Syndicated Bank Loan Market Summary – Week Ending 5/13/22
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Syndicated Bank Loan Market Summary: Week Ending 5/13/22
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 5/13/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| AZZ Inc | 400 | Revolving Credit | 4/26/2027 | N/A |
| Bausch & Lomb Inc. | 2500 | Term Loan | 5/10/2027 | S+325 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 5/13/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Championx Corp. | $625MM TLB (Ba2/BBB-) | JPM | Q2 2022 |
| Lightstone Holdco LLC | $1.543B TLs: $1.461B TLB, $82MM TLC | JEFF | Q2 2022 |
| Montana Renewables | $500MM TLB (B3/B) | BofA | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 5/6/22 – 5/13/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -1.79% | 95.68 | 97.43 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -13.19% | 45.78 | 52.74 | 16 |
| 3 | 5,160 | INTEL TL | -3.80% | 93.27 | 96.96 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -2.37% | 96.18 | 98.52 | 10 |
| 5 | 4,750 | ZAYO TL | -3.27% | 90.60 | 93.65 | 14 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.66% | 97.32 | 98.96 | 13 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | -1.96% | 96.41 | 98.34 | 10 |
| 8 | 4,197 | AKZONOBEL TL B | -2.33% | 95.60 | 97.87 | 10 |
| 9 | 3,900 | DIRECTV TL | -3.25% | 94.93 | 98.12 | 12 |
| 10 | 3,582 | MISYS TL B | -2.84% | 93.13 | 95.85 | 13 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -1.52% | 95.53 | 97.01 | 13 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -2.23% | 96.16 | 98.36 | 11 |
| 13 | 3,500 | PILOT TRAVEL TL B | -1.81% | 96.47 | 98.25 | 10 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | -2.14% | 98.91 | 101.07 | 10 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | -3.33% | 95.14 | 98.42 | 12 |
| 16 | 3,380 | SOLERA TL B | -2.83% | 95.52 | 98.30 | 13 |
| 17 | 3,325 | CINEWORLD TL B | -5.83% | 70.87 | 75.26 | 13 |
| 18 | 3,312 | HUB INTL LTD TL B | -2.93% | 95.46 | 98.34 | 14 |
| 19 | 3,300 | NTL CABLE PLC TL N | -1.96% | 96.01 | 97.93 | 11 |
| 20 | 3,100 | JAZZ PHARMA TL B | -1.47% | 97.83 | 99.29 | 11 |
| AVERAGE | 4,119 | -3.12% | 91.84 | 94.53 | 11.9 |
Top 20 Losers
Showcases the top 20 loan “losers” based on the largest bid price decreases between 5/6/22 – 5/13/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | POWER BUYER 2ND LIEN TL | -20.14% | 69.08 | 86.50 |
| 2 | ENDO HEALTH TL B | -14.19% | 78.39 | 91.36 |
| 3 | ENVISION HEALTHCARE TL B | -13.19% | 45.78 | 52.74 |
| 4 | SERTA SIMMONS TL | -11.59% | 47.29 | 53.49 |
| 5 | HARLAND CLARKE TL B | -10.31% | 70.47 | 78.57 |
| 6 | AIR METHODS TL | -8.63% | 86.28 | 94.43 |
| 7 | LOGMEIN TL B | -8.58% | 83.71 | 91.57 |
| 8 | LIMETREE BAY TL B | -7.99% | 68.52 | 74.48 |
| 9 | NATIONAL CINEMEDIA TL B | -7.95% | 81.89 | 88.96 |
| 10 | WHEEL PROS TL | -6.83% | 86.08 | 92.39 |
| 11 | CINEWORLD TL B | -5.83% | 70.87 | 75.26 |
| 12 | RODAN & FIELDS TL B | -5.73% | 56.44 | 59.87 |
| 13 | LUMILEDS TL B | -5.70% | 41.50 | 44.00 |
| 14 | ANCHOR GLASS 2ND LIEN TL | -5.55% | 42.53 | 45.03 |
| 15 | VERITAS US INC TL B | -5.43% | 85.00 | 89.88 |
| 16 | BELK EXIT SO TL | -5.38% | 54.78 | 57.89 |
| 17 | HURTIGRUTEN GROUP EUR TL B | -5.32% | 86.60 | 91.46 |
| 18 | MALLINCKRODT TL B | -5.30% | 87.25 | 92.14 |
| 19 | US RENAL CARE TL B | -5.25% | 80.33 | 84.78 |
| 20 | THILEA TL B | -4.72% | 91.09 | 95.59 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/6/22 – 5/13/22 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 5/6/22 – 5/13/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/6/22 vs. the week ending 5/13/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AMC ENTERTAINMENT TL B1 | 49 | 74 | 25 | 51% |
| 2 | OPEN TEXT CORP TL B | 33 | 54 | 21 | 64% |
| 3 | MERLIN ENTERTAINMENTS EUR TL B | 14 | 34 | 20 | 143% |
| 4 | CAMBREX CORP TL | 22 | 42 | 20 | 91% |
| 5 | APTTUS CORP TL | 10 | 28 | 18 | 180% |
| 6 | SCHUR FLEXIBLES EUR TL B | 10 | 26 | 16 | 160% |
| 7 | HOMEVI EXT EUR TL B | 8 | 24 | 16 | 200% |
| 8 | RODAN & FIELDS TL B | 54 | 70 | 16 | 30% |
| 9 | ENERGYSOLUTIONS TL B | 10 | 26 | 16 | 160% |
| 10 | STYROLUTION EUR TL B | 16 | 30 | 14 | 88% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/6/22 – 5/13/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ENVISION HEALTHCARE TL B | 18 |
| 3 | ACTION NEDERLAND EUR TL B | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | DOUGLAS HOLDING EUR TL B | 18 |
| 6 | GVC HOLDINGS EUR TL B3 | 17 |
| 7 | ZIGGO EUR TL H | 17 |
| 8 | BANIJAY GROUP EUR TL B | 17 |
| 9 | NTL CABLE PLC EUR TL R | 17 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/6/22 – 5/13/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/6/22 – 5/13/22 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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