Syndicated Bank Loan Market Summary – May 2022
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Syndicated Bank Loan Market Summary:May 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 5/31/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Jain Irrigation | 75 | Delayed-draw Term Loan | 5/15/2022 | N/A |
| Alok Industries LTD | 15250 | Term Loan | 12/31/2023 | N/A |
| United Republic Of Tanzania Ministry Of Finance | 270 | Delayed-draw Term Loan | 2/12/2027 | N/A |
| San Miguel Corp. | 900 | Term Loan | 11/29/2026 | S+163 |
| Sadara Chemical | 9900 | Term Loan | 3/23/2029 | N/A |
| Parkway Pantai LTD | 500 | Term Loan | 9/15/2027 | N/A |
| Hindustan Petroleum Corp. | 300 | Term Loan | 1/2/2024 | N/A |
| Egyptian General Petroleum Corp. | 400 | Term Loan | 8/29/2024 | N/A |
| Doha Bank | 762 | Term Loan | 12/23/2024 | S+85 |
| Bharti Airtel LTD | 120 | Term Loan | 10/23/2023 | N/A |
| Bharti Airtel LTD | 114 | Term Loan | 10/23/2024 | N/A |
| FCG Acquisitions Inc. | 150 | Term Loan | 4/1/2028 | S+475 |
| Opry Entertainment Group (OEG Borrower LLC) | 300 | Term Loan | 5/9/2029 | S+500 |
| Twin River Worldwide Hldgs. Inc. | N/A | Term Loan | 10/2/2028 | L+325 |
| Peloton Interactive Inc. | 750 | Term Loan | 5/17/2027 | S+650 |
| Barracuda Networks Inc. | 150 | Revolving Credit | 5/17/2027 | N/A |
| Barracuda Networks Inc. | 455 | Term Loan | 4/28/2030 | S+700 |
| Barracuda Networks Inc. | 1115 | Term Loan | 4/28/2029 | S+450 |
| GS Operating LLC | N/A | Delayed-draw Term Loan | 1/3/2028 | S+600 |
| GS Operating LLC | N/A | Revolving Credit | 1/3/2027 | S+600 |
| CFC Underwriting | 670 | Term Loan | 5/16/2029 | S+550 |
| Brookfield WEC Holdings | 550 | Term Loan | 8/1/2025 | S+375 |
| Syniverse Technologies Inc. | 1025 | Term Loan | 5/13/2027 | S+700 |
| Corecivic, Inc. | 100 | Term Loan | 5/12/2026 | BSBY+325 |
| Apergy | 625 | Term Loan | 5/5/2029 | S+325 |
| Caldic | N/A | Term Loan | 2/4/2029 | S+400 |
| Caldic | N/A | Term Loan | 2/4/2029 | E+400 |
| Caldic | N/A | Term Loan | 12/30/2029 | S+725 |
| Gigamon | N/A | Term Loan | 3/13/2028 | S+575 |
| Cineworld Group PLC | N/A | Term Loan | 2/28/2025 | L+825 |
| Polyconcept | 800 | Term Loan | 4/27/2029 | S+550 |
| Akbank TAS | N/A | Term Loan | 4/15/2023 | S+210 |
| TerraForm Power Operating LLC | 500 | Term Loan | 4/28/2029 | S+275 |
| Pixelle Specialty Solutions | 60 | Revolving Credit | 5/11/2027 | N/A |
| Pixelle Specialty Solutions | 507 | Term Loan | 4/26/2028 | S+650 |
| GS Operating LLC | N/A | Term Loan | 1/3/2028 | S+600 |
| Innovation Ventures | N/A | Term Loan | 3/11/2027 | S+600 |
| Cambrex Corp. | 25 | Term Loan | 12/1/2026 | L+400 |
| Cambrex Corp. | 50 | Term Loan | 12/1/2026 | S+360 |
| AZZ Inc | 400 | Revolving Credit | 4/26/2027 | N/A |
| Refresco Group B.V. | 1530 | Term Loan | 5/5/2029 | L+425 |
| Refresco Group B.V. | 340 | Term Loan | 5/5/2029 | S+525 |
| Refresco Group B.V. | 1530 | Term Loan | 5/5/2029 | S+425 |
| Bausch & Lomb Inc. | 2500 | Term Loan | 5/10/2027 | S+325 |
| Aristocrat Leisure LTD | 500 | Term Loan | 5/5/2029 | S+235 |
| AZZ Inc | 1300 | Term Loan | 5/5/2029 | S+375 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/22 – 4/30/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -2.20% | 96.08 | 98.25 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -35.68% | 39.16 | 60.89 | 17 |
| 3 | 5,160 | INTEL TL | -3.46% | 94.74 | 98.14 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -1.81% | 97.17 | 98.97 | 10 |
| 5 | 4,750 | ZAYO TL | -1.60% | 93.18 | 94.70 | 11 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.45% | 98.00 | 99.44 | 14 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | -2.83% | 96.11 | 98.90 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | -1.98% | 96.46 | 98.41 | 10 |
| 9 | 3,900 | DIRECTV TL | -3.17% | 96.36 | 99.51 | 12 |
| 10 | 3,582 | MISYS TL B | -2.89% | 94.26 | 97.07 | 12 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -0.66% | 97.31 | 97.95 | 16 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -2.50% | 96.23 | 98.69 | 12 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | -2.28% | 99.35 | 101.67 | 10 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | -3.73% | 95.71 | 99.42 | 12 |
| 15 | 3,380 | SOLERA TL B | -3.72% | 95.55 | 99.24 | 13 |
| 16 | 3,325 | CINEWORLD TL B | -7.41% | 70.54 | 76.18 | 14 |
| 17 | 3,312 | HUB INTL LTD TL B | -2.73% | 96.23 | 98.93 | 14 |
| 18 | 3,300 | NTL CABLE PLC TL N | -1.05% | 97.45 | 98.49 | 12 |
| 19 | 3,100 | JAZZ PHARMA TL B | -2.19% | 97.60 | 99.79 | 11 |
| 20 | 3,000 | DELTA SKYMILES TL B | -2.28% | 100.81 | 103.16 | 11 |
| AVERAGE | 4,094 | -4.28% | 92.42 | 95.89 | 12.2 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/22 -4/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | OUTERSTUFF TL B | 7.30% | 88.00 | 82.01 |
| 2 | HOFFMASTER 2ND LIEN TL | 1.95% | 81.24 | 79.69 |
| 3 | ADB SAFEGATE EUR TL B | 1.12% | 92.57 | 91.55 |
| 4 | APERGY TL B | 1.05% | 99.84 | 98.80 |
| 5 | NEOVIA TL | 0.67% | 89.06 | 88.47 |
| 6 | STEINHOFF EUROPE PIK EUR TL A1 | 0.55% | 103.32 | 102.75 |
| 7 | PERSTORP TL | 0.33% | 98.43 | 98.10 |
| 8 | TALEN ENERGY SUPPLY LLC TL B | 0.31% | 95.01 | 94.72 |
| 9 | GENERAC POWER TL B | 0.28% | 99.69 | 99.41 |
| 10 | WORLDSTRIDES EXIT 3RD LIEN TL | 0.21% | 89.21 | 89.02 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/22 -4/30/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | SERTA SIMMONS TL | -36.65% | 33.99 | 53.65 |
| 2 | ENVISION HEALTHCARE TL B | -35.68% | 39.16 | 60.89 |
| 3 | AVAYA TL B2 | -24.70% | 74.02 | 98.29 |
| 4 | ATLAS GROUP TL | -18.35% | 75.34 | 92.26 |
| 5 | POWER BUYER TL | -17.05% | 77.30 | 93.19 |
| 6 | GULF FINANCE TL B | -14.59% | 77.45 | 90.69 |
| 7 | RODAN & FIELDS TL B | -13.44% | 51.87 | 59.93 |
| 8 | CLARION EVENTS TL | -13.15% | 79.77 | 91.85 |
| 9 | MITEL NETWORKS TL | -12.89% | 83.19 | 95.50 |
| 10 | METAL SERVICES TL B | -12.43% | 81.53 | 93.11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/1/22 -4/30/22 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 4/1/22 -4/30/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/22 vs. the month ending 5/31/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ZAYO TL | 4 | 195 | 191 | 4775% |
| 2 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 34 | 118 | 84 | 247% |
| 3 | POWER BUYER TL | 200 | 278 | 78 | 39% |
| 4 | QUORUM BUSINESS TL | 12 | 84 | 72 | 600% |
| 5 | AMERICAN AUTO AUCTION TL | 96 | 168 | 72 | 75% |
| 6 | REFRESCO HOLDING TL B | 0 | 69 | 69 | NA |
| 7 | BCP RENAISSANCE TL B | 171 | 239 | 68 | 40% |
| 8 | MULTI-COLOR EUR TL B | 66 | 132 | 66 | 100% |
| 9 | DIEBOLD EUR TL B | 10 | 76 | 66 | 660% |
| 10 | 24 HOUR FITNESS EXIT TL | 154 | 216 | 62 | 40% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/22 -5/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| LUMILEDS TL B | 20 | |
| 2 | ENVISION HEALTHCARE TL B | 19 |
| 3 | IFCO EUR TL B | 19 |
| 4 | STADA ARZNEIMITTEL EUR TL F | 19 |
| 5 | EIRCOM FINCO SARL EUR TL B | 19 |
| 6 | DOUGLAS HOLDING EUR TL B | 19 |
| 7 | ZIGGO EUR TL H | 18 |
| 8 | NUMERICABLE EUR TL B11 | 18 |
| 9 | FONCIA GROUPE EUR TL B | 18 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/22 -5/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/22 -5/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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