Syndicated Bank Loan Market Summary – July 2022
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Syndicated Bank Loan Market Summary: July 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 7/31/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Avient Corp | 575 | Term Loan | 7/26/2029 | S+325 |
| Cornerstone Building Brands Inc. | 300 | Term Loan | 8/1/2028 | S+562.5 |
| Cardenas Markets LLC | 75 | Revolving Credit | 7/20/2027 | N/A |
| Cardenas Markets LLC | 435 | Term Loan | 7/11/2029 | S+685 |
| Tekni Plex Inc. | 125 | Term Loan | 9/17/2028 | S+525 |
| KKR Apple Bidco LLC | 325 | Term Loan | 9/24/2028 | S+400 |
| Diamond Offshore Drilling Inc | 100 | Term Loan | 4/22/2027 | L+600 |
| Version1 | 240 | Term Loan | 7/11/2029 | N/A |
| Apex Group Limited | 320 | Term Loan | 7/1/2028 | S+500 |
| 888 Holdings PLC | 150 | Revolving Credit | 6/23/2028 | N/A |
| Natus Medical Inc. | 50 | Revolving Credit | 7/5/2027 | N/A |
| Natus Medical Inc. | 413 | Term Loan | 7/5/2029 | S+550 |
| First Student Bidco Inc. First Transit Parent Inc. | 720 | Term Loan | 7/21/2028 | S+410 |
| First Student Bidco Inc. First Transit Parent Inc. | 50 | Term Loan | 7/21/2028 | S+410 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 7/1/22 – 7/31/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -11.47% | 34.67 | 39.16 | 16 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -4.21% | 93.08 | 97.17 | 10 |
| 3 | 4,750 | ZAYO TL | -3.96% | 89.49 | 93.18 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.94% | 96.10 | 98.00 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -2.31% | 93.89 | 96.11 | 10 |
| 6 | 3,900 | DIRECTV TL | -4.48% | 92.04 | 96.36 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | #VALUE! | 94.38 | NULL | 13 |
| 8 | 3,582 | MISYS TL B | -4.68% | 89.85 | 94.26 | 11 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -2.63% | 94.75 | 97.31 | 11 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -3.33% | 93.02 | 96.23 | 12 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | -4.02% | 91.87 | 95.71 | 12 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | -5.81% | 91.22 | 96.85 | 11 |
| 13 | 3,380 | SOLERA TL B | -3.55% | 92.16 | 95.55 | 13 |
| 14 | 3,325 | CINEWORLD TL B | -10.29% | 63.28 | 70.54 | 14 |
| 15 | 3,312 | HUB INTL LTD TL B | -1.90% | 94.40 | 96.23 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | -4.11% | 93.45 | 97.45 | 11 |
| 17 | 3,000 | WESTINGHOUSE TL B | -1.34% | 94.31 | 95.60 | 12 |
| 18 | 2,985 | HARBOR FREIGHT TL B | -4.59% | 88.14 | 92.37 | 14 |
| 19 | 2,884 | BMC SOFTWARE TL B | -3.02% | 92.98 | 95.88 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | -1.81% | 86.34 | 87.93 | 17 |
| AVERAGE | 3,717 | #VALUE! | 87.97 | 91.15 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/1/22 -7/31/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CERELIA EUR TL B1 | 9.95% | 82.03 | 74.61 |
| 2 | PRIMESOURCE BUILDING TL B | 8.67% | 88.66 | 81.58 |
| 3 | SIGMA BIDCO EUR TL B1 | 6.80% | 81.43 | 76.25 |
| 4 | CLEAR CHANNEL OUTDOOR TL B | 6.26% | 91.02 | 85.66 |
| 5 | MAGENTA BUYER LLC TL B | 5.96% | 95.21 | 89.85 |
| 6 | T-MOBILE USA TL B | 5.68% | 96.48 | 91.29 |
| 7 | MASMOVIL IBERCOM SA EUR TL B2 | 5.54% | 95.11 | 90.12 |
| 8 | BRAND ENERGY TL | 5.51% | 91.10 | 86.34 |
| 9 | CERBA HEALTHCARE EUR TL C | 5.30% | 94.84 | 90.06 |
| 10 | BOELS HOLDING EUR TL B | 5.26% | 95.50 | 90.72 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/1/22 -7/31/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CONVERGEONE 2ND LIEN TL | -24.10% | 66.00 | 86.96 |
| 2 | MITEL NETWORKS 2ND LIEN TL | -13.12% | 61.58 | 70.88 |
| 3 | LUMILEDS TL B | -12.55% | 38.11 | 43.58 |
| 4 | DIAMOND SPORTS 2ND LIEN TL | -12.44% | 20.23 | 23.10 |
| 5 | WEBER-STEPHEN TL B | -11.21% | 80.43 | 90.58 |
| 6 | SERTA SIMMONS SO TL | -9.09% | 63.34 | 69.67 |
| 7 | INNOVATIVE XCESSORIES TL | -8.79% | 73.39 | 80.46 |
| 8 | EQUINOX HLDGS INC TL B | -6.91% | 73.50 | 78.95 |
| 9 | LIFESCAN TL B | -6.33% | 82.84 | 88.44 |
| 10 | GENESIS CARE EUR TL B | -6.06% | 63.02 | 67.08 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/22 -7/31/22 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 67/1/22 -7/31/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/22 vs. the month ending 7/31/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TK ELEVATOR EUR TL B | 7 | 174 | 167 | 2386% |
| 2 | GENERAL ELECTRIC DISTRIBUTED POWER EUR TL B | 27 | 188 | 161 | 596% |
| 3 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 78 | 225 | 147 | 188% |
| 4 | REVLON TL B2 | 0 | 142 | 142 | NA |
| 5 | ADEVINTA ASA EUR TL B | 123 | 240 | 117 | 95% |
| 6 | ELSAN GROUPE EXT EUR TL B | 87 | 196 | 109 | 125% |
| 7 | BOELS HOLDING EUR TL B | 84 | 191 | 107 | 127% |
| 8 | ION CORPORATES EUR TL B | 63 | 166 | 103 | 163% |
| 9 | NOBIAN EUR TL B | 111 | 213 | 102 | 92% |
| 10 | ESMALGLASS EUR TL B | 50 | 152 | 102 | 204% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/22 -7/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | LUMILEDS TL B | 18 |
| 4 | EIRCOM FINCO SARL EUR TL B | 18 |
| 5 | MERLIN ENTERTAINMENTS EUR TL B | 18 |
| 6 | IFCO EUR TL B | 18 |
| 7 | TELENET EUR TL | 18 |
| 8 | ELSAN GROUPE EXT EUR TL B | 18 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 10 | ADEVINTA ASA EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/22 -7/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/22 -7/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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