Syndicated Bank Loan Market Summary – December 2022
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Syndicated Bank Loan Market Summary:December 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 12/31/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Dupage Medical Group | 238 | Term Loan | 10/13/2023 | L+200 |
| Pro Mach Group Inc. | 100 | Term Loan | 8/31/2028 | S+500 |
| Walker & Dunlop Inc. | 200 | Term Loan | 10/31/2025 | S+300 |
| CSC Holdings LLC | 2008 | Term Loan | 1/1/2028 | S+450 |
| Walker & Dunlop Inc. | 200 | Term Loan | 12/17/2029 | |
| First Brands Corp. | 425 | Term Loan | 3/20/2027 | S+500 |
| Wyndham Worldwide Corp. | 300 | Term Loan | 12/9/2029 | S+410 |
| Mariner LLC | 100 | Term Loan | 8/18/2028 | S+450 |
| Hayward Ind Inc | 125 | Term Loan | 5/28/2028 | S+325 |
| Dealer Tire LLC | 1430 | Term Loan | 12/6/2027 | S+450 |
| BJ’s Wholesale Club Inc. | 450 | Term Loan | 2/1/2027 | S+275 |
| BRP INC | 500 | Term Loan | 12/5/2029 | S+350 |
| Axalta Coating Systems US Holdings Inc. | 2000 | Term Loan | 11/29/2029 | S+300 |
| Apex Group Limited | 400 | Term Loan | 7/2/2028 | S+500 |
| Sonoco Products Co. | 400 | Term Loan | 12/1/2023 | S+147.5 |
| Parques Reunidos | 225 | Term Loan | 9/16/2026 | S+525 |
| Guggenheim Partners Investment Mgmt Hldgs LLC | 785 | Term Loan | 11/30/2029 | S+325 |
| American Axle & Manufacturing Inc. | 675 | Term Loan | 12/2/2029 | S+360 |
| Summit Materials LLC | 510 | Term Loan | 12/9/2027 | s+300 |
| Altice Intl. SARL | 1600 | Term Loan | 10/1/2027 | S+500 |
| TransDigm Group Inc. | 1725 | Term Loan | 2/1/2027 | S+350 |
| GVC Holdings PLC | 800 | Term Loan | 6/1/2028 | L+375 |
| GVC Holdings PLC | 375 | Term Loan | 10/1/2029 | S+360 |
| Dynatrace LLC | 400 | Revolving Credit | 12/2/2027 | N/A |
| Sebia SA | 900 | Term Loan | 12/1/2027 | L+475 |
| Sebia SA | 250 | Term Loan | 12/1/2027 | S+475 |
| Electro Rent Corp. | 520 | Term Loan | 11/1/2024 | S+560 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/22 – 12/31/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 3.39% | 94.89 | 91.78 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 1.15% | 98.53 | 97.41 | 13 |
| 3 | 4,750 | ZAYO TL | -6.35% | 75.44 | 80.56 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.57% | 99.33 | 98.77 | 14 |
| 5 | 3,900 | DIRECTV TL | 0.88% | 95.71 | 94.88 | 12 |
| 6 | 3,600 | CDK GLOBAL TL | 0.96% | 98.74 | 97.80 | 13 |
| 7 | 3,582 | MISYS TL B | 0.09% | 90.31 | 90.23 | 14 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.87% | 98.41 | 97.56 | 14 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 5.20% | 92.74 | 88.15 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 0.41% | 99.26 | 98.85 | 10 |
| 11 | 3,500 | PILOT TRAVEL TL B | 1.12% | 98.44 | 97.35 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 1.78% | 95.28 | 93.62 | 10 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 2.04% | 96.36 | 94.44 | 12 |
| 14 | 3,380 | SOLERA TL B | 0.09% | 91.31 | 91.23 | 15 |
| 15 | 3,325 | CINEWORLD TL B | -31.07% | 21.28 | 30.88 | 14 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.18% | 98.03 | 97.85 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.70% | 97.26 | 97.95 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -16.85% | 16.00 | 19.24 | 12 |
| 19 | 3,190 | INTELSAT EXIT TL B | 0.20% | 96.29 | 96.09 | 11 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.20% | 98.21 | 98.40 | 10 |
| AVERAGE | 3,826 | -1.81% | 87.59 | 87.65 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 12/1/22 – 12/31/22
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | GULF FINANCE TL B | 15.39% | 94.44 | 81.84 | 11 |
| 2 | MICHAELS STORES TL | 12.37% | 85.47 | 76.06 | 12 |
| 3 | CANO HEALTH TL B | 12.27% | 79.16 | 70.51 | 6 |
| 4 | TEAM HEALTH EXT TL B | 6.78% | 74.63 | 69.89 | 7 |
| 5 | USS PARENT TL B | 5.16% | 83.07 | 79.00 | 11 |
| 6 | BAUSCH HEALTH COMPANIES INC. TL B | 4.42% | 76.80 | 73.55 | 13 |
| 7 | MACDONALD DETTWILER TL B | 3.89% | 99.91 | 96.17 | 8 |
| 8 | CORELOGIC 2ND LIEN TL | 3.88% | 70.62 | 67.98 | 5 |
| 9 | AIR METHODS TL | 3.82% | 55.57 | 53.53 | 12 |
| 10 | STAPLES TL B1 | 3.52% | 92.22 | 89.08 | 13 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 12/1/22 – 12/31/22
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | WEST MARINE 2ND LIEN TL B | -32.23% | 43.69 | 64.48 | 6 |
| 2 | NEP 2ND LIEN TL | -16.15% | 72.36 | 86.29 | 8 |
| 3 | SECURUS 2ND LIEN TL | -15.37% | 62.06 | 73.33 | 5 |
| 4 | ICP GROUP TL | -15.15% | 72.00 | 84.85 | 4 |
| 5 | CISION TL B | -12.06% | 61.34 | 69.75 | 9 |
| 6 | AIR MEDICAL TL B | -11.51% | 69.98 | 79.08 | 9 |
| 7 | RESEARCH NOW TL | -11.47% | 74.46 | 84.11 | 9 |
| 8 | NTHRIVE 2ND LIEN TL | -10.99% | 75.27 | 84.57 | 5 |
| 9 | ASPECT SOFTWARE TL | -10.80% | 69.89 | 78.35 | 9 |
| 10 | LASERSHIP TL | -8.46% | 71.00 | 77.56 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/22 – 12/31/22 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 12/1/22 – 12/31/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/30/22 vs. the month ending 12/31/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PURE FISHING TL B | 118 | 193 | 75 | 64% |
| 2 | SIGNATURE AVIATION TL B | 38 | 106 | 68 | 179% |
| 3 | CITADEL TL B | 49 | 116 | 67 | 137% |
| 4 | CROCS TL B | 180 | 245 | 65 | 36% |
| 5 | FLOW CONTROL 2ND LIEN TL | 18 | 82 | 64 | 356% |
| 6 | IMS HEALTH TL A | 8 | 70 | 62 | 775% |
| 7 | HEARTHSIDE FOODS TL B2 | 157 | 218 | 61 | 39% |
| 8 | IMPERIAL DADE EXT TL | 42 | 103 | 61 | 145% |
| 9 | BCP RENAISSANCE TL B | 145 | 205 | 60 | 41% |
| 10 | DIVERSEY TL | 155 | 212 | 57 | 37% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/22 – 12/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 16 |
| 2 | PHILIPS APPLIANCES EUR TL B | 16 |
| 3 | SIGMA BIDCO GBP TL B4 | 15 |
| 4 | KETER GROUP EUR TL B | 15 |
| 5 | ACCOLADE WINES GBP TL B | 15 |
| 6 | KLOECKNER EUR TL B | 15 |
| 7 | BMC SOFTWARE TL B | 15 |
| 8 | ACTION NEDERLAND EUR TL B | 14 |
| 9 | SIGMA BIDCO EUR TL B1 | 14 |
| 10 | REFRESCO HOLDING EUR TL B | 14 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/22 – 12/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 12/1/22 – 12/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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