Syndicated Bank Loan Market Summary – Week Ending 3/11/22
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Syndicated Bank Loan Market Summary: Week Ending 3/11/22
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 3/11/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Virgin Active Hldg Limited | 41 | Delayed-draw Term Loan | 6/30/2022 | L+425 |
| Voyage Digital | 600 | Term Loan | 2/16/2029 | – |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 3/11/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Belfor Holdings Inc. | $250MM TL | JPM | Q1 2022 |
| Compass Power Generation LLC | $650MM TLB (B+) | MS,MUFG,CA,TRS | 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 |
| Imprivata | $383MM TLB | GS,GLB,UBS,MIZ | Q1 2022 |
| Magnate Worldwide LLC | $300MM TLs: $260MM TL; $40MM DD TL | CTB | Q1 2022 |
| Owens & Minor Inc. | $1.2B TLB (/BB-/BB+) | JPM | Q1 2022 |
| Planet Home Lending LLC | $300MM TL | M&T | Q1 2022 |
| Restaurant Technologies Inc. | $910MM credift facilities: $100 RC; $810MM TLB | MS | Q1 2022 |
| Smyrna Ready Mix Concrete LLC | $650MM TLB (Ba3/B+) | JPM | Q1 2022 |
| Spruce Power Holdings LLC | $600MM TLB (B1/B) | KEY | Q1 2022 |
| SPX Flow Inc. | $1.74B credit facilities: $200MM RC; $1.54B TLB | CITI,BofA,RBC,TRS,BNP,DB | Q1 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/4/22 – 3/11/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -1.15% | 97.51 | 98.64 | 12 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -2.48% | 70.60 | 72.39 | 18 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | -2.34% | 96.34 | 98.65 | 10 |
| 4 | 4,750 | ZAYO TL | -2.07% | 95.33 | 97.35 | 18 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.02% | 97.70 | 98.70 | 14 |
| 6 | 4,197 | AKZONOBEL TL B | -2.12% | 96.33 | 98.43 | 10 |
| 7 | 3,972 | POWER SOLUTIONS TL B | -1.52% | 96.87 | 98.37 | 10 |
| 8 | 3,900 | DIRECTV TL | -1.03% | 98.16 | 99.18 | 12 |
| 9 | 3,582 | MISYS TL B | -0.88% | 97.39 | 98.25 | 14 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -1.21% | 96.75 | 97.93 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -1.14% | 97.55 | 98.67 | 13 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -1.11% | 97.98 | 99.09 | 13 |
| 13 | 3,380 | SOLERA TL B | -1.55% | 97.56 | 99.09 | 16 |
| 14 | 3,375 | INTELSAT EXIT TL B | -0.57% | 97.58 | 98.14 | 12 |
| 15 | 3,325 | CINEWORLD TL B | -1.35% | 77.63 | 78.70 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | -1.48% | 97.38 | 98.84 | 18 |
| 17 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -4.63% | 36.17 | 37.93 | 11 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.92% | 97.11 | 98.02 | 11 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.47% | 98.88 | 99.34 | 12 |
| 20 | 3,100 | ASURION TL B8 | -0.95% | 96.92 | 97.85 | 10 |
| AVERAGE | 3,984 | -1.50% | 91.89 | 93.18 | 13.2 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/4/22 – 3/11/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | HARVEY GULF EXIT TL | 3.84% | 95.31 | 91.79 |
| 2 | EPIC CRUDE TL B | 3.11% | 84.35 | 81.81 |
| 3 | MCDERMOTT EXIT TL | 2.59% | 47.97 | 46.76 |
| 4 | PGS TL B | 2.35% | 86.49 | 84.50 |
| 5 | LIGHTSTONE GENERATION LLC TL C | 1.21% | 84.74 | 83.72 |
| 6 | EASTERN POWER TL B | 0.46% | 64.62 | 64.33 |
| 7 | SEADRILL PARTNERS LLC 2ND LIEN TL | 0.43% | 105.53 | 105.08 |
| 8 | ACCUVANT 2ND LIEN TL | 0.36% | 97.97 | 97.61 |
| 9 | BEFESA EUR TL B | 0.26% | 99.59 | 99.33 |
| 10 | HOFFMASTER TL | 0.11% | 93.91 | 93.81 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/4/22 – 3/11/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | VALEO FOODS EUR TL B | -7.18% | 90.90 | 97.93 |
| 2 | LUMILEDS TL B | -6.29% | 68.90 | 73.53 |
| 3 | VERITAS US INC EUR TL B | -5.03% | 93.98 | 98.96 |
| 4 | INTERNATIONAL TEXTILE GROUP 2ND LIEN TL | -4.71% | 68.56 | 71.94 |
| 5 | CONSOLIDATED COMMUNICATIONS TL B | -4.52% | 93.32 | 97.74 |
| 6 | US RENAL CARE TL B | -4.47% | 91.19 | 95.45 |
| 7 | AMERICAN AIRLINES TL B | -3.92% | 90.59 | 94.29 |
| 8 | PRINCE MINERALS TL | -3.85% | 94.36 | 98.14 |
| 9 | KLOECKNER EUR TL B | -3.82% | 88.36 | 91.87 |
| 10 | HARLAND CLARKE TL B | -3.59% | 83.10 | 86.19 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/4/22 – 3/11/22 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 3/4/22 – 3/11/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/4/22 vs. the week ending 3/11/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | EPIC CRUDE TL B | 32 | 53 | 21 | 66% |
| 2 | MISYS EUR TL B | 12 | 32 | 20 | 167% |
| 3 | MYOB TL B | 20 | 37 | 17 | 85% |
| 4 | TEAM HEALTH TL | 36 | 52 | 16 | 44% |
| 5 | MAGNOLIA TL | 34 | 50 | 16 | 47% |
| 6 | IMPALA EUR TL B | 10 | 26 | 16 | 160% |
| 7 | BRIGHTSPRING EXT TL B | 2 | 18 | 16 | 800% |
| 8 | NESTLE SKIN HEALTH TL B | 22 | 38 | 16 | 73% |
| 9 | AVANTOR TL B5 | 21 | 37 | 16 | 76% |
| 10 | INTEL EUR TL B | 0 | 14 | 14 | N/A |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/4/22 – 3/11/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ENVISION HEALTHCARE TL B | 19 |
| 2 | LUMILEDS TL B | 18 |
| 3 | ACTION NEDERLAND EUR TL B | 18 |
| 4 | HUB INTL LTD TL B | 18 |
| 5 | ZIGGO EUR TL H | 18 |
| 6 | IFCO EUR TL B | 18 |
| 7 | ZAYO TL | 18 |
| 8 | TELENET EUR TL | 18 |
| 9 | SYNLAB EUR TL B5 | 18 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/4/22 – 3/11/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/4/22 – 3/11/22 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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