Syndicated Bank Loan Market Summary – April 2023
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Syndicated Bank Loan Market Summary: April 2023
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 4/30/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| ADB Safegate | N/A | Term Loan | 10/3/2027 | N/A |
| Culligan Intl. Co. | N/A | Term Loan | 7/30/2028 | N/A |
| ADB Safegate | N/A | Term Loan | 10/3/2026 | N/A |
| Open Text Corp. | N/A | Term Loan | 1/31/2030 | N/A |
| Agiliti Health Inc. | 1075 | Term Loan | 4/25/2030 | S+300 |
| Clarios Global LP | 2750 | Term Loan | 4/17/2030 | S+375 |
| Qualtrics Intl. | 1200 | Term Loan | 4/10/2030 | S+350 |
| Parfums Holding Company Inc. | 655 | Term Loan | 6/1/2026 | S+600 |
| Essential Power LLC | N/A | Term Loan | 11/16/2026 | S+525 |
| Cineworld Group PLC | 1460 | Term Loan | 9/30/2026 | N/A |
| HarbourVest Partners LLC | 500 | Term Loan | 4/3/2030 | S+325 |
| Belron SA | 870 | Term Loan | 4/3/2029 | S+275 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/23 – 4/30/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | 0.32% | 100.89 | 100.56 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.59% | 99.26 | 99.85 | 12 |
| 3 | 4,750 | ZAYO TL | -2.99% | 80.76 | 83.24 | 16 |
| 4 | 4,559 | TRANSDIGM INC. TL I | 0.03% | 99.65 | 99.62 | 12 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -0.53% | 97.36 | 97.88 | 11 |
| 6 | 3,900 | DIRECTV TL | -1.14% | 96.05 | 97.16 | 11 |
| 7 | 3,600 | CDK GLOBAL TL | -0.06% | 99.58 | 99.64 | 12 |
| 8 | 3,582 | MISYS TL B | -0.69% | 93.50 | 94.15 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.38% | 95.20 | 95.57 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | -1.08% | 101.38 | 102.49 | 12 |
| 11 | 3,500 | PILOT TRAVEL TL B | 0.52% | 99.65 | 99.13 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 1.49% | 98.35 | 96.91 | 11 |
| 13 | 3,420 | RCN GRANDE TL | -1.56% | 81.57 | 82.86 | 12 |
| 14 | 3,380 | SOLERA TL B | -2.02% | 90.89 | 92.77 | 16 |
| 15 | 3,325 | CINEWORLD TL B | -9.52% | 14.92 | 16.49 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.06% | 99.61 | 99.67 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | 0.35% | 98.34 | 97.99 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -46.54% | 6.02 | 11.25 | 11 |
| 19 | 3,100 | TRANSUNION TL B6 | -0.13% | 99.25 | 99.38 | 13 |
| 20 | 3,100 | HUNTER DOUGLAS TL B | -2.05% | 89.80 | 91.68 | 11 |
| AVERAGE | 3,927 | -3.33% | 87.10 | 87.91 | 12.1 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 4/1/23 – 4/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CARESTREAM HEALTH TL B | 23.42% | 69.95 | 56.68 | 5 |
| 2 | GENESIS CARE TL B | 17.22% | 29.24 | 24.95 | 9 |
| 3 | WEIGHT WATCHERS TL B | 17.14% | 67.35 | 57.50 | 8 |
| 4 | NATIONAL CINEMEDIA TL B | 16.06% | 33.97 | 29.27 | 7 |
| 5 | NATIONAL CINEMEDIA EXT TL B | 14.10% | 33.76 | 29.59 | 3 |
| 6 | DELL SOFTWARE GROUP 2ND LIEN TL | 12.95% | 70.47 | 62.40 | 6 |
| 7 | IMPERVA 2ND LIEN TL | 11.80% | 81.81 | 73.18 | 7 |
| 8 | TRAVELPORT TL B | 10.01% | 61.73 | 56.11 | 9 |
| 9 | DIAVERUM EUR TL B | 9.68% | 98.75 | 90.03 | 10 |
| 10 | TRANSCENDIA TL B | 9.49% | 74.48 | 68.02 | 4 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 4/1/23 – 4/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | PACKERS HOLDINGS TL | -45.90% | 48.92 | 90.42 | 13 |
| 2 | AT&T COLOCATION TL | -28.69% | 41.54 | 58.25 | 12 |
| 3 | EXACTECH TL B | -25.43% | 54.07 | 72.50 | 4 |
| 4 | CATALINA MARKETING EXIT TL | -23.35% | 56.22 | 73.35 | 4 |
| 5 | RACKSPACE HOSTING TL B | -21.88% | 41.47 | 53.08 | 11 |
| 6 | SHUTTERFLY TL B | -16.78% | 40.55 | 48.73 | 9 |
| 7 | OUTPUT SERVICES GROUP TL B | -14.34% | 49.53 | 57.82 | 4 |
| 8 | AIR MEDICAL TL B | -13.80% | 61.25 | 71.06 | 12 |
| 9 | AIR MEDICAL TL B2 | -13.59% | 61.27 | 70.90 | 12 |
| 10 | LABEYRIE EUR TL B | -12.70% | 60.21 | 68.97 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/1/23 – 4/30/23 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 4/1/23 – 4/30/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 3/31/23 vs. the month ending 4/30/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TEAM HEALTH EXT TL B | 78 | 222 | 144 | 185% |
| 2 | GRAY TELEVISION TL E | 30 | 171 | 141 | 470% |
| 3 | US SILICA CO TL B | 16 | 130 | 114 | 713% |
| 4 | GRANITE ACQUISITION TL B | 160 | 274 | 114 | 71% |
| 5 | PARADIGM OUTCOMES TL | 116 | 224 | 108 | 93% |
| 6 | UGI UTILITIES TL B | 62 | 158 | 96 | 155% |
| 7 | EPIC HEALTH TL B | 188 | 282 | 94 | 50% |
| 8 | IMPERVA TL | 120 | 214 | 94 | 78% |
| 9 | CISION TL B | 223 | 316 | 93 | 42% |
| 10 | MULTI-COLOR TL B | 295 | 386 | 91 | 31% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/1/23 – 4/30/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DAE AVIATION TL | 18 |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 3 | ACTION NEDERLAND EUR TL B | 16 |
| 4 | STAPLES TL B1 | 15 |
| 5 | HILEX POLY TL B | 15 |
| 6 | HOSTESS BRANDS TL | 15 |
| 7 | FRONERI TL B | 15 |
| 8 | ZAYO TL | 15 |
| 9 | NTL CABLE PLC EUR TL R | 15 |
| 10 | AMERICAN BATH TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/1/23 – 4/30/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/1/23 – 4/30/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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