Syndicated Bank Loan Market Summary – Week Ending 2/23/24
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Syndicated Bank Loan Market Summary: Week Ending 2/23/24
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 2/23/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| United Airlines Inc. | 2500 | Term Loan | 2/14/2031 | S+275 |
| Cotiviti Corp. | 4250 | Term Loan | 2/28/2031 |
forward calendar
Forward calendar during the week ending 2/23/24
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Allison Transmission Inc. | $515MM TLB | CITI | Q1 2024 |
| Blue Triton Brands | $300MM TLB (B2/B) | MS | Q1 2024 |
| Blackhawk Network Holdings Inc. | $1.7B TLB | BofA | Q1 2024 |
| First Eagle Investment Management | $1.775B TLB | MS | Q1 2024 |
| Fullbloom | $100MM TL | JPM | Q1 2024 |
| Vestis Corp. | $800MM TLB (Ba2/BB+) | WF | Q1 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/16/24 – 2/23/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.11% | 99.98 | 99.88 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.00% | 99.91 | 99.91 | 14 |
| 3 | 4,750 | ZAYO TL | 3.29% | 87.30 | 84.52 | 13 |
| 4 | 4,463 | ULTIMATE SOFTWARE TL B | 0.00% | 100.00 | 100.00 | 13 |
| 5 | 4,050 | CITRIX TL B | 0.22% | 98.89 | 98.67 | 12 |
| 6 | 3,900 | DIRECTV TL | 0.02% | 99.91 | 99.89 | 14 |
| 7 | 3,500 | AMERICAN AIRLINES TL B | 0.58% | 103.16 | 102.56 | 12 |
| 8 | 3,500 | PILOT TRAVEL TL B | -0.01% | 99.86 | 99.87 | 12 |
| 9 | 3,450 | GOLDEN NUGGET INC TL B | 0.08% | 100.12 | 100.03 | 14 |
| 10 | 3,420 | RCN GRANDE TL | 0.44% | 80.28 | 79.93 | 16 |
| 11 | 3,380 | SOLERA TL B | 0.32% | 98.17 | 97.85 | 14 |
| 12 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -0.08% | 91.88 | 91.96 | 10 |
| 13 | 3,300 | NTL CABLE PLC TL N | 0.88% | 98.84 | 97.98 | 12 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 2.85% | 5.26 | 5.12 | 10 |
| 15 | 3,200 | COMMSCOPE TL B2 | 0.63% | 87.57 | 87.02 | 11 |
| 16 | 3,175 | MAGENTA BUYER LLC TL | -4.18% | 59.93 | 62.54 | 10 |
| 17 | 3,000 | DELTA SKYMILES TL B | 0.20% | 102.65 | 102.45 | 14 |
| 18 | 3,000 | CITRIX TL A | 0.23% | 98.75 | 98.52 | 11 |
| 19 | 2,985 | HARBOR FREIGHT TL B | 0.36% | 99.10 | 98.74 | 15 |
| 20 | 2,853 | TK ELEVATOR TL B | 0.06% | 100.09 | 100.03 | 14 |
| AVERAGE | 3,738 | 0.30% | 90.58 | 90.37 | 12.7 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 2/16/24-2/23/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ELECTRONICS FOR IMAGING TL | 12.46% | 73.92 | 65.73 | 8 |
| 2 | AVISON YOUNG TL | 7.80% | 35.54 | 32.97 | 7 |
| 3 | FRANCHISE GROUP TL B | 3.71% | 87.66 | 84.53 | 7 |
| 4 | CONSTELLIS HOLDINGS LLC 2ND LIEN TL | 3.67% | 51.95 | 50.11 | 5 |
| 5 | ZAYO TL | 3.29% | 87.30 | 84.52 | 13 |
| 6 | ONE CALL TL B | 2.80% | 89.70 | 87.25 | 7 |
| 7 | CONSTELLIS HOLDINGS LLC TL | 2.79% | 94.95 | 92.37 | 6 |
| 8 | TEAM HEALTH EXT TL B | 2.59% | 85.75 | 83.58 | 8 |
| 9 | BLOUNT TL B | 2.16% | 89.89 | 87.99 | 14 |
| 10 | WINDSTREAM SERVICES LLC EXIT TL B | 1.80% | 95.83 | 94.14 | 8 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 2/16/24-2/23/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | ACCELL GROUP EUR TL B | -7.79% | 43.90 | 47.60 | 12 |
| 2 | MAGENTA BUYER LLC TL | -4.18% | 59.93 | 62.54 | 10 |
| 3 | SABRE TL B2 | -3.59% | 83.08 | 86.18 | 8 |
| 4 | MEDICAL SOLUTIONS TL | -2.17% | 86.35 | 88.26 | 8 |
| 5 | IHEART TL B | -1.81% | 85.45 | 87.03 | 11 |
| 6 | CUBIC CORP TL B | -1.52% | 89.90 | 91.28 | 10 |
| 7 | EMBECTA TL B | -1.42% | 93.51 | 94.86 | 10 |
| 8 | ARTERRA WINES CANANDA TL B1 | -1.22% | 89.69 | 90.80 | 13 |
| 9 | SINCLAIR BROADCAST GROUP INC. TL B3 | -0.86% | 84.02 | 84.75 | 11 |
| 10 | SECTOR ALARM HOLDING EUR TL B1 | -0.80% | 96.99 | 97.78 | 14 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/16/24-2/23/24 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 2/16/24-2/23/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/16/24 vs. the week ending 2/23/24
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | SS&C TECH TL B | 48 | 92 | 44 | 92% |
| 2 | TECHEM EUR TL B5 | 2 | 36 | 34 | 1700% |
| 3 | BRIGHTSPRING TL B | 6 | 40 | 34 | 567% |
| 4 | OBERTHUR TECHNOLOGIES SA EUR TL | 19 | 44 | 25 | 132% |
| 5 | BOMBARDIER RECREATIONAL TL B | 20 | 44 | 24 | 120% |
| 6 | ALLOHEIM EUR TL B | 20 | 40 | 20 | 100% |
| 7 | OPEN TEXT CORP TL | 20 | 40 | 20 | 100% |
| 8 | MODULAIRE EUR TL B | 21 | 40 | 19 | 90% |
| 9 | THOR INDUSTRIES TL B | 0 | 16 | 16 | NA |
| 10 | ACR II EUR TL B | 4 | 18 | 14 | 350% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/16/24-2/23/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 22 |
| 2 | ALKEGEN TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | VERISURE EUR TL B | 18 |
| 5 | STADA ARZNEIMITTEL EUR TL F | 17 |
| 6 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
| 7 | KANTAR EUR TL B | 17 |
| 8 | T-MOBILE NETHERLANDS EUR TL B | 17 |
| 9 | TELENET EUR TL | 17 |
| 10 | TRANSDIGM INC. TL J | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/16/24-2/23/24
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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