Syndicated Bank Loan Market Summary – Week Ending 4/22/22
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Syndicated Bank Loan Market Summary: Week Ending 4/22/22
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 4/22/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Expedia Group Inc. | 2500 | Revolving Credit | 4/14/2027 | S+100-175 |
| Boliden Mineral AB | 400 | Revolving Credit | 4/14/2025 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 4/22/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Arclight GCX | $630MM TLB (Ba3/B+) | BCLY, MACQ, JEFF, MS, RBC | Q2 2022 |
| Bausch + Lomb | $2.5B TL (Ba2/B+) | GS, MS, CITI, JPM, BCLY | 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 |
| Five Star Holding | $880MM TL | GS, MS, NB, CS, KKR | Q2 2022 |
| Mariner Wealth Advisors | $175MM TL | BMO, RBC, UBS | Q2 2022 |
| STG Logistics | $875MM credit facilities: $60MM RC; $90MM RC; $725MM TL | ANT, DB, STF, CTB, MUFG | 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 4/14/22 – 4/22/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 0.02% | 98.48 | 98.45 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -1.04% | 63.64 | 64.31 | 16 |
| 3 | 5,160 | INTEL TL | -0.12% | 99.08 | 99.19 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.33% | 99.37 | 99.04 | 10 |
| 5 | 4,750 | ZAYO TL | -0.21% | 97.22 | 97.43 | 15 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.08% | 99.69 | 99.62 | 13 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | -0.07% | 99.15 | 99.22 | 10 |
| 8 | 3,900 | DIRECTV TL | -0.16% | 99.81 | 99.97 | 12 |
| 9 | 3,582 | MISYS TL B | -0.63% | 97.77 | 98.39 | 13 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.20% | 98.41 | 98.60 | 13 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.03% | 99.52 | 99.55 | 11 |
| 12 | 3,500 | AMERICAN AIRLINES TL B | 0.63% | 102.07 | 101.43 | 11 |
| 13 | 3,450 | GOLDEN NUGGET INC TL B | 0.00% | 99.76 | 99.76 | 12 |
| 14 | 3,420 | RCN GRANDE TL | -0.05% | 99.31 | 99.37 | 10 |
| 15 | 3,380 | SOLERA TL B | 0.01% | 99.65 | 99.65 | 13 |
| 16 | 3,325 | CINEWORLD TL B | -0.18% | 76.35 | 76.49 | 13 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.08% | 99.19 | 99.12 | 15 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.20% | 98.76 | 98.96 | 10 |
| 19 | 3,100 | JAZZ PHARMA TL B | -0.04% | 99.89 | 99.92 | 11 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.26% | 99.07 | 99.32 | 10 |
| AVERAGE | 4,060 | -0.10% | 96.31 | 96.39 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/14/22 – 4/22/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | JILL TL B | 19.07% | 84.42 | 70.90 |
| 2 | SHUTTERFLY TL B | 2.44% | 92.97 | 90.75 |
| 3 | DIAMOND SPORTS 2ND LIEN TL | 2.19% | 34.84 | 34.09 |
| 4 | AMERICAN AIRLINES TL B | 1.96% | 96.70 | 94.83 |
| 5 | GTT COMMUNICATIONS EUR TL B | 1.96% | 83.57 | 81.96 |
| 6 | WEST CORP TL B | 1.80% | 93.63 | 91.98 |
| 7 | OUTERSTUFF TL B | 1.25% | 81.48 | 80.48 |
| 8 | HURTIGRUTEN GROUP EUR TL B | 1.24% | 91.58 | 90.46 |
| 9 | GHD GESUNDHEITS EUR TL B | 1.23% | 92.91 | 91.78 |
| 10 | PGS TL B | 1.21% | 91.46 | 90.36 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/14/22 – 4/22/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | SCHUR FLEXIBLES EUR TL B | -15.87% | 54.35 | 64.61 |
| 2 | UNITED ROAD SERVICES TL | -12.20% | 74.15 | 84.46 |
| 3 | HARLAND CLARKE TL B7 | -3.22% | 88.05 | 90.99 |
| 4 | LUMILEDS TL B | -3.12% | 49.26 | 50.85 |
| 5 | SERTA SIMMONS TL | -2.69% | 55.07 | 56.59 |
| 6 | JO-ANN STORES TL B | -1.99% | 85.69 | 87.42 |
| 7 | ASPECT SOFTWARE 2ND LIEN TL | -1.91% | 96.01 | 97.87 |
| 8 | CORELOGIC 2ND LIEN TL | -1.83% | 95.99 | 97.78 |
| 9 | VISUAL COMFORT TL | -1.83% | 93.98 | 95.73 |
| 10 | AT HOME STORES TL B | -1.45% | 91.98 | 93.33 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/14/22 – 4/22/22 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 4/14/22 – 4/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/14/22 vs. the week ending 4/22/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | STAPLES TL B1 | 66 | 108 | 42 | 64% |
| 2 | KINDERCARE LEARNING CENTER TL | 50 | 89 | 39 | 78% |
| 3 | HUSKY INJECTION MOLDING TL B | 41 | 78 | 37 | 90% |
| 4 | HILTON TL B | 64 | 100 | 36 | 56% |
| 5 | SS&C TECH TL B5 | 60 | 96 | 36 | 60% |
| 6 | ULTIMATE SOFTWARE TL B | 43 | 79 | 36 | 84% |
| 7 | HARBOR FREIGHT TL B | 52 | 87 | 35 | 67% |
| 8 | TRICORBRAUN TL B | 46 | 80 | 34 | 74% |
| 9 | BCP RENAISSANCE TL B | 31 | 65 | 34 | 110% |
| 10 | DAE AVIATION TL | 80 | 114 | 34 | 43% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/14/22 – 4/22/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | NUMERICABLE EUR TL B12 | 17 |
| 6 | ENVISION HEALTHCARE TL B | 17 |
| 7 | GVC HOLDINGS EUR TL B3 | 17 |
| 8 | TELENET EUR TL | 17 |
| 9 | BANIJAY GROUP EUR TL B | 17 |
| 10 | SYNLAB EUR TL B5 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/14/22 – 4/22/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/14/22 – 4/22/22 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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