | 14 |
| 6 | 4,750 | HUB INTL LTD TL B5 | -0.04% | 100.39 | 100.43 | 17 |
| 7 | 4,741 | INTERNET BRANDS TL B | 0.10% | 96.82 | 96.72 | 13 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.05% | 100.08 | 100.02 | 22 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.09% | 100.09 | 100.00 | 13 |
| 10 | 4,260 | NUMERICABLE TL B | -0.17% | 84.84 | 84.98 | 11 |
| 11 | 4,050 | CITRIX TL B | 0.34% | 96.10 | 95.77 | 14 |
| 12 | 3,900 | DIRECTV TL | 0.46% | 98.82 | 98.37 | 17 |
| 13 | 3,580 | CDK GLOBAL TL B | 0.16% | 100.21 | 100.05 | 14 |
| 14 | 3,550 | CITADEL TL B | 0.12% | 100.07 | 99.94 | 14 |
| 15 | 3,500 | SEDGWICK TL B | 0.10% | 100.18 | 100.09 | 11 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | 0.20% | 101.62 | 101.41 | 14 |
| 17 | 3,500 | PILOT TRAVEL TL B | 0.10% | 100.06 | 99.96 | 13 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 0.42% | 99.65 | 99.24 | 13 |
| 19 | 3,420 | RCN GRANDE TL | -1.44% | 75.89 | 77.00 | 12 |
| 20 | 3,380 | SOLERA TL B | 0.50% | 97.61 | 97.12 | 15 |
| AVERAGE | 4,460 | 0.36% | 95.37 | 95.10 | 13.9 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 12/1/23-12/8/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | USS PARENT TL B | 5.53% | 75.10 | 71.17 | 13 |
| 2 | VERITAS US INC TL B | 4.15% | 81.10 | 77.87 | 16 |
| 3 | ALBANY MOLECULAR TL B | 3.21% | 86.17 | 83.49 | 7 |
| 4 | AMH HLDGS INC TL B | 3.05% | 85.72 | 83.19 | 7 |
| 5 | ICP GROUP TL | 2.95% | 78.85 | 76.58 | 7 |
| 6 | INTERIOR LOGIC TL B | 2.83% | 85.36 | 83.01 | 8 |
| 7 | SVMSTR TL B | 2.74% | 96.11 | 93.55 | 6 |
| 8 | GRANITE ACQUISITION TL B | 2.71% | 92.49 | 90.06 | 11 |
| 9 | SPRINGS WINDOW TL B | 2.57% | 87.46 | 85.27 | 8 |
| 10 | WEST DEPTFORD ENERGY TL B | 2.29% | 77.83 | 76.09 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 12/1/23-12/8/23
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | STRATEGIC PARTNERS TL B | -19.70% | 34.97 | 43.55 | 9 |
| 2 | NOVAFR EUR TL B | -7.79% | 87.00 | 94.35 | 6 |
| 3 | LABEYRIE EUR TL B | -6.75% | 64.18 | 68.83 | 13 |
| 4 | MAGENTA BUYER LLC TL | -5.08% | 61.91 | 65.23 | 13 |
| 5 | RINCHEM TL | -4.48% | 80.80 | 84.60 | 4 |
| 6 | AMERICAN TIRE TL B | -3.78% | 79.98 | 83.12 | 9 |
| 7 | HEARTHSIDE FOODS TL B3 | -2.76% | 76.37 | 78.53 | 12 |
| 8 | DELL SOFTWARE GROUP TL B | -2.64% | 70.84 | 72.76 | 13 |
| 9 | PLASKOLITE TL | -2.58% | 92.66 | 95.11 | 8 |
| 10 | ELO TOUCH TL B | -2.40% | 94.73 | 97.07 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/23-12/8/23 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 12/1/23-12/8/23
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 12/1/23 vs. the week ending 12/8/23
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | HEARTHSIDE FOODS TL B | 65 | 120 | 55 | 85% |
| 2 | MICHAELS STORES TL | 48 | 90 | 42 | 88% |
| 3 | HILTON TL B | 56 | 90 | 34 | 61% |
| 4 | FARFETCH TL B | 6 | 33 | 27 | 450% |
| 5 | MALLINCKRODT TL | 10 | 35 | 25 | 250% |
| 6 | RCN GRANDE TL | 66 | 90 | 24 | 36% |
| 7 | WEIGHT WATCHERS TL B | 42 | 65 | 23 | 55% |
| 8 | STRATEGIC PARTNERS TL B | 49 | 72 | 23 | 47% |
| 9 | TRILLIANT FOOD TL B | 18 | 40 | 22 | 122% |
| 10 | HEARTHSIDE FOODS TL B2 | 52 | 74 | 22 | 42% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/23-12/8/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 22 |
| 2 | BMC SOFTWARE TL B | 19 |
| 3 | TRANSDIGM INC. TL H | 18 |
| 4 | SS&C TECH TL B5 | 18 |
| 5 | HILEX POLY TL B | 18 |
| 6 | STARS GROUP TL B | 18 |
| 7 | HUB INTL LTD TL B4 | 17 |
| 8 | UBER TECHNOLOGIES TL B | 17 |
| 9 | HUB INTL LTD TL B5 | 17 |
| 10 | ALKEGEN TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/23-12/8/23
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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