Syndicated Bank Loan Market Summary – November 2022
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Syndicated Bank Loan Market Summary: November 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 11/30/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Nielsen Hldg PLC | 250 | Term Loan | 4/1/2029 | L+500 |
| Nielsen Hldg PLC | 2100 | Term Loan | 4/1/2029 | S+500 |
| Amynta | 175 | Term Loan | 2/1/2025 | S+500 |
| Focus Financial Partners LLC | 240 | Delayed-draw Term Loan | N/A | N/A |
| Focus Financial Partners LLC | 1760 | Term Loan | 6/30/2028 | S+325 |
| Applied Systems Inc. | 565 | Term Loan | 9/1/2027 | S+675 |
| Applied Systems Inc. | 1331 | Term Loan | 9/1/2026 | S+450 |
| Applied Systems Inc. | 215 | Term Loan | 9/1/2026 | S+450 |
| Solarwinds Inc. | 1245 | Term Loan | 11/14/2027 | S+400 |
| Four Seasons Hotels Inc. | 850 | Term Loan | 11/10/2029 | S+325 |
| USI Corp. | 2500 | Term Loan | 11/14/2029 | S+375 |
| Open Text Corp. | 3585 | Term Loan | 11/4/2029 | S+360 |
| Formula One Holdings | 1700 | Term Loan | 1/15/2030 | S+325 |
| Formula One Holdings | 725 | Term Loan | 10/15/2030 | N/A |
| Convergint Technologies LLC | 145 | Term Loan | 3/31/2028 | S+475 |
| Applied Systems Inc. | 145 | Term Loan | 3/31/2028 | S+475 |
| Delek | 950 | Term Loan | 11/7/2029 | S+350 |
| Gates Global LLC | 575 | Term Loan | 11/9/2029 | S+350 |
| AssuredPartners Inc. | 500 | Term Loan | 2/13/2027 | S+425 |
| Watlow Electric Manufacturing | 175 | Term Loan | 3/1/2028 | S+500 |
| Nomad Foods | 130 | Term Loan | 11/4/2029 | L+350 |
| Nomad Foods | 700 | Term Loan | 10/31/2029 | S+375 |
| Angus Chemical Company | 125 | Term Loan | 11/1/2027 | S+475 |
| Starwood Property Trust Inc. | 600 | Term Loan | 11/1/2027 | S+325 |
| Ineos Group Holdings PLC | 800 | Term Loan | 10/25/2027 | L+400 |
| Ineos Group Holdings PLC | 1200 | Term Loan | 10/25/2027 | S+385 |
| Acrisure LLC | 1000 | Term Loan | 2/1/2027 | S+575 |
| IFS | 500 | Term Loan | 3/31/2028 | L+625 |
| Blackstone Mortgage Trust Inc. | 325 | Term Loan | 10/31/2029 | S+350 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 11/1/22 – 11/30/22
| 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 11/1/22 – 11/30/22
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | PHILIPS APPLIANCES EUR TL B | 12.20% | 74.95 | 66.80 | 13 |
| 2 | ASURION 2ND LIEN TL B4 | 10.10% | 76.70 | 69.67 | 6 |
| 3 | EPIC CRUDE TL B | 9.62% | 87.46 | 79.78 | 10 |
| 4 | PRINCE MINERALS TL | 8.29% | 83.40 | 77.01 | 7 |
| 5 | TRINSEO TL B | 7.46% | 92.74 | 86.30 | 6 |
| 6 | CASA SYSTEMS TL | 7.00% | 85.75 | 80.13 | 6 |
| 7 | RADIOLOGY PARTNERS TL B | 7.00% | 86.06 | 80.43 | 6 |
| 8 | HUBBARD RADIO TL B | 6.70% | 87.08 | 81.62 | 4 |
| 9 | PLY GEM TL | 6.62% | 88.97 | 83.45 | 9 |
| 10 | CAPITAL VISION SERVICES LLC TL | 5.48% | 84.74 | 80.34 | 9 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 11/1/22 – 11/30/22
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CINEWORLD TL B | -31.07% | 21.28 | 30.88 | 15 |
| 2 | AMC ENTERTAINMENT TL B1 | -21.66% | 55.55 | 70.91 | 16 |
| 3 | GOPHER RESOURCE TL | -19.33% | 64.64 | 80.13 | 10 |
| 4 | NATIONAL CINEMEDIA TL B | -16.44% | 34.69 | 41.52 | 11 |
| 5 | US RENAL CARE TL B | -15.00% | 56.55 | 66.52 | 13 |
| 6 | CONVERGEONE TL B | -11.65% | 57.04 | 64.55 | 17 |
| 7 | VERITAS US INC TL B | -10.35% | 71.75 | 80.04 | 9 |
| 8 | DIEBOLD TL B | -10.23% | 70.66 | 78.71 | 12 |
| 9 | ALBANY MOLECULAR TL B | -9.91% | 82.48 | 91.55 | 9 |
| 10 | WHEEL PROS TL | -8.17% | 66.98 | 72.93 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/1/22 – 11/30/22 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 11/1/22 – 11/30/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 10/31/22 vs. the month ending 11/30/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CINEWORLD DIP DD TL | 16 | 216 | 200 | 1250% |
| 2 | HUB INTL LTD TL | 2 | 142 | 140 | 7000% |
| 3 | GEO GROUP TL B | 14 | 127 | 113 | 807% |
| 4 | METAL SERVICES TL B | 96 | 196 | 100 | 104% |
| 5 | VERISURE EUR TL B | 84 | 176 | 92 | 110% |
| 6 | REVLON DIP TL | 16 | 102 | 86 | 538% |
| 7 | BAUSCH HEALTH COMPANIES INC. TL B | 218 | 304 | 86 | 39% |
| 8 | VISUAL COMFORT TL | 164 | 248 | 84 | 51% |
| 9 | UNIVISION TL C | 114 | 197 | 83 | 73% |
| 10 | VERIZON TL B2 | 122 | 202 | 80 | 66% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/1/22 – 11/30/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | CINEWORLD TL B | 17 |
| 3 | SIGMA BIDCO GBP TL B4 | 16 |
| 4 | AMC ENTERTAINMENT TL B1 | 16 |
| 5 | BMC SOFTWARE TL B | 16 |
| 6 | BRAND ENERGY TL | 16 |
| 7 | FRONERI TL B | 16 |
| 8 | NTL CABLE PLC EUR TL B | 15 |
| 9 | CERBA HEALTHCARE EUR TL C | 15 |
| 10 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/1/22 – 11/30/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 11/1/22 – 11/30/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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