Syndicated Bank Loan Market Summary – October 2023
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Syndicated Bank Loan Market Summary:October 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 10/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| SUSE | 550 | Term Loan | 10/16/2030 | L+450 |
| SUSE | 675 | Term Loan | 10/16/2030 | S+450 |
| Ceva Sante Animale | 1800 | Term Loan | 11/1/2030 | L+425 |
| Ceva Sante Animale | 540 | Term Loan | 11/1/2030 | S+425 |
| ZPG PLC | 400 | Term Loan | 7/18/2028 | E+500 |
| Minimax Viking GmbH | 490 | Term Loan | 7/1/2028 | L+325 |
| Minimax Viking GmbH | 570 | Term Loan | 7/1/2028 | S+275 |
| Acrisure LLC | 1000 | Term Loan | 10/16/2030 | S+450 |
| Qlik Technologies Inc. | 2400 | Term Loan | 10/5/2030 | S+475 |
| Delachaux SA | 770 | Term Loan | 4/1/2029 | L+425 |
| Action Nederland BV | 1500 | Term Loan | 10/19/2030 | |
| Action Holding BV | 1500 | Term Loan | 10/11/2030 | S+325 |
| Qlik Technologies Inc. | 1980 | Term Loan | 10/19/2023 | S+475 |
| NEW Fortress Energy Inc. | 856 | Term Loan | 10/30/2028 | S+500 |
| Homeserve PLC | 1050 | Term Loan | 10/2/2030 | S+300 |
| Evertec Inc. | 600 | Term Loan | 9/26/2030 | S+350 |
| Evertec Inc. | 600 | Term Loan | 10/12/2030 | S+350 |
| Delrin | 700 | Term Loan | 9/28/2030 | S+425 |
| Citco Group LTD | 760 | Term Loan | 4/1/2028 | S+325 |
| Ciena Corp. | 1170 | Term Loan | 10/12/2030 | S+200 |
| Prime Security Services Borrower LLC | 1375 | Term Loan | 10/13/2030 | S+250 |
| Physician Partners LLC | 150 | Term Loan | 12/23/2028 | S+550 |
| Exact Hldg NV | 400 | Term Loan | 10/11/2030 | E+450 |
| LaserShip Inc. | 100 | Term Loan | 9/29/2027 | |
| Ineos Hldgs LTD | 350 | Term Loan | 7/7/2030 | L+400 |
| Ineos Hldgs LTD | 310 | Term Loan | 7/7/2030 | S+375 |
| DXP Enterprises Inc. | 550 | Term Loan | 9/26/2030 | S+475 |
| iSolved Inc. | 575 | Term Loan | 9/27/2030 | S+400 |
| Interstate Waste Services Inc. | 75 | Delayed-draw Term Loan | 9/19/2030 | S+450 |
| Interstate Waste Services Inc. | 500 | Term Loan | 9/19/2030 | S+450 |
| International Matex Tank Terminals | 750 | Term Loan | 9/25/2030 | S+325 |
| Heritage Crystal Clean LLC | 620 | Term Loan | 9/22/2030 | S+500 |
| GIP III Stetson I | 700 | Term Loan | 10/5/2028 | S+425 |
| Championx Holding Inc. | 620 | Term Loan | 6/7/2029 | S+275 |
| Aramsco, Inc. | 75 | Delayed-draw Term Loan | 9/26/2030 | S+475 |
| Aramsco, Inc. | 430 | Term Loan | 9/26/2030 | S+475 |
| Alphia Inc. | 110 | Revolving Credit | 10/1/2028 | |
| APi Group, Inc. | 505 | Term Loan | 10/10/2026 | S+225 |
| APi Group, Inc. | 1407 | Term Loan | 1/3/2029 | S+250 |
| Severin Acquisition LLC | 840 | Term Loan | 8/1/2027 | S+325 |
| BJ’s Wholesale Club Inc. | 400 | Term Loan | 2/1/2029 | S+200 |
| Comdata SPA | 70 | Term Loan | 10/14/2029 | E+575 |
| Alphia Inc. | 640 | Term Loan | 9/15/2030 | S+500 |
| Patriot Rail Company LLC | 100 | Term Loan | 10/18/2026 | S+400 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 10/1/23 – 10/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 8,572 | GEO GROUP TL1 | -0.17% | 101.57 | 101.75 | 10 |
| 2 | 7,270 | MEDLINE TL B | -0.35% | 99.31 | 99.66 | 12 |
| 3 | 5,900 | ATHENAHEALTH TL | -1.31% | 96.72 | 98.00 | 10 |
| 4 | 5,000 | QWEST CORPORATION TL B | 4.95% | 74.29 | 70.79 | 10 |
| 5 | 5,000 | UNITED CONTINENTAL TL B | -0.31% | 99.68 | 99.99 | 13 |
| 6 | 4,750 | ZAYO TL | 2.94% | 83.99 | 81.59 | 14 |
| 7 | 4,750 | HUB INTL LTD TL B5 | -0.29% | 99.94 | 100.23 | 15 |
| 8 | 4,741 | INTERNET BRANDS TL B | -1.21% | 95.45 | 96.63 | 12 |
| 9 | 4,559 | TRANSDIGM INC. TL I | -0.11% | 99.83 | 99.94 | 19 |
| 10 | 4,463 | ULTIMATE SOFTWARE TL B | -0.31% | 99.41 | 99.72 | 12 |
| 11 | 4,260 | NUMERICABLE TL B | -1.77% | 88.56 | 90.15 | 10 |
| 12 | 4,050 | CITRIX TL B | -1.26% | 94.83 | 96.04 | 11 |
| 13 | 3,900 | DIRECTV TL | -0.42% | 97.17 | 97.59 | 14 |
| 14 | 3,550 | CITADEL TL B | 0.01% | 99.69 | 99.68 | 11 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.10% | 99.92 | 99.82 | 10 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | -1.60% | 101.25 | 102.90 | 13 |
| 17 | 3,500 | SEDGWICK TL B | -0.12% | 99.53 | 99.65 | 10 |
| 18 | 3,450 | GOLDEN NUGGET INC TL B | -1.23% | 97.68 | 98.90 | 13 |
| 19 | 3,420 | RCN GRANDE TL | 1.18% | 82.45 | 81.49 | 12 |
| 20 | 3,380 | SOLERA TL B | -1.26% | 94.32 | 95.53 | 11 |
| AVERAGE | 4,576 | -0.13% | 95.28 | 95.50 | 12.1 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 10/1/23 – 10/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | PRETIUM PACKAGING TL B | 23.53% | 74.90 | 60.63 | 13 |
| 2 | 24 HOUR FITNESS EXIT TL | 22.09% | 30.00 | 24.57 | 6 |
| 3 | ZAYO EUR TL | 9.78% | 82.97 | 75.58 | 14 |
| 4 | OLAPLEX TL B | 6.52% | 89.04 | 83.59 | 7 |
| 5 | QWEST CORPORATION TL B | 4.95% | 74.29 | 70.79 | 10 |
| 6 | VIRGIN PULSE TL | 4.70% | 99.90 | 95.42 | 4 |
| 7 | GIBSON BRANDS TL | 3.56% | 85.96 | 83.00 | 3 |
| 8 | BAY CLUB 2ND LIEN TL | 3.54% | 88.34 | 85.32 | 5 |
| 9 | LANDESK TL B | 2.98% | 88.69 | 86.12 | 10 |
| 10 | FOREST CITY ENTERPRISES TL B | 2.70% | 89.82 | 87.46 | 8 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 10/1/23 – 10/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | SOUND PHYSICIANS TL | -32.11% | 30.95 | 45.59 | 7 |
| 2 | HORNBLOWER PIK TL B | -28.80% | 34.98 | 49.12 | 4 |
| 3 | RESEARCH NOW 2ND LIEN TL | -27.14% | 36.43 | 50.00 | 4 |
| 4 | COMPREHENSIVE EYECARE PARTNERS TL | -25.26% | 54.71 | 73.20 | 14 |
| 5 | TRAVELPORT TL B | -24.11% | 39.86 | 52.53 | 7 |
| 6 | XPLORNET TL | -14.73% | 66.53 | 78.02 | 11 |
| 7 | THILEA TL B | -12.82% | 30.01 | 34.42 | 6 |
| 8 | CANO HEALTH TL B | -9.99% | 57.54 | 63.92 | 10 |
| 9 | ASTRA ACQUISITION CORP TL B | -9.31% | 67.68 | 74.63 | 7 |
| 10 | THERM-O-DISC TL | -8.62% | 72.88 | 79.76 | 3 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/1/23 – 10/31/23 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 10/1/23 – 10/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 9/30/23 vs. the month ending 10/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BUILDING MATERIALS DD TL B | 91 | 344 | 253 | 278% |
| 2 | PQ CORP TL B | 22 | 275 | 253 | 1150% |
| 3 | IRIDIUM SATELLITE TL B | 58 | 252 | 194 | 334% |
| 4 | GENUINE FINANCIAL TL B | 14 | 186 | 172 | 1229% |
| 5 | SONICWALL TL B | 133 | 302 | 169 | 127% |
| 6 | BROADSTREET PARTNERS TL B | 284 | 428 | 144 | 51% |
| 7 | AERCAP GLOBAL AVIATION TRUST TL B | 57 | 198 | 141 | 247% |
| 8 | ANCHOR GLASS EXT PIK TL | 82 | 206 | 124 | 151% |
| 9 | ANCHOR GLASS PIK 2ND LIEN TL | 72 | 190 | 118 | 164% |
| 10 | CONSOLIDATED ENERGY TL B | 126 | 240 | 114 | 90% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/1/23 – 10/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TRANSDIGM INC. TL I | 19 |
| 2 | TRANSDIGM INC. TL H | 17 |
| 3 | TELENET EUR TL | 17 |
| 4 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 16 |
| 5 | HILEX POLY TL B | 16 |
| 6 | ALKEGEN TL B | 16 |
| 7 | HEARTHSIDE FOODS TL B | 16 |
| 8 | ZIGGO EUR TL H | 16 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 16 |
| 10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/1/23 – 10/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 10/1/23 – 10/31/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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