Syndicated Bank Loan Market Summary – Week Ending 3/18/22
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Syndicated Bank Loan Market Summary: Week Ending 3/18/22
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 3/18/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Avis Budget Car Rental LLC | 500 | Term Loan | 3/7/2029 | S+360 |
| Ellucian Inc. | 350 | Term Loan | 10/7/2027 | S+425 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 3/18/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Belfor Holdings Inc. | $250MM TL | JPM | Q1 2022 |
| Century Casinos Inc. | $380MM credit facilities: $30MM RC (BB-); $350MM TL (B) | GS,BofA | Q1 2022 |
| Compass Power Generation LLC | $650MM TLB (B+) | MS,MUFG,CA,TRS | Q1 2022 |
| Owens & Minor Inc. | $1.2B TLB (/BB-/BB+) | JPM | Q1 2022 |
| Smyrna Ready Mix Concrete LLC | $650MM TLB (Ba3/B+) | JPM | 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 3/11/22 – 3/18/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.86% | 98.36 | 97.51 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -0.93% | 69.94 | 70.60 | 17 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 1.30% | 97.60 | 96.34 | 10 |
| 4 | 4,750 | ZAYO TL | 0.83% | 96.12 | 95.33 | 16 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.70% | 98.38 | 97.70 | 12 |
| 6 | 3,900 | DIRECTV TL | 0.64% | 98.79 | 98.16 | 12 |
| 7 | 3,582 | MISYS TL B | 0.37% | 97.75 | 97.39 | 13 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.01% | 96.74 | 96.75 | 16 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.03% | 98.55 | 97.55 | 12 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 0.01% | 100.05 | 100.04 | 11 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 0.22% | 98.20 | 97.98 | 12 |
| 12 | 3,380 | SOLERA TL B | 0.90% | 98.44 | 97.56 | 15 |
| 13 | 3,375 | INTELSAT EXIT TL B | 0.01% | 97.60 | 97.58 | 12 |
| 14 | 3,325 | CINEWORLD TL B | -0.71% | 77.08 | 77.63 | 14 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.49% | 97.86 | 97.38 | 16 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.61% | 97.71 | 97.11 | 10 |
| 17 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.03% | 98.85 | 98.88 | 11 |
| 18 | 3,100 | JAZZ PHARMA TL B | 0.43% | 98.97 | 98.54 | 11 |
| 19 | 3,000 | DELTA SKYMILES TL B | 0.40% | 102.27 | 101.86 | 10 |
| 20 | 3,000 | WESTINGHOUSE TL B | 0.29% | 97.06 | 96.77 | 15 |
| AVERAGE | 3,885 | 0.37% | 95.81 | 95.43 | 12.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/11/22 – 3/18/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | TELESAT TL B | 6.34% | 73.18 | 68.81 |
| 2 | ICP GROUP TL | 3.87% | 97.20 | 93.57 |
| 3 | COMEXPOSIUM SA EUR TL B | 3.68% | 78.90 | 76.10 |
| 4 | WEIGHT WATCHERS TL B | 1.99% | 90.02 | 88.26 |
| 5 | AIR CANADA TL B | 1.91% | 98.07 | 96.24 |
| 6 | AMERICAN AIRLINES TL B | 1.83% | 92.25 | 90.59 |
| 7 | IMG WORLDWIDE TL B | 1.59% | 97.34 | 95.82 |
| 8 | EG GROUP EUR TL B1 | 1.58% | 97.65 | 96.13 |
| 9 | QWEST CORPORATION TL B | 1.53% | 96.67 | 95.22 |
| 10 | BWAY HOLDING TL B | 1.48% | 97.32 | 95.91 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/11/22 – 3/18/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | REVLON TL B | -6.30% | 50.13 | 53.50 |
| 2 | CAREERBUILDER TL | -3.71% | 75.88 | 78.80 |
| 3 | PRONOVIAS EUR TL B1 | -2.38% | 69.07 | 70.75 |
| 4 | AVIS BUDGET TL B | -2.33% | 95.27 | 97.54 |
| 5 | HERITAGE POWER TL B | -2.18% | 60.06 | 61.39 |
| 6 | AI PLEX ACQUICO EUR TL B | -2.08% | 94.98 | 97.00 |
| 7 | NOBIAN EUR TL B | -2.00% | 92.13 | 94.01 |
| 8 | ASSOCIATED ASPHALT PARTNERS TL B | -2.00% | 79.19 | 80.80 |
| 9 | BEAVST EUR TL B | -1.95% | 89.69 | 91.48 |
| 10 | CSM BAKERY EUR TL B | -1.89% | 97.13 | 99.00 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/11/22 – 3/18/22 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 3/11/22 – 3/18/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/11/22 vs. the week ending 3/18/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | PROOFPOINT TL B | 59 | 89 | 30 | 51% |
| 2 | VYAIRE MEDICAL TL B | 18 | 46 | 28 | 156% |
| 3 | AIR METHODS TL | 40 | 66 | 26 | 65% |
| 4 | SERTA SIMMONS FLLO | 40 | 64 | 24 | 60% |
| 5 | IMG WORLDWIDE TL B | 38 | 60 | 22 | 58% |
| 6 | GNC EXIT 2ND LIEN TL | 24 | 46 | 22 | 92% |
| 7 | HILEX POLY EXT TL | 34 | 56 | 22 | 65% |
| 8 | IMPERVA TL | 28 | 50 | 22 | 79% |
| 9 | SRS DISTRIBUTION EXT TL B | 24 | 46 | 22 | 92% |
| 10 | MJH HEALTHCARE HOLDINGS TL B | 2 | 24 | 22 | 1100% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/11/22 – 3/18/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 19 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ENVISION HEALTHCARE TL B | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | HUB INTL LTD TL B | 18 |
| 6 | ZAYO TL | 18 |
| 7 | ZIGGO EUR TL H | 17 |
| 8 | BANIJAY GROUP EUR TL B | 17 |
| 9 | TELENET EUR TL | 17 |
| 10 | NTL CABLE PLC EUR TL R | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/11/22 – 3/18/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/11/22 – 3/18/22 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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