Syndicated Bank Loan Market Summary – Week Ending 6/24/22
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Syndicated Bank Loan Market Summary: Week Ending 6/24/22
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 6/24/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Safe Fleet Acquisition Corp. | 100 | Term Loan | 2/23/2029 | S+500 |
| Kofax PLC | 1346 | Term Loan | 6/3/2029 | S+535 |
| Intertape Polymer Corp. | 250 | Revolving Credit | 6/15/2027 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 6/24/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Avaya | $500MM TL | GS | Q2 2022 |
| BBB Industries LLC | $1.19B TLB (B2/B-) | JPM, GS, ANT, WF, DB, UBS, NMA, FT, ING | Q2 2022 |
| Creative Artists Agency | $325MM TLB (B2/B) | BofA, MIZ, CS, TRS, UBS, NMA | Q2 2022 |
| Firststudent & Firsttransit | $770MM term loans: $720MM TLB; $50MM TLC | BCLY, MS, BMO, RBC, JEFF, CS, TD, CTB, BNP, DB, MUFG, STFL | Q2 2022 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q2 2022 |
| Vistage Worldwide | $630MM credit facilities: $50MM revolver; $445MM TL; $135MM TL | GLB, TRS, CO | Q2 2022 |
| 888 Holdings | $500MM TLB | MS, JPM, MDB, BCLY | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/17/22 – 6/24/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.31% | 94.28 | 94.57 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -0.75% | 36.40 | 36.67 | 15 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 0.03% | 94.81 | 94.78 | 10 |
| 4 | 4,750 | ZAYO TL | 0.36% | 90.99 | 90.67 | 12 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.08% | 96.44 | 96.36 | 12 |
| 6 | 4,463 | ULTIMATE SOFTWARE TL B | 0.03% | 94.53 | 94.50 | 10 |
| 7 | 3,900 | DIRECTV TL | -0.15% | 93.50 | 93.64 | 14 |
| 8 | 3,600 | CDK GLOBAL TL | -0.01% | 95.52 | 95.52 | 13 |
| 9 | 3,582 | MISYS TL B | -1.39% | 90.93 | 92.21 | 11 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -0.15% | 95.23 | 95.38 | 11 |
| 11 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.28% | 94.83 | 95.09 | 12 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | -0.28% | 93.67 | 93.93 | 11 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | -3.29% | 91.85 | 94.97 | 12 |
| 14 | 3,380 | SOLERA TL B | -0.36% | 93.63 | 93.97 | 14 |
| 15 | 3,325 | CINEWORLD TL B | 0.78% | 64.75 | 64.25 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.43% | 95.32 | 95.74 | 12 |
| 17 | 3,300 | NTL CABLE PLC TL N | -0.63% | 93.84 | 94.44 | 12 |
| 18 | 3,000 | WESTINGHOUSE TL B | 0.48% | 95.16 | 94.71 | 12 |
| 19 | 2,985 | HARBOR FREIGHT TL B | -2.94% | 88.65 | 91.33 | 13 |
| 20 | 2,884 | BMC SOFTWARE TL B | 0.02% | 94.28 | 94.26 | 16 |
| AVERAGE | 3,939 | -0.46% | 89.43 | 89.85 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 6/17/22 – 6/24/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | REVLON TL B | 41.72% | 39.79 | 28.08 |
| 2 | EASTERN POWER TL B | 17.74% | 84.39 | 71.67 |
| 3 | ANCHOR GLASS 2ND LIEN TL | 2.26% | 40.46 | 39.57 |
| 4 | QWEST CORPORATION TL B | 1.61% | 91.85 | 90.40 |
| 5 | OSMOSE TL | 1.57% | 89.93 | 88.54 |
| 6 | NEXSTAR BROADCASTING TL B4 | 1.57% | 98.47 | 96.94 |
| 7 | NEENAH PAPER INC TL B | 1.02% | 99.00 | 98.00 |
| 8 | GENESYS TELECOM TL B | 0.99% | 96.75 | 95.80 |
| 9 | WELBILT TL B | 0.95% | 98.29 | 97.36 |
| 10 | ARCTIC GLACIER TL B | 0.71% | 86.92 | 86.31 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/17/22 – 6/24/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | JO-ANN STORES TL B | -9.11% | 68.54 | 75.41 |
| 2 | EAGLEPICHER TL | -5.33% | 77.96 | 82.34 |
| 3 | CINEWORLD TL B | -5.04% | 66.50 | 70.03 |
| 4 | INNOVATIVE XCESSORIES TL | -4.76% | 84.28 | 88.49 |
| 5 | US RENAL CARE TL B | -3.70% | 74.31 | 77.17 |
| 6 | LIFESCAN TL B | -2.82% | 89.64 | 92.24 |
| 7 | AT HOME STORES TL B | -2.43% | 82.95 | 85.02 |
| 8 | GREYSTONE SELECT FINANCIAL TL B | -2.11% | 92.56 | 94.56 |
| 9 | CONAIR HOLDINGS TL | -1.77% | 89.51 | 91.12 |
| 10 | CINEWORLD PIK P TL B1 | -1.40% | 111.96 | 113.55 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/17/22 – 6/24/22 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 6/17/22 – 6/24/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/17/22 vs. the week ending 6/24/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BMC SOFTWARE TL B | 77 | 108 | 31 | 40% |
| 2 | CEVA SANTE ANIMALE EUR TL B | 16 | 46 | 30 | 188% |
| 3 | GENESEE & WYOMING TL | 63 | 92 | 29 | 46% |
| 4 | BJ’S TL B | 57 | 86 | 29 | 51% |
| 5 | NTL CABLE PLC TL N | 58 | 86 | 28 | 48% |
| 6 | KLOECKNER EUR TL B | 10 | 38 | 28 | 280% |
| 7 | HOLLAND & BARRETT EUR TL B | 10 | 38 | 28 | 280% |
| 8 | LESLIE’S POOLMART TL B | 34 | 62 | 28 | 82% |
| 9 | NTL CABLE PLC EUR TL B | 30 | 58 | 28 | 93% |
| 10 | JO-ANN STORES TL B | 44 | 72 | 28 | 64% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/17/22 – 6/24/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 21 |
| 2 | STADA ARZNEIMITTEL EUR TL F | 20 |
| 3 | IFCO EUR TL B | 19 |
| 4 | ENVISION HEALTHCARE TL B | 19 |
| 5 | NUMERICABLE EUR TL B11 | 18 |
| 6 | EIRCOM FINCO SARL EUR TL B | 18 |
| 7 | ZIGGO EUR TL H | 18 |
| 8 | KLOECKNER EUR TL B | 18 |
| 9 | FONCIA GROUPE EUR TL B | 18 |
| 10 | DOUGLAS HOLDING EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/17/22 – 6/24/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/17/22 – 6/24/22 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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