Syndicated Bank Loan Market Summary – Week Ending 2/25/22
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Syndicated Bank Loan Market Summary: Week Ending 2/25/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 2/25/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Del Monte Foods Co. | 600 | Term Loan | 2/15/2029 | SOFR+425 |
| Covis Pharma BV | 595 | Term Loan | 1/7/2027 | SOFR+650 |
| Garda World Security Corp. | 700 | Term Loan | 2/2/2029 | SOFR+425 |
| East West Manufacturing, LLC | 275 | Term Loan | 1/5/2029 | SOFR+575 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 2/25/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Consumer Cellular Inc. | $872MM | BofA,BCLY,CS,JEFF | Q1 2022 |
| Culligan International | $1.35B TLs: $1.1B TLB; $250MM DD TL | MS | Q1 2022 |
| Entegris Inc. | $2.495B TLB | MS | Q1 2022 |
| Floworks | $330MM credit facilities: $60MM revolver; $270MM TLB | RBC,UBS,JEFF,WF,BNP,AUD | Q1 2022 |
| Hexion Holdings Corp. | $1.825B TLs: $1.4 B TL (B2/B); $425MM TL (Caa2/B-) | GS,RBC,MS,BofA,DB,BCLY,JEFF | Q1 2022 |
| Latham Pool Products | $350MM TLB (B1/BB-) | BCLY,BofA,GS,MS,MUFG,NMA | Q1 2022 |
| Les Schwab Tire Centers | $301MM TL (B) | JPM | Q1 2022 |
| Magnate Worldwide LLC | $300MM TLs: $260MM TL; $40MM DD TL | CTB | Q1 2022 |
| Napa Management Services Corp. | $610MM TLB | BCLY,SVB,MUFG | Q1 2022 |
| Planet Home Lending LLC | $300MM TL | M&T | Q1 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/18/22 – 2/25/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.04% | 98.93 | 98.88 | 14 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -3.00% | 72.73 | 74.98 | 18 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | 0.07% | 99.46 | 99.39 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.10% | 99.55 | 99.65 | 10 |
| 5 | 4,750 | ZAYO TL | 0.23% | 97.66 | 97.44 | 19 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.07% | 98.84 | 98.90 | 14 |
| 7 | 3,972 | POWER SOLUTIONS TL B | 0.17% | 98.94 | 98.77 | 10 |
| 8 | 3,900 | DIRECTV TL | -0.24% | 99.56 | 99.80 | 12 |
| 9 | 3,582 | MISYS TL B | -0.24% | 98.44 | 98.68 | 14 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.33% | 98.08 | 98.40 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.29% | 98.79 | 99.07 | 14 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | -0.57% | 101.88 | 102.46 | 10 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | -0.34% | 99.36 | 99.69 | 14 |
| 14 | 3,380 | SOLERA TL B | -0.30% | 99.24 | 99.53 | 16 |
| 15 | 3,325 | CINEWORLD TL B | 0.33% | 77.29 | 77.04 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.12% | 98.73 | 98.85 | 18 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.06% | 98.26 | 98.33 | 12 |
| 18 | 3,300 | DIAMOND SPORTS TL B | -0.57% | 36.58 | 36.79 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.01% | 99.24 | 99.25 | 14 |
| 20 | 3,100 | ASURION TL B8 | -0.50% | 98.18 | 98.68 | 10 |
| AVERAGE | 4,035 | -0.29% | 93.49 | 93.73 | 13.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 2/18/22 – 2/25/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | COOPER STANDARD TL B | 1.57% | 94.49 | 93.03 |
| 2 | TRAVELPORT TL B | 1.39% | 81.20 | 80.08 |
| 3 | TENNECO TL B | 1.16% | 99.16 | 98.03 |
| 4 | AIR METHODS TL | 0.93% | 92.34 | 91.49 |
| 5 | NATIONAL CINEMEDIA TL B | 0.69% | 89.70 | 89.09 |
| 6 | REFRESCO HOLDING EUR TL B1 | 0.38% | 99.35 | 98.97 |
| 7 | BEFESA EUR TL B | 0.37% | 99.55 | 99.19 |
| 8 | LEVEL III TL B | 0.30% | 97.29 | 96.99 |
| 9 | SAVERGLASS EUR TL B | 0.27% | 99.70 | 99.43 |
| 10 | REALPAGE 2ND LIEN TL | 0.22% | 100.85 | 100.62 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/18/22 – 2/25/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | HILDING ANDERS PIK EUR TL B | -8.82% | 76.82 | 84.25 |
| 2 | CVENT TL B | -8.49% | 91.27 | 99.73 |
| 3 | GENESIS CARE EUR TL B2 | -6.77% | 86.85 | 93.15 |
| 4 | K&N 2ND LIEN TL | -3.69% | 79.86 | 82.92 |
| 5 | 8TH AVENUE FOOD & PROVISIONS TL | -3.13% | 87.30 | 90.12 |
| 6 | NEOVIA TL | -3.12% | 94.12 | 97.15 |
| 7 | ENVISION HEALTHCARE TL B | -3.00% | 72.73 | 74.98 |
| 8 | OGF(POMPES FUNEBRES GENERALE) EUR TL B | -2.75% | 92.93 | 95.56 |
| 9 | GRANITE ENERGY TL B | -2.68% | 95.24 | 97.87 |
| 10 | WEST CORP TL B1 | -2.58% | 88.27 | 90.60 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/18/22 – 2/25/22 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 2/18/22 – 2/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/18/22 vs. the week ending 2/25/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | DOUGLAS HOLDING EUR TL B | 24 | 42 | 18 | 75% |
| 2 | DEALOGIC EUR TL B | 31 | 46 | 15 | 48% |
| 3 | SIGMA BIDCO EUR TL B1 | 25 | 40 | 15 | 60% |
| 4 | INFORMATION RESOURCES TL | 4 | 18 | 14 | 350% |
| 5 | KLOECKNER EUR TL B | 18 | 30 | 12 | 67% |
| 6 | GENERAL ELECTRIC DISTRIBUTED POWER EUR TL B | 38 | 50 | 12 | 32% |
| 7 | STEINHOFF FIN. HLDG GMBH PIK EUR TL A1 | 4 | 16 | 12 | 300% |
| 8 | FLINT GROUP EUR TL B | 6 | 18 | 12 | 200% |
| 9 | ALBION ACQUISITIONS LTD EUR TL B | 43 | 54 | 11 | 26% |
| 10 | MULTI-COLOR EUR TL B | 9 | 20 | 11 | 122% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/18/22 – 2/25/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | DOUGLAS HOLDING EUR TL B | 20 |
| 2 | ZAYO TL | 19 |
| 3 | LUMILEDS TL B | 19 |
| 4 | ENVISION HEALTHCARE TL B | 19 |
| 5 | AMC ENTERTAINMENT TL B1 | 19 |
| 6 | NTL CABLE PLC EUR TL R | 18 |
| 7 | ACTION NEDERLAND EUR TL B | 18 |
| 8 | HUB INTL LTD TL B | 18 |
| 9 | GVC HOLDINGS EUR TL B3 | 18 |
| 10 | ZIGGO EUR TL H | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/18/22 – 2/25/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/18/22 – 2/25/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
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