Syndicated Bank Loan Market Summary – Week Ending 4/1/22
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Syndicated Bank Loan Market Summary: Week Ending 4/1/22
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 4/1/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Victra Finance Corp. | 620 | Term Loan | 3/11/2029 | S+725 |
| Skillsoft Corp. | 160 | Term Loan | 7/16/2028 | S+525 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 4/1/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Belfor Holdings Inc. | $250MM TL | JPM | Q2 2022 |
| Doosan Bobcat | $850MM TLB (Ba3/BB) | BofA, JPM, PNC, TD | Q2 2022 |
| Everstream | $759.5MM credit facilities: $40MM RC; $494.5MM TL; $225MM DD TL | SG, NTXS, ING, STD, SMBC, CB, MACQ, RBC, TD, VT | Q2 2022 |
| Help at Home | $2.12B credit facilities: $250MM RC, $1.48B TL; $390MM TL | BofA, JPM, DB, MACQ, CTB, GS, MIZ | Q2 2022 |
| Perrigo Co. PLC | $2.1B credit facilities (BBB-/BBB-): $1B RC; $300MM TLA; $800MM TLB | JPM, MS, WF, BofA, HSBC | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/25/22 – 4/1/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.63% | 99.07 | 98.45 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -1.42% | 66.67 | 67.63 | 17 |
| 3 | 4,750 | ZAYO TL | 0.79% | 97.29 | 96.53 | 16 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.59% | 99.36 | 98.78 | 13 |
| 5 | 3,900 | DIRECTV TL | 0.72% | 99.86 | 99.15 | 12 |
| 6 | 3,582 | MISYS TL B | 0.43% | 98.66 | 98.24 | 13 |
| 7 | 3,524 | TRANSDIGM INC. TL F | 0.50% | 98.18 | 97.69 | 13 |
| 8 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.83% | 99.50 | 98.69 | 12 |
| 9 | 3,500 | AMERICAN AIRLINES TL B | 1.00% | 101.27 | 100.27 | 11 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | 1.02% | 99.55 | 98.54 | 12 |
| 11 | 3,380 | SOLERA TL B | 0.45% | 99.32 | 98.87 | 14 |
| 12 | 3,325 | CINEWORLD TL B | -0.16% | 76.85 | 76.98 | 14 |
| 13 | 3,312 | HUB INTL LTD TL B | 0.58% | 98.90 | 98.34 | 15 |
| 14 | 3,300 | NTL CABLE PLC TL N | 1.10% | 98.77 | 97.69 | 10 |
| 15 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.60% | 99.62 | 99.03 | 11 |
| 16 | 3,100 | JAZZ PHARMA TL B | 0.84% | 99.69 | 98.86 | 11 |
| 17 | 3,000 | WESTINGHOUSE TL B | 0.61% | 98.32 | 97.73 | 13 |
| 18 | 2,985 | HARBOR FREIGHT TL B | 1.07% | 98.06 | 97.02 | 11 |
| 19 | 2,938 | ULTIMATE SOFTWARE TL | 0.59% | 99.34 | 98.76 | 10 |
| 20 | 2,884 | BMC SOFTWARE TL B | 0.72% | 99.35 | 98.64 | 17 |
| AVERAGE | 3,757 | 0.57% | 96.38 | 95.79 | 12.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/25/22 – 4/1/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | KIK CUSTOM TL B | 4.62% | 94.16 | 90.00 |
| 2 | LIGHTSTONE GENERATION LLC TL B | 4.34% | 90.00 | 86.25 |
| 3 | RSA SECURITY LLC DD 2ND LIEN TL | 3.91% | 91.44 | 88.00 |
| 4 | PLANTRONICS TL | 3.44% | 99.07 | 95.78 |
| 5 | KNOWLTON PACKAGING INC TL | 3.39% | 98.40 | 95.17 |
| 6 | DAE AVIATION TL B2 | 3.15% | 98.08 | 95.09 |
| 7 | EIG INVESTORS TL B | 2.51% | 97.52 | 95.13 |
| 8 | MICHAELS STORES TL | 2.45% | 93.91 | 91.67 |
| 9 | SCHWEITZER-MAUDUIT INTERNATIONAL TL | 2.23% | 98.13 | 95.99 |
| 10 | WESTJET TL | 2.11% | 96.28 | 94.29 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/25/22 – 4/1/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | LUMILEDS TL B | -15.34% | 58.54 | 69.15 |
| 2 | DUNN PAPER TL | -5.58% | 87.63 | 92.81 |
| 3 | ENVISION HEALTHCARE PIK TL B | -4.99% | 66.06 | 69.53 |
| 4 | UNITED ROAD SERVICES TL | -4.20% | 84.30 | 88.00 |
| 5 | GENESIS CARE EUR TL B | -3.03% | 85.15 | 87.82 |
| 6 | SERTA SIMMONS TL | -2.89% | 59.19 | 60.95 |
| 7 | CITY BREWING TL B | -2.16% | 91.49 | 93.51 |
| 8 | HERITAGE POWER TL B | -1.87% | 57.95 | 59.05 |
| 9 | JORDAN HEALTH TL | -1.48% | 74.36 | 75.48 |
| 10 | YAK MAT TL B | -1.41% | 85.99 | 87.22 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/25/22 – 4/1/22 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 3/25/22 – 4/1/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/25/22 vs. the week ending 4/1/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AIR MEDICAL TL B2 | 28 | 73 | 45 | 161% |
| 2 | US TELEPACIFIC TL B | 14 | 58 | 44 | 314% |
| 3 | WESTJET TL | 66 | 101 | 35 | 53% |
| 4 | PETROCHOICE TL | 18 | 50 | 32 | 178% |
| 5 | ALLIANT HLDGS I INC TL B | 59 | 89 | 30 | 51% |
| 6 | HUB INTL LTD TL B3 | 82 | 112 | 30 | 37% |
| 7 | SS&C TECH TL B4 | 28 | 56 | 28 | 100% |
| 8 | MISYS TL B | 82 | 110 | 28 | 34% |
| 9 | CIBT HOLDINGS TL | 31 | 58 | 27 | 87% |
| 10 | JORDAN HEALTH TL | 29 | 56 | 27 | 93% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/25/22 – 4/1/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | IFCO EUR TL B | 18 |
| 3 | ACTION NEDERLAND EUR TL B | 18 |
| 4 | ENVISION HEALTHCARE TL B | 18 |
| 5 | ZIGGO EUR TL H | 17 |
| 6 | TELENET EUR TL | 17 |
| 7 | BANIJAY GROUP EUR TL B | 17 |
| 8 | CERBA HEALTHCARE EUR TL B | 17 |
| 9 | AMC ENTERTAINMENT TL B1 | 17 |
| 10 | NTL CABLE PLC EUR TL R | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/25/22 – 4/1/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/25/22 – 4/1/22 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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