Syndicated Bank Loan Market Summary – Week Ending 8/2/24
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Syndicated Bank Loan Market Summary: Week Ending 8/2/24
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 8/2/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Varsity Brands Inc. | Term Loan | 2375 | 7/28/2031 | S+425 |
| Allegro Microsystems Inc. | Term Loan | 400 | 10/1/2030 | S+225 |
forward calendar
Forward calendar during the week ending 8/2/24
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Argus Media | 1.097B | JPM | Q3 2024 |
| Austin Powder | 650MM TLB (B1/B+) | JPM,CITI,PNC,WFO | Q3 2024 |
| CPPIB OVM Member | 600MM TLB (B2/B+BB) | BARC, JEF | Q3 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/26/24 – 8/2/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | -0.03% | 100.11 | 100.15 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | -0.31% | 100.05 | 100.35 | 16 |
| 3 | 5,098 | HUB INTL LTD TL B | -0.10% | 99.93 | 100.03 | 12 |
| 4 | 4,860 | HUB INTL LTD TL B | 14.16% | 99.93 | 87.54 | 16 |
| 5 | 4,750 | ZAYO TL | -11.43% | 88.35 | 99.74 | 16 |
| 6 | 4,741 | INTERNET BRANDS TL B | -0.68% | 99.57 | 100.24 | 12 |
| 7 | 4,525 | TRANSDIGM INC. TL I | -0.09% | 100.05 | 100.14 | 16 |
| 8 | 4,237 | INSPIRE BRANDS TL | -0.46% | 99.82 | 100.28 | 14 |
| 9 | 3,935 | SS&C TECH TL B8 | 0.22% | 100.17 | 99.95 | 16 |
| 10 | 3,900 | DIRECTV TL | -0.08% | 100.16 | 100.24 | 16 |
| 11 | 3,640 | TRANSDIGM INC. TL J | 1.19% | 100.03 | 98.86 | 12 |
| 12 | 3,573 | CDK GLOBAL TL B | 1.95% | 98.63 | 96.74 | 11 |
| 13 | 3,566 | AIR MEDICAL PIK TL B | -2.83% | 97.36 | 100.19 | 11 |
| 14 | 3,500 | WESTINGHOUSE TL B | -3.17% | 99.96 | 103.23 | 14 |
| 15 | 3,500 | AMERICAN AIRLINES TL B | 25.16% | 103.16 | 82.42 | 14 |
| 16 | 3,420 | RCN GRANDE TL | -17.72% | 82.32 | 100.05 | 14 |
| 17 | 3,380 | SOLERA TL B | 5.99% | 99.71 | 94.08 | 15 |
| 18 | 3,350 | THE NIELSEN COMPANY B.V. TL B | -6.40% | 93.92 | 100.34 | 10 |
| 19 | 3,340 | PROOFPOINT TL B | 3.46% | 99.93 | 96.58 | 12 |
| 20 | 3,300 | NTL CABLE PLC TL N | -2.60% | 95.83 | 98.39 | 12 |
| AVERAGE | 4,107 | 0.31% | 97.95 | 97.98 | 13.8 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/26/24-8/2/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | NUMERICABLE TL B14 | 2.73% | 76.69 | 74.65 | 7 |
| 2 | CPV SHORE TL B | 2.27% | 97.87 | 95.70 | 4 |
| 3 | HELP SYSTEMS TL | 2.21% | 86.84 | 84.96 | 8 |
| 4 | COX ENTERPRISES, INC. TL B | 1.53% | 84.45 | 83.17 | 13 |
| 5 | BAUSCH HEALTH COMPANIES INC. TL B | 1.52% | 93.51 | 92.10 | 9 |
| 6 | VERITAS US INC TL B | 1.21% | 88.16 | 87.10 | 13 |
| 7 | ZAYO TL | 1.12% | 89.59 | 88.60 | 14 |
| 8 | LEVEL III TL B1 | 0.92% | 98.85 | 97.95 | 6 |
| 9 | IHEART TL B | 0.66% | 83.76 | 83.21 | 8 |
| 10 | INMARSAT TL B | 0.65% | 94.82 | 94.21 | 5 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/26/24-8/2/24
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | NTHRIVE TL B | -12.03% | 65.78 | 74.78 | 9 |
| 2 | MULTIPLAN TL B | -10.06% | 75.47 | 83.91 | 11 |
| 3 | CISION TL B | -4.72% | 51.20 | 53.74 | 12 |
| 4 | VERIZON TL B1 | -4.44% | 80.04 | 83.75 | 5 |
| 5 | VERACODE TL B | -2.50% | 85.26 | 87.44 | 9 |
| 6 | USIC TL | -1.72% | 96.01 | 97.69 | 9 |
| 7 | RESTORATION HARDWARE TL B | -1.59% | 93.60 | 95.11 | 7 |
| 8 | CAMPING WORLD TL B | -1.57% | 94.75 | 96.26 | 11 |
| 9 | HOUGHTON MIFFLIN TL B | -1.16% | 93.06 | 94.15 | 8 |
| 10 | POWER BUYER TL | -1.10% | 99.27 | 100.37 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/26/24-8/2/24 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 7/26/24-8/2/24
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/26/24 vs. the week ending 8/2/24
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AMC ENTERTAINMENT TL | 28 | 54 | 26 | 93% |
| 2 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 2 | 24 | 22 | 1100% |
| 3 | BMC SOFTWARE TL | 68 | 88 | 20 | 29% |
| 4 | TRINSEO TL B | 1 | 20 | 19 | 1900% |
| 5 | ALLOHEIM EUR TL B | 6 | 24 | 18 | 300% |
| 6 | CONSTELLATION RENEWABLES TL B | 8 | 26 | 18 | 225% |
| 7 | WILSONART INTERNATIONAL TL B | 10 | 26 | 16 | 160% |
| 8 | VET INTERMEDIATE TL B | 56 | 72 | 16 | 29% |
| 9 | VACO TL B | 41 | 56 | 15 | 37% |
| 10 | ANCHOR GLASS EXT PIK TL | 15 | 30 | 15 | 100% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/26/24-8/2/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | AMWINS TL B | 18 |
| 2 | TENNECO TL B | 18 |
| 3 | HILEX POLY TL B | 18 |
| 4 | TRANSDIGM INC. TL K | 17 |
| 5 | ALLIANT HLDGS I INC TL B6 | 17 |
| 6 | BMC SOFTWARE TL B | 17 |
| 7 | STATION CASINO TL B | 16 |
| 8 | TRANSDIGM INC. TL I | 16 |
| 9 | MEDLINE TL B | 16 |
| 10 | SS&C TECH TL B8 | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/26/24-8/2/24
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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