Syndicated Bank Loan Market Summary – December 2023
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary:December 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 12/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Wireco Worldgroup Inc. | 472 | Term Loan | 11/1/2028 | SOFR+375 |
| Travel + Leisure Co. | 598 | Term Loan | 12/14/2029 | S+325 |
| Playa Resorts Holding BV | 1092 | Term Loan | 1/1/2029 | S+325 |
| Nemera | 525 | Term Loan | 1/1/2029 | E+500 |
| Castlelake Aviation Finance | 1156 | Term Loan | 10/22/2026 | S+250 |
| Heritage Crystal Clean LLC | 600 | Term Loan | 10/6/2030 | S+525 |
| USI Corp. | 2475 | Term Loan | 11/1/2029 | S+300 |
| Nuvei Technologies Corp. | 1275 | Term Loan | 12/1/2030 | S+300 |
| Catalent Pharma Solutions Inc. | 600 | Term Loan | 12/11/2028 | S+300 |
| R1 RCM Inc. | 575 | Term Loan | 6/1/2029 | S+300 |
| Promontory | 500 | Term Loan | 12/11/2028 | S+450 |
| IVC Acquisition LTD | 2270 | Term Loan | 11/16/2028 | S+500 |
| Citadel Securities LP | 500 | Term Loan | 7/28/2030 | S+250 |
| Chobani LLC | 550 | Term Loan | 10/23/2027 | S+375 |
| Iron Mountain Inc. | 1200 | Term Loan | 12/1/2030 | S+225 |
| Element Solutions Inc. | 1150 | Term Loan | 11/30/2030 | S+200 |
| BroadStreet Partners Inc. | 933 | Term Loan | 1/1/2029 | S+375 |
| Blackstone CQP Holdco LP | 2217 | Term Loan | 12/31/2030 | S+300 |
| BMC Software Inc. | 3090 | Term Loan | 12/1/2028 | S+425 |
| Avolon Aircraft | 2334 | Term Loan | 6/22/2028 | S+200 |
| XPO CNW Inc. | 400 | Term Loan | 2/1/2031 | S+200 |
| Vistra Operations Co LLC | 2500 | Term Loan | 12/6/2030 | S+225 |
| Vertiv Group Corp | 2123 | Term Loan | 3/2/2027 | S+250 |
| Indicor LLC | 1224 | Term Loan | 11/22/2029 | S+400 |
| Flexera Software Inc. | 425 | Term Loan | 3/3/2028 | SO+375 |
| Authentic Brands Group LLC | 1696 | Term Loan | 12/21/2028 | S+350 |
| Alliant Holdings Intermediate LLC | 2377 | Term Loan | 11/6/2030 | S+350 |
| Infrastrux Group Inc. | 600 | Term Loan | 9/26/2030 | E+450 |
| Surgery Center Holdings Inc. | 1400 | Term Loan | 11/27/2030 | S+350 |
| Sabert Corp. | 458 | Term Loan | 12/10/2026 | S+375 |
| NGPL Pipeco LLC | 485 | Term Loan | 11/27/2030 | S+325 |
| BroadStreet Partners Inc. | 350 | Term Loan | 1/1/2029 | S+375 |
| PG&E Corp. | 750 | Term Loan | 6/1/2027 | S+250 |
| Arcis Golf | 495 | Term Loan | 11/1/2028 | S+375 |
| Charter Communications Operating LLC | 2300 | Term Loan | 12/2/2030 | S+200 |
| DiscoverOrg LLC | 596 | Term Loan | 2/28/2030 | S+225 |
| Avis Budget Car Rental LLC | 540 | Term Loan | 3/1/2029 | S+300 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/23 – 12/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.65% | 99.95 | 99.31 | 14 |
| 2 | 5,160 | MCAFEE CORP TL | 3.23% | 98.44 | 95.36 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.28% | 99.96 | 99.68 | 15 |
| 4 | 5,000 | QWEST CORPORATION TL B | -12.15% | 65.27 | 74.29 | 11 |
| 5 | 4,750 | ZAYO TL | 1.20% | 85.00 | 83.99 | 15 |
| 6 | 4,750 | HUB INTL LTD TL B5 | 0.45% | 100.39 | 99.94 | 16 |
| 7 | 4,741 | INTERNET BRANDS TL B | 1.35% | 96.75 | 95.45 | 12 |
| 8 | 4,559 | TRANSDIGM INC. TL I | 0.18% | 100.01 | 99.83 | 21 |
| 9 | 4,463 | ULTIMATE SOFTWARE TL B | 0.57% | 99.98 | 99.41 | 13 |
| 10 | 4,260 | NUMERICABLE TL B | -3.77% | 85.21 | 88.56 | 11 |
| 11 | 4,050 | CITRIX TL B | 0.93% | 95.71 | 94.83 | 13 |
| 12 | 3,900 | DIRECTV TL | 1.21% | 98.35 | 97.17 | 16 |
| 13 | 3,580 | CDK GLOBAL TL B | 0.69% | 100.05 | 99.37 | 13 |
| 14 | 3,550 | CITADEL TL B | 0.27% | 99.96 | 99.69 | 13 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.04% | 99.96 | 99.92 | 12 |
| 16 | 3,500 | SEDGWICK TL B | 0.56% | 100.09 | 99.53 | 10 |
| 17 | 3,500 | AMERICAN AIRLINES TL B | 0.21% | 101.45 | 101.25 | 13 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | 1.57% | 99.22 | 97.68 | 13 |
| 19 | 3,420 | RCN GRANDE TL | -6.61% | 77.00 | 82.45 | 12 |
| 20 | 3,380 | SOLERA TL B | 3.00% | 97.15 | 94.32 | 14 |
| AVERAGE | 4,289 | -0.31% | 95.00 | 95.10 | 13.4 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 12/1/23 – 12/31/23
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | AT HOME STORES TL B | 23.23% | 43.16 | 35.03 | 6 |
| 2 | CBS RADIO INC TL B | 10.10% | 47.87 | 43.48 | 8 |
| 3 | CORELOGIC 2ND LIEN TL | 9.92% | 89.45 | 81.37 | 4 |
| 4 | NAPA MANAGEMENT SERVICES TL B | 9.77% | 91.57 | 83.42 | 7 |
| 5 | TORRID TL B | 9.69% | 73.38 | 66.90 | 7 |
| 6 | USS PARENT TL B | 9.04% | 77.44 | 71.03 | 13 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B4 | 8.23% | 81.22 | 75.04 | 7 |
| 8 | PRINCE MINERALS TL | 6.86% | 95.43 | 89.30 | 12 |
| 9 | ASURION 2ND LIEN TL B4 | 6.49% | 94.20 | 88.47 | 10 |
| 10 | TENNECO TL B | 6.43% | 87.93 | 82.62 | 13 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 12/1/23 – 12/31/23
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | STRATEGIC PARTNERS TL B | -37.78% | 27.01 | 43.41 | 10 |
| 2 | COVIS PHARMA EUR TL B | -19.79% | 56.44 | 70.37 | 6 |
| 3 | HURTIGRUTEN GROUP EUR TL B | -14.27% | 56.97 | 66.46 | 11 |
| 4 | ACCOLADE WINES GBP TL B | -14.12% | 37.95 | 44.19 | 11 |
| 5 | WESTERN DENTAL TL B | -11.47% | 61.48 | 69.45 | 8 |
| 6 | ANASTASIA BEVERLY HILLS TL B | -9.07% | 60.00 | 65.98 | 10 |
| 7 | ACCELL GROUP EUR TL B | -8.73% | 77.25 | 84.65 | 12 |
| 8 | SECURUS TL | -7.85% | 76.88 | 83.43 | 6 |
| 9 | STRATEGIC MATERIALS TL | -6.94% | 58.77 | 63.15 | 9 |
| 10 | XPLORNET TL | -5.25% | 58.87 | 62.13 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/23 – 12/31/23 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 12/1/23 – 12/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/30/23 vs. the month ending 12/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | SS&C TECH TL B | 2 | 138 | 136 | 6800% |
| 2 | CLUB CORP TL B | 90 | 211 | 121 | 134% |
| 3 | SS&C TECH TL B | 58 | 161 | 103 | 178% |
| 4 | ENDO HEALTH TL B | 42 | 141 | 99 | 236% |
| 5 | AMNEAL PHARMACEUTIAL TL B | 44 | 132 | 88 | 200% |
| 6 | TRILLIANT FOOD TL B | 63 | 142 | 79 | 125% |
| 7 | FRANCHISE GROUP TL B | 127 | 205 | 78 | 61% |
| 8 | SEVERIN TL | 72 | 146 | 74 | 103% |
| 9 | SERTA SIMMONS EXIT TL | 128 | 202 | 74 | 58% |
| 10 | IHEART TL B | 38 | 108 | 70 | 184% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/23 – 12/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | HILEX POLY TL B | 18 |
| 3 | ALKEGEN TL B | 17 |
| 4 | ZIGGO EUR TL H | 17 |
| 5 | BMC SOFTWARE TL B | 17 |
| 6 | TRANSDIGM INC. TL H | 17 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | TELENET EUR TL | 16 |
| 9 | VERISURE EUR TL B | 16 |
| 10 | GRAHAM PACKAGING TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/23 – 12/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 12/1/23 – 12/31/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
