Syndicated Bank Loan Market Summary – Week Ending 5/6/22
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Syndicated Bank Loan Market Summary: Week Ending 5/6/22
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 5/6/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Vizient Inc. | 300 | Term Loan | 5/16/2027 | N/A |
| Congruex Group | 470 | Term Loan | 4/28/2029 | S+575 |
| Blackstone Mortgage Trust Inc. | 500 | Term Loan | 4/27/2029 | S+350 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 5/6/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Azz Inc. | $1.925B credit facilities: $400MM RC; $1.525B TL | CITI,WF | Q2 2022 |
| Barracuda Networks Inc. | $1.72B credit facilities: $150MM RC; $1.115B TL; $455MM TL | UBS,KKR,JEFF | Q2 2022 |
| Cambrex Corp. | $75MM TL | RBC | Q2 2022 |
| Polyconcept | $925MM credit facilities: $800MM TLB; $125MM RC | KKR | Q2 2022 |
| Restoration Hardware Inc. | $1B TL (BB) | BofA | Q2 2022 |
| Terraform Power | $500MM TL | RBC,BCLY,WF | Q2 2022 |
| Syniverse Holdings LLC | $1.025B TL | BCLY,GS,MIZ,BofA,CS,DB,BNP,SG | 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 4/29/22 – 5/6/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.83% | 97.43 | 98.25 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -13.39% | 52.74 | 60.89 | 16 |
| 3 | 5,160 | INTEL TL | -1.20% | 96.96 | 98.14 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.46% | 98.52 | 98.97 | 10 |
| 5 | 4,750 | ZAYO TL | -1.10% | 93.65 | 94.70 | 16 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.48% | 98.96 | 99.44 | 13 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | -0.57% | 98.34 | 98.90 | 10 |
| 8 | 3,900 | DIRECTV TL | -1.40% | 98.12 | 99.51 | 12 |
| 9 | 3,582 | MISYS TL B | -1.26% | 95.85 | 97.07 | 13 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.96% | 97.01 | 97.95 | 12 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.34% | 98.36 | 98.69 | 11 |
| 12 | 3,500 | PILOT TRAVEL TL B | -0.35% | 98.25 | 98.59 | 10 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | -0.59% | 101.07 | 101.67 | 11 |
| 14 | 3,450 | GOLDEN NUGGET INC TL B | -1.01% | 98.42 | 99.42 | 12 |
| 15 | 3,380 | SOLERA TL B | -0.94% | 98.30 | 99.24 | 13 |
| 16 | 3,325 | CINEWORLD TL B | -1.22% | 75.26 | 76.18 | 14 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.60% | 98.34 | 98.93 | 14 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.56% | 97.93 | 98.49 | 10 |
| 19 | 3,100 | JAZZ PHARMA TL B | -0.50% | 99.29 | 99.79 | 10 |
| 20 | 3,100 | TRANSUNION TL B6 | -0.42% | 98.50 | 98.92 | 10 |
| AVERAGE | 4,064 | -1.41% | 94.56 | 95.69 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/29/22 – 5/6/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | OUTERSTUFF TL B | 4.84% | 85.98 | 82.01 |
| 2 | BELK EXIT SO TL | 2.42% | 57.89 | 56.52 |
| 3 | GEO GROUP TL B | 2.27% | 96.51 | 94.37 |
| 4 | NEOVIA TL | 1.75% | 90.02 | 88.47 |
| 5 | VYAIRE MEDICAL TL B | 1.06% | 78.61 | 77.79 |
| 6 | VALTRIS SPECIALTY CHEMICALS TL | 0.98% | 96.60 | 95.66 |
| 7 | BOB’S FURNITURE TL B | 0.95% | 91.44 | 90.59 |
| 8 | LIGHTSTONE GENERATION LLC TL B | 0.68% | 92.72 | 92.10 |
| 9 | APERGY TL B | 0.61% | 99.40 | 98.80 |
| 10 | STEINHOFF EUROPE PIK EUR TL A1 | 0.47% | 103.23 | 102.75 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/29/22 – 5/6/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | ENVISION HEALTHCARE TL B | -13.39% | 52.74 | 60.89 |
| 2 | POWER BUYER TL | -10.34% | 83.56 | 93.19 |
| 3 | HERITAGE POWER TL B | -8.62% | 48.75 | 53.35 |
| 4 | POWER BUYER TL | -6.71% | 87.12 | 93.39 |
| 5 | LUMILEDS TL B | -6.21% | 44.00 | 46.92 |
| 6 | LOGMEIN TL B | -5.14% | 91.57 | 96.53 |
| 7 | US RENAL CARE TL B | -4.54% | 84.78 | 88.81 |
| 8 | WEST CORP TL B | -3.59% | 90.03 | 93.38 |
| 9 | WEST CORP TL B1 | -3.11% | 89.57 | 92.44 |
| 10 | AT HOME STORES TL B | -2.91% | 88.13 | 90.77 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/29/22 – 5/6/22 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 4/29/22 – 5/6/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/29/22 vs. the week ending 5/6/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ENVISION HEALTHCARE TL B | 62 | 100 | 38 | 61% |
| 2 | ZAYO TL | 4 | 42 | 38 | 950% |
| 3 | HOLLAND & BARRETT EUR TL B | 0 | 24 | 24 | NA |
| 4 | PLANVIEW TL | 20 | 38 | 18 | 90% |
| 5 | VERITEXT TL B | 28 | 46 | 18 | 64% |
| 6 | QUORUM BUSINESS TL | 3 | 20 | 17 | 567% |
| 7 | POWER BUYER TL | 42 | 58 | 16 | 38% |
| 8 | BUILDING MATERIALS TL | 66 | 82 | 16 | 24% |
| 9 | NUVEI TL B | 10 | 26 | 16 | 160% |
| 10 | ASURION TL B9 | 52 | 67 | 15 | 29% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/29/22 – 5/6/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ENVISION HEALTHCARE TL B | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | LIGHTSTONE GENERATION LLC TL B | 17 |
| 6 | ZIGGO EUR TL H | 17 |
| 7 | GVC HOLDINGS EUR TL B3 | 17 |
| 8 | BANIJAY GROUP EUR TL B | 17 |
| 9 | SYNLAB EUR TL B5 | 17 |
| 10 | ALPHA BIDCO EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/29/22 – 5/6/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/29/22 – 5/6/22 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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