Syndicated Bank Loan Market Summary – August 2022
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Syndicated Bank Loan Market Summary:August 2022
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 8/31/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Envision Healthcare Corp. | 200 | Delayed-draw Term Loan | 4/29/2027 | S+787.5 |
| Envision Healthcare Corp. | 1100 | Term Loan | 4/29/2027 | S+787.5 |
| Envision Healthcare Corp. | N/A | Term Loan | 4/28/2028 | N/A |
| Reef Global Inc. | 450 | Term Loan | 8/19/2027 | S+700 |
| Eyecare Partners, LLC | 250 | Term Loan | 11/1/2028 | S+460 |
| WatchGuard Technologies Inc. | 550 | Term Loan | 8/3/2029 | S+525 |
| Citadel Securities LP | 400 | Term Loan | 2/2/2028 | S+325 |
| Excelitas Technologies Corp. | 270 | Term Loan | 8/11/2029 | L+575 |
| Excelitas Technologies Corp. | 1580 | Term Loan | 8/11/2029 | L+575 |
| ETX Energy LLC | 600 | Term Loan | 8/4/2029 | S+450 |
| Sabre GLBL Inc. | 675 | Term Loan | 6/30/2028 | S+510 |
| Pike Corp. | 300 | Term Loan | 1/21/2028 | S+350 |
| Asurion LLC | 1184 | Term Loan | 8/17/2028 | S+400 |
| Terra Millennium Corp | 30 | Delayed-draw Term Loan | 6/14/2028 | S+600 |
| Terra Millennium Corp | 435 | Term Loan | 6/14/2028 | S+600 |
| Corden Pharma | 488 | Term Loan | 8/8/2028 | L+575 |
| Corden Pharma | 619 | Term Loan | 8/28/2028 | L+575 |
| Patagonia Holdco LLC | 1300 | Term Loan | 7/18/2029 | S+575 |
| HKA | 380 | Term Loan | 8/5/2029 | L+575 |
| ETC Group LLC | 475 | Term Loan | 8/3/2029 | E+625 |
| ETC Group LLC | 540 | Term Loan | 7/20/2029 | S+600 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/22 – 8/31/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -18.64% | 26.66 | 32.77 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.50% | 96.88 | 96.40 | 10 |
| 3 | 4,750 | ZAYO TL | -1.09% | 91.03 | 92.03 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 1.01% | 98.58 | 97.60 | 13 |
| 5 | 3,900 | DIRECTV TL | 1.22% | 95.59 | 94.44 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | 0.15% | 97.26 | 97.12 | 13 |
| 7 | 3,582 | MISYS TL B | -0.09% | 93.37 | 93.45 | 12 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.17% | 97.17 | 97.01 | 12 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | 2.33% | 97.44 | 95.23 | 14 |
| 10 | 3,380 | SOLERA TL B | 1.03% | 95.85 | 94.88 | 15 |
| 11 | 3,325 | CINEWORLD TL B | 0.34% | 64.08 | 63.86 | 14 |
| 12 | 3,312 | HUB INTL LTD TL B | 0.65% | 97.86 | 97.23 | 13 |
| 13 | 3,300 | NTL CABLE PLC TL N | 0.30% | 97.67 | 97.38 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -11.12% | 17.98 | 20.23 | 12 |
| 15 | 3,000 | WESTINGHOUSE TL B | 0.91% | 97.37 | 96.49 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | 3.08% | 95.32 | 92.47 | 12 |
| 17 | 2,884 | BMC SOFTWARE TL B | 0.11% | 96.32 | 96.22 | 15 |
| 18 | 2,825 | BRAND ENERGY TL | 0.03% | 91.12 | 91.10 | 16 |
| 19 | 2,750 | REALPAGE TL B | -0.10% | 96.07 | 96.17 | 12 |
| 20 | 2,710 | DELL SOFTWARE GROUP TL B | 2.31% | 90.58 | 88.54 | 10 |
| AVERAGE | 3,580 | -0.85% | 86.71 | 86.53 | 12.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/1/22 -8/31/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | HURTIGRUTEN GROUP EUR TL B | 16.13% | 83.60 | 71.99 |
| 2 | RV RETAILER TL B | 10.33% | 92.95 | 84.25 |
| 3 | SIGMA BIDCO GBP TL B4 | 8.90% | 84.88 | 77.94 |
| 4 | AUDIO VISUAL 2ND LIEN TL | 8.22% | 80.64 | 74.52 |
| 5 | US RENAL CARE TL B | 7.82% | 76.86 | 71.28 |
| 6 | GULF FINANCE TL B | 7.76% | 81.90 | 76.00 |
| 7 | RENT-A-CENTER TL B | 7.24% | 96.72 | 90.19 |
| 8 | V GROUP TL B | 6.54% | 89.18 | 83.71 |
| 9 | US LBM TL B | 6.15% | 91.20 | 85.92 |
| 10 | BASS PRO SHOPS TL B | 5.93% | 96.71 | 91.30 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/1/22 -8/31/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | GENESIS CARE EUR TL B | -26.58% | 46.27 | 63.02 |
| 2 | RACKSPACE HOSTING TL B | -11.93% | 80.67 | 91.60 |
| 3 | US TELEPACIFIC TL B | -11.38% | 43.38 | 48.96 |
| 4 | THILEA TL B | -10.51% | 75.15 | 83.97 |
| 5 | CASA SYSTEMS TL | -7.86% | 85.40 | 92.69 |
| 6 | PHILIPS APPLIANCES EUR TL B | -7.30% | 75.90 | 81.88 |
| 7 | METAL SERVICES TL B | -6.26% | 60.32 | 64.35 |
| 8 | AIR METHODS TL | -6.18% | 84.42 | 89.99 |
| 9 | BAUSCH HEALTH COMPANIES INC. TL B | -4.27% | 80.60 | 84.20 |
| 10 | CASINO GUICHARD EUR TL B | -3.58% | 84.77 | 87.92 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/22 -8/31/22 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 8/1/22 -8/31/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/22 vs. the month ending 8/31/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | MISYS TL B | 246 | 385 | 139 | 57% |
| 2 | TRAEGER TL | 144 | 283 | 139 | 97% |
| 3 | US LBM TL B | 209 | 338 | 129 | 62% |
| 4 | EVERI PAYMENTS INC TL B | 227 | 337 | 110 | 48% |
| 5 | SOLERA TL B | 314 | 424 | 110 | 35% |
| 6 | TRITECH SOFTWARE SYSTEMS TL | 166 | 272 | 106 | 64% |
| 7 | STATION CASINO TL B | 239 | 342 | 103 | 43% |
| 8 | PLANVIEW TL | 97 | 198 | 101 | 104% |
| 9 | CAESARS RESORT COLLECTION TL B | 327 | 428 | 101 | 31% |
| 10 | PLY GEM TL | 99 | 197 | 98 | 99% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/22 -8/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | LUMILEDS TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | CINEWORLD TL B | 18 |
| 6 | VERISURE EUR TL B | 18 |
| 7 | ELSAN GROUPE EXT EUR TL B | 17 |
| 8 | ADEVINTA ASA EUR TL B | 17 |
| 9 | NUMERICABLE EUR TL B11 | 17 |
| 10 | HALO BUYER TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/22 -8/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/22 -8/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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