Syndicated Bank Loan Market Summary – Week Ending 3/4/22
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Syndicated Bank Loan Market Summary: Week Ending 3/4/22
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 3/4/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Entegris Inc. | 2495 | Term Loan | 2/15/2029 | SOFR+300 |
| Astronics Corp. | 225 | Revolving Credit | 5/30/2023 | SOFR+225 |
| Storable | 130 | Term Loan | 4/16/2028 | SOFR+350 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 3/4/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Associated Materials | $550MM TLB | RBC,CS,UBS,KKR,MACQ,BMO,PNC | Q1 2022 |
| Callaway Golf Co. | $950MM TLB | BofA,JPM,MUFG,TRS | 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 |
| Magnate Worldwide LLC | $300MM TLs: $260MM TL; $40MM DD TL | CTB | Q1 2022 |
| Planet Home Lending LLC | $300MM TL | M&T | Q1 2022 |
| Spruce Power Holdings LLC | $600MM TLB (B1/B) | KEY | Q1 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 2/25/22 – 3/4/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.28% | 98.64 | 98.93 | 14 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -0.46% | 72.39 | 72.73 | 18 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.30% | 99.17 | 99.46 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.91% | 98.65 | 99.55 | 10 |
| 5 | 4,750 | ZAYO TL | -0.32% | 97.35 | 97.66 | 19 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.14% | 98.70 | 98.84 | 14 |
| 7 | 3,972 | POWER SOLUTIONS TL B | -0.57% | 98.37 | 98.94 | 10 |
| 8 | 3,900 | DIRECTV TL | -0.38% | 99.18 | 99.56 | 12 |
| 9 | 3,582 | MISYS TL B | -0.19% | 98.25 | 98.44 | 14 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.15% | 97.93 | 98.08 | 15 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.12% | 98.67 | 98.79 | 14 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -0.27% | 99.09 | 99.36 | 14 |
| 13 | 3,380 | SOLERA TL B | -0.15% | 99.09 | 99.24 | 16 |
| 14 | 3,375 | INTELSAT EXIT TL B | -0.57% | 98.14 | 98.70 | 11 |
| 15 | 3,325 | CINEWORLD TL B | 1.82% | 78.70 | 77.29 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.11% | 98.84 | 98.73 | 18 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.25% | 98.02 | 98.26 | 12 |
| 18 | 3,300 | DIAMOND SPORTS TL B | 3.70% | 37.93 | 36.58 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.10% | 99.34 | 99.24 | 13 |
| 20 | 3,100 | ASURION TL B8 | -0.33% | 97.85 | 98.18 | 10 |
| AVERAGE | 4,029 | 0.02% | 93.22 | 93.33 | 13.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 2/25/22 – 3/4/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | SEADRILL PARTNERS LLC 2ND LIEN TL | 4.00% | 105.08 | 101.04 |
| 2 | PGS TL B | 2.48% | 84.50 | 82.46 |
| 3 | CINEWORLD TL B | 2.09% | 76.53 | 74.96 |
| 4 | PAYSAFE TL | 1.95% | 94.72 | 92.91 |
| 5 | TECHNICOLOR DD EUR TL | 1.83% | 96.75 | 95.01 |
| 6 | WEST CORP TL B1 | 1.68% | 89.75 | 88.27 |
| 7 | PEABODY ENERGY TL B | 1.28% | 95.03 | 93.83 |
| 8 | AIR METHODS TL | 1.14% | 93.39 | 92.34 |
| 9 | HOFFMASTER TL | 0.99% | 93.81 | 92.89 |
| 10 | GEO GROUP TL B | 0.96% | 92.77 | 91.90 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/25/22 – 3/4/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | NEOVIA TL | -9.34% | 85.33 | 94.12 |
| 2 | ANCHOR GLASS 2ND LIEN TL | -5.50% | 41.15 | 43.54 |
| 3 | HERITAGE POWER TL B | -5.36% | 61.47 | 64.95 |
| 4 | HOLLAND & BARRETT EUR TL B | -5.21% | 84.74 | 89.39 |
| 5 | HARLAND CLARKE TL B | -4.75% | 86.19 | 90.50 |
| 6 | VUE INTERNATIONAL BIDCO PLC EUR TL B | -4.26% | 89.16 | 93.13 |
| 7 | VERITAS US INC TL B | -3.71% | 94.94 | 98.60 |
| 8 | LUMILEDS TL B | -2.88% | 73.53 | 75.70 |
| 9 | AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B | -2.61% | 95.00 | 97.55 |
| 10 | TARKETT EUR TL B | -2.57% | 92.68 | 95.13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/25/22 – 3/4/22 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 2/25/22 – 3/4/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 2/25/22 vs. the week ending 3/4/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ENVISION HEALTHCARE TL B | 54 | 92 | 38 | 70% |
| 2 | GOLDEN NUGGET INC TL B | 70 | 102 | 32 | 46% |
| 3 | VISTRA ENERGY TL B3 | 70 | 100 | 30 | 43% |
| 4 | QUIKRETE TL B | 70 | 100 | 30 | 43% |
| 5 | LEARFIELD TL B | 33 | 60 | 27 | 82% |
| 6 | CAESARS RESORT COLLECTION TL B | 70 | 96 | 26 | 37% |
| 7 | SBA COMMUNICATIONS CORP TL B | 50 | 76 | 26 | 52% |
| 8 | CINEWORLD TL B | 44 | 70 | 26 | 59% |
| 9 | ZELIS / REDCARD TL B | 38 | 64 | 26 | 68% |
| 10 | EW SCRIPPS EXT TL B3 | 40 | 65 | 25 | 63% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/25/22 – 3/4/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ZAYO TL | 19 |
| 2 | ENVISION HEALTHCARE TL B | 19 |
| 3 | LUMILEDS TL B | 18 |
| 4 | ACTION NEDERLAND EUR TL B | 18 |
| 5 | HUB INTL LTD TL B | 18 |
| 6 | AMC ENTERTAINMENT TL B1 | 18 |
| 7 | ZIGGO EUR TL H | 18 |
| 8 | GVC HOLDINGS EUR TL B3 | 18 |
| 9 | TELENET EUR TL | 18 |
| 10 | IFCO EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/25/22 – 3/4/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/25/22 – 3/4/22 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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