Syndicated Bank Loan Market Summary – May 2023
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Syndicated Bank Loan Market Summary: May 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 5/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| UKG Inc. | 400 | Term Loan | 5/1/2026 | S+450 |
| Solenis Intl LP | 500 | Term Loan | 11/9/2028 | S+500 |
| TTM Technologies Inc. | 350 | Term Loan | 5/30/2030 | S+275 |
| Filtration Group Inc. | 1129 | Term Loan | 10/1/2028 | S+425 |
| Tank Hldg Corp. | 150 | Delayed-draw Term Loan | 3/31/2028 | S+600 |
| RHP Hotel Properties | 500 | Term Loan | 5/11/2030 | S+275 |
| Imperial Dade | 1500 | Term Loan | 5/1/2028 | S+475 |
| Focus Financial Partners LLC | 500 | Term Loan | 6/30/2028 | S+350 |
| Arcis Golf | 40 | Delayed-draw Term Loan | 11/24/2028 | S+425 |
| Heartland Dental Care Inc. | 1383 | Term Loan | 4/30/2028 | S+500 |
| Alterra Mountain | 500 | Term Loan | 5/9/2030 | S+375 |
| Allied Universal Holdco LLC | 450 | Term Loan | 5/14/2028 | S+475 |
| Oxbow Carbon & Minerals Hldg LLC | 400 | Term Loan | 5/30/2023 | S+360 |
| Lazer Logistics | 745 | Delayed-draw Term Loan | 1/11/2030 | S+650 |
| Bracket Intermediate Holding | 980 | Term Loan | 4/19/2028 | S+500 |
| Kenan Advantage Group Inc. | 300 | Term Loan | 4/20/2026 | S+400 |
| Avaya Inc. | 810 | Term Loan | 8/1/2028 | S+750 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 5/1/23 – 5/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.07% | 101.22 | 101.29 | 11 |
| 2 | 7,270 | MEDLINE TL B | -0.15% | 96.90 | 97.04 | 11 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -0.13% | 99.38 | 99.51 | 13 |
| 4 | 4,750 | ZAYO TL | -3.95% | 77.75 | 80.95 | 18 |
| 5 | 4,559 | TRANSDIGM INC. TL I | -0.63% | 99.20 | 99.83 | 15 |
| 6 | 4,050 | CITRIX TL B | -1.06% | 92.38 | 93.37 | 10 |
| 7 | 3,900 | DIRECTV TL | -1.29% | 94.63 | 95.86 | 15 |
| 8 | 3,600 | CDK GLOBAL TL | -1.43% | 98.45 | 99.88 | 15 |
| 9 | 3,582 | MISYS TL B | -0.33% | 94.93 | 95.25 | 15 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -6.71% | 87.72 | 94.02 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.30% | 100.29 | 100.59 | 10 |
| 12 | 3,500 | SEDGWICK TL B | -1.52% | 97.13 | 98.63 | 11 |
| 13 | 3,500 | PILOT TRAVEL TL B | -0.52% | 99.06 | 99.58 | 11 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | -0.96% | 96.17 | 97.11 | 12 |
| 15 | 3,420 | RCN GRANDE TL | 1.42% | 82.67 | 81.52 | 11 |
| 16 | 3,380 | SOLERA TL B | -3.42% | 89.40 | 92.56 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.50% | 99.22 | 99.73 | 15 |
| 18 | 3,300 | NTL CABLE PLC TL N | -2.42% | 95.86 | 98.24 | 14 |
| 19 | 3,190 | INTELSAT EXIT TL B | -0.33% | 98.30 | 98.63 | 11 |
| 20 | 3,100 | ASURION TL B8 | -0.89% | 92.34 | 93.17 | 10 |
| AVERAGE | 4,122 | -1.26% | 94.65 | 95.84 | 12.6 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 5/1/23 – 5/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | ANCHOR GLASS 2ND LIEN TL | 51.99% | 39.11 | 25.73 | 7 |
| 2 | SECURUS 2ND LIEN TL | 43.20% | 77.44 | 54.08 | 6 |
| 3 | AIR MEDICAL TL B | 13.07% | 69.25 | 61.25 | 15 |
| 4 | INTERIOR LOGIC TL B | 12.70% | 74.66 | 66.25 | 9 |
| 5 | MAVENIR TL B | 12.40% | 80.93 | 72.00 | 4 |
| 6 | ACCENTCARE INC TL B | 11.51% | 81.92 | 73.46 | 4 |
| 7 | WENCOR GROUP 2ND LIEN TL | 10.96% | 95.34 | 85.92 | 6 |
| 8 | LIFESCAN TL B | 8.50% | 80.64 | 74.33 | 9 |
| 9 | CLARION EVENTS TL | 8.09% | 90.60 | 83.81 | 11 |
| 10 | STUBHUB TL B | 7.96% | 85.26 | 78.97 | 7 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 5/1/23 – 5/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CHECKERS TL | -46.72% | 41.55 | 77.97 | 3 |
| 2 | AIR METHODS TL | -22.20% | 46.71 | 60.04 | 9 |
| 3 | COLORADO BUYER TL | -21.86% | 57.78 | 73.94 | 8 |
| 4 | GENESIS CARE TL B | -21.46% | 22.97 | 29.24 | 13 |
| 5 | CBS RADIO INC TL B | -21.41% | 47.07 | 59.89 | 9 |
| 6 | US RENAL CARE TL B | -14.88% | 54.95 | 64.55 | 10 |
| 7 | SOUND PHYSICIANS TL | -14.87% | 64.03 | 75.22 | 7 |
| 8 | WHEEL PROS TL | -13.01% | 61.22 | 70.38 | 14 |
| 9 | TRADESMEN TL | -11.85% | 60.09 | 68.17 | 9 |
| 10 | TRINSEO TL B2 | -11.70% | 79.10 | 89.58 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/23 – 5/31/23 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 5/1/23 – 5/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/23 vs. the month ending 5/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TEKNI-PLEX TL B | 32 | 290 | 258 | 806% |
| 2 | NOMAD FOODS TL B | 178 | 382 | 204 | 115% |
| 3 | SEDGWICK TL B | 146 | 308 | 162 | 111% |
| 4 | ANCHOR GLASS 2ND LIEN TL | 62 | 221 | 159 | 256% |
| 5 | PACKERS HOLDINGS TL | 221 | 379 | 158 | 71% |
| 6 | TRANSDIGM INC. TL I | 314 | 469 | 155 | 49% |
| 7 | SS&C TECH TL B5 | 307 | 452 | 145 | 47% |
| 8 | HEARTHSIDE FOODS TL B | 400 | 539 | 139 | 35% |
| 9 | BAY CLUB TL B | 229 | 359 | 130 | 57% |
| 10 | AMERICAN TIRE TL B | 262 | 385 | 123 | 47% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/23 – 5/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZAYO TL | 18 |
| 2 | NTL CABLE PLC EUR TL R | 18 |
| 3 | T-MOBILE NETHERLANDS EUR TL B | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | NTL CABLE PLC GBP TL M | 17 |
| 6 | NTL CABLE PLC EUR TL O | 17 |
| 7 | TELENET EUR TL | 17 |
| 8 | BMC SOFTWARE TL B | 17 |
| 9 | AMERICAN TIRE TL B | 17 |
| 10 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/23 – 5/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/23 – 5/31/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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