Syndicated Bank Loan Market Summary – Week Ending 4/14/22
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Syndicated Bank Loan Market Summary: Week Ending 4/14/22
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 4/14/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| MKS Instruments Inc. | 1000 | Term Loan | 4/4/2027 | S+250 |
| Delivery Hero SE | 825 | Term Loan | 7/4/2027 | S+575 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 4/14/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Arclight GCX | $630MM TLB (Ba3/B+) | BCLY, MACQ, JEFF, MS, RBC | Q2 2022 |
| Brightview Landscapes | $1.2B TL (B1/BB-) | JPM | Q2 2022 |
| Congruex Group | $545MM TLs: $470MM TL; $75MM DD TL | KEY, CTB, FT | Q2 2022 |
| Dayco Products LLC | $470MM TLB (B3) | BofA | Q2 2022 |
| Everstream | $759.5MM credit facilities: $40MM RC; $494.5MM TL; $250MM DD TL | SG, NTXS, ING, STD, SMBC, CB, MACQ, RBC, TD, VT | Q2 2022 |
| Penn National Gaming Inc. | $1B TLB | BofA | Q2 2022 |
| Kroll | $225MM TL | STP | Q2 2022 |
| STG Logistics | $875MM credit facilities: $60MM RC; $90MM RC; $725MM TL | ANT, DB, STF, CTB, MUFG | Q2 2022 |
| Touchtunes | $385MM TL | CTB | Q2 2022 |
| VXI Global Solutions | $615MM TLB (B) | BC, CG | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/8/22 – 4/14/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.55% | 98.45 | 99.00 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | 0.17% | 64.31 | 64.20 | 15 |
| 3 | 5,160 | INTEL TL | -0.05% | 99.19 | 99.25 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.21% | 99.04 | 99.25 | 10 |
| 5 | 4,750 | ZAYO TL | -0.26% | 97.43 | 97.68 | 15 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.09% | 99.62 | 99.52 | 13 |
| 7 | 3,900 | DIRECTV TL | -0.11% | 99.97 | 100.08 | 12 |
| 8 | 3,582 | MISYS TL B | -0.72% | 98.39 | 99.10 | 13 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -0.15% | 98.60 | 98.75 | 13 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.10% | 99.55 | 99.65 | 11 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 0.01% | 101.43 | 101.42 | 11 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -0.08% | 99.76 | 99.83 | 12 |
| 13 | 3,380 | SOLERA TL B | -0.14% | 99.65 | 99.79 | 14 |
| 14 | 3,325 | CINEWORLD TL B | 0.38% | 76.49 | 76.20 | 13 |
| 15 | 3,312 | HUB INTL LTD TL B | -0.13% | 99.12 | 99.24 | 15 |
| 16 | 3,300 | NTL CABLE PLC TL N | -0.19% | 98.96 | 99.15 | 10 |
| 17 | 3,100 | JAZZ PHARMA TL B | -0.07% | 99.92 | 99.99 | 11 |
| 18 | 3,000 | DELTA SKYMILES TL B | -0.14% | 103.29 | 103.43 | 11 |
| 19 | 3,000 | WESTINGHOUSE TL B | -0.15% | 98.84 | 98.98 | 15 |
| 20 | 2,985 | HARBOR FREIGHT TL B | -0.31% | 98.13 | 98.43 | 12 |
| AVERAGE | 3,960 | -0.13% | 96.51 | 96.65 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/8/22 – 4/14/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CONVERGEONE 2ND LIEN TL | 2.28% | 95.38 | 93.25 |
| 2 | 8TH AVENUE FOOD & PROVISIONS EXT TL B | 1.96% | 89.35 | 87.63 |
| 3 | BEAVST EUR TL B | 1.84% | 93.18 | 91.50 |
| 4 | GHD GESUNDHEITS EUR TL B | 1.51% | 91.78 | 90.42 |
| 5 | MALLINCKRODT EXT TL B | 1.34% | 93.00 | 91.77 |
| 6 | SPECTRUM PLASTICS DD TL | 1.22% | 96.44 | 95.27 |
| 7 | ESSENTIAL POWER TL B | 1.06% | 82.86 | 82.00 |
| 8 | MCDERMOTT EXIT TL | 1.02% | 50.26 | 49.75 |
| 9 | ASSOCIATED ASPHALT PARTNERS TL B | 0.93% | 80.93 | 80.18 |
| 10 | MB AEROSPACE TL B | 0.81% | 90.33 | 89.60 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/8/22 – 4/14/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | DUNN PAPER TL | -12.73% | 78.52 | 89.98 |
| 2 | RIVERBED EXIT TL | -4.90% | 78.69 | 82.74 |
| 3 | LUMILEDS TL B | -4.09% | 50.85 | 53.01 |
| 4 | AT HOME STORES TL B | -3.26% | 93.33 | 96.48 |
| 5 | SERTA SIMMONS TL | -2.27% | 56.59 | 57.90 |
| 6 | HOLLAND & BARRETT EUR TL B | -2.11% | 68.52 | 70.00 |
| 7 | AMERICAN BATH TL | -2.07% | 95.01 | 97.02 |
| 8 | SCHUR FLEXIBLES EUR TL B | -2.03% | 64.61 | 65.95 |
| 9 | ISAGENIX TL | -1.75% | 58.79 | 59.83 |
| 10 | MICHAELS STORES TL | -1.60% | 92.57 | 94.07 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/8/22 – 4/14/22 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 4/8/22 – 4/14/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/8/22 vs. the week ending 4/14/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | APPLIED SYSTEMS TL B | 50 | 74 | 24 | 48% |
| 2 | SINCLAIR BROADCAST GROUP INC. TL B1 | 0 | 22 | 22 | NA |
| 3 | DIGICERT 2ND LIEN TL | 18 | 36 | 18 | 100% |
| 4 | HYLAND SOFTWARE 2ND LIEN TL | 8 | 24 | 16 | 200% |
| 5 | CULLIGAN TL B | 10 | 22 | 12 | 120% |
| 6 | PADAGIS TL B | 8 | 20 | 12 | 150% |
| 7 | ASTRA ACQUISITION CORP TL | 12 | 24 | 12 | 100% |
| 8 | ST HUBERT EUR TL B | 0 | 12 | 12 | NA |
| 9 | ASPEN DENTAL TL B3 | 17 | 28 | 11 | 65% |
| 10 | BCP RENAISSANCE TL B | 20 | 31 | 11 | 55% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/8/22 – 4/14/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 21 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | IFCO EUR TL B | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | DOUGLAS HOLDING EUR TL B | 17 |
| 6 | ALPHA BIDCO EUR TL B | 17 |
| 7 | NUMERICABLE EUR TL B12 | 17 |
| 8 | CERBA HEALTHCARE EUR TL B | 17 |
| 9 | ENVISION HEALTHCARE TL B | 17 |
| 10 | TELENET EUR TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/8/22 – 4/14/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/8/22 – 4/14/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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