Syndicated Bank Loan Market Summary – November 2023
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Syndicated Bank Loan Market Summary:November 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 11/30/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Augusta Sportswear Group | 340 | Term Loan | 11/1/2029 | S+650 |
| Iqvia | 1500 | Term Loan | 11/13/2031 | S+200 |
| IVC Evidensia | 1100 | Term Loan | 11/7/2028 | S+550 |
| Flutter Entertainment Public Limited Company | 3400 | Term Loan | 11/13/2030 | S+225 |
| Alera Group Holdings Inc. | 500 | Delayed-draw Term Loan | 9/30/2028 | S+575 |
| Buckeye Partners LP | 1000 | Term Loan | 11/15/2030 | S+250 |
| Xerox Corp. | 550 | Term Loan | 10/30/2029 | S+400 |
| TransDigm Group Inc. | 1000 | Term Loan | 2/1/2031 | S+325 |
| Hertz Corp. | 500 | Term Loan | 6/30/2028 | S+375 |
| Thor Industries Inc. | 450 | Term Loan | 11/1/2030 | S+275 |
| Colibri | 490 | Term Loan | 3/1/2029 | S+500 |
| Valvoline Inc. | 200 | Term Loan | 12/12/2027 | S+475 |
| Geo Parent Corp. | Term Loan | 12/19/2028 | ||
| ClubCorp | 1218 | Term Loan | 9/18/2026 | S+500 |
| Virgin Pulse Inc. | 850 | Term Loan | 11/8/2029 | S+575 |
| API Holdings III Corp. | 20 | Term Loan | 3/25/2027 | S+700 |
| API Holdings III Corp. | 292 | Term Loan | 5/10/2027 | S+700 |
| Lazer Logistics | 75 | Delayed-draw Term Loan | 1/11/2030 | S+600 |
| Lazer Logistics | 92 | Term Loan | 1/11/2030 | S+600 |
| Samarinda Investments | 480 | Term Loan | 11/24/2029 | S+450 |
| Hilton Worldwide Finance LLC | 1000 | Term Loan | 6/1/2028 | S+175 |
| Hilton Worldwide Finance LLC | 2119 | Term Loan | 10/30/2030 | S+200 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 11/1/23 – 11/30/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-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 11/1/23 – 11/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | THILEA TL B | 18.89% | 35.68 | 30.01 | 7 |
| 2 | WP CPP 2ND LIEN TL | 16.72% | 98.04 | 84.00 | 8 |
| 3 | TELE COLUMBUS EUR TL A3 | 15.94% | 63.97 | 55.17 | 9 |
| 4 | AIR MEDICAL TL B | 15.36% | 75.01 | 65.02 | 10 |
| 5 | PACKERS HOLDINGS TL | 11.47% | 64.03 | 57.44 | 12 |
| 6 | CITY BREWING TL B | 10.91% | 80.32 | 72.42 | 8 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B4 | 10.48% | 75.04 | 67.92 | 8 |
| 8 | US RENAL CARE TL B | 10.18% | 66.95 | 60.76 | 5 |
| 9 | AMENTUM GOVERNMENT SERVICES HOLDINGS 2ND LIEN TL B | 9.94% | 99.00 | 90.05 | 5 |
| 10 | AT&T COLOCATION TL | 8.99% | 91.61 | 84.05 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 11/1/23 – 11/30/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CANO HEALTH TL B | -28.03% | 41.41 | 57.54 | 12 |
| 2 | TORRID TL B | -16.35% | 66.90 | 79.98 | 9 |
| 3 | FRANCHISE GROUP TL B | -15.63% | 75.11 | 89.03 | 7 |
| 4 | ASPECT SOFTWARE TL | -14.93% | 59.37 | 69.79 | 10 |
| 5 | VERITAS US INC EUR TL B | -12.11% | 75.60 | 86.02 | 15 |
| 6 | TRADESMEN TL | -9.91% | 45.48 | 50.49 | 8 |
| 7 | DELL SOFTWARE GROUP 2ND LIEN TL | -9.47% | 61.37 | 67.79 | 9 |
| 8 | SI GROUP TL | -9.02% | 68.56 | 75.36 | 9 |
| 9 | WIDEOPENWEST TL B | -8.95% | 89.04 | 97.80 | 12 |
| 10 | RSA SECURITY LLC TL B | -8.88% | 76.17 | 83.59 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/1/23 – 11/30/23 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 11/1/23 – 11/30/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 10/31/23 vs. the month ending 11/30/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PRIMESOURCE BUILDING TL B | 139 | 369 | 230 | 165% |
| 2 | BJ’S TL B | 65 | 244 | 179 | 275% |
| 3 | TENNECO TL B | 130 | 280 | 150 | 115% |
| 4 | HILTON GRAND VACATIONS BORROWER TL B | 24 | 174 | 150 | 625% |
| 5 | MASMOVIL IBERCOM SA EUR TL B2 | 88 | 238 | 150 | 170% |
| 6 | NORD ANGLIA EDUCATION FINANC EUR TL B | 34 | 175 | 141 | 415% |
| 7 | ROCKET SOFTWARE TL B | 174 | 302 | 128 | 74% |
| 8 | CDK GLOBAL TL B | 286 | 414 | 128 | 45% |
| 9 | VERTEX AEROSPACE TL B | 46 | 174 | 128 | 278% |
| 10 | MERION ROSE MERGER TL B | 18 | 136 | 118 | 656% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/1/23 – 11/30/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 21 |
| 2 | HILEX POLY TL B | 18 |
| 3 | STARS GROUP TL B | 18 |
| 4 | BMC SOFTWARE TL B | 18 |
| 5 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 17 |
| 6 | TRANSDIGM INC. TL H | 17 |
| 7 | ALKEGEN TL B | 17 |
| 8 | ZIGGO EUR TL H | 17 |
| 9 | SS&C TECH TL B5 | 17 |
| 10 | TELENET EUR TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/1/23 – 11/30/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 11/1/23 – 11/30/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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