Syndicated Bank Loan Market Summary – Week Ending 6/3/22
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Syndicated Bank Loan Market Summary: Week Ending 6/3/22
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 6/3/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Epic School Staffing Holdco | 155 | Term Loan | 2/5/2027 | S+625 |
| Jain Irrigation | 75 | Delayed-draw Term Loan | 5/15/2022 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 6/3/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Advancing Eyecare | $340MM credit facilities (B3/B-): $40MM revolver; $250MM TL; $50MM DD | UBS, JEFF, GLB | Q2 2022 |
| CDK Global Inc. | $4B credit facilities: $650MM revolver; $3.35B TL | CS, GS, BMO, BCLY, DB, RBC, TD, WF, BofA, BNP, CIBC, SCT | Q2 2022 |
| Imperial Dade | $650MM TL (B3/B-) | CS, GS, BCLY, BMO, CTB, STF | Q2 2022 |
| Intertape Polymer Group Inc. | $1.75B credit facilities: $250MM revolver; $1.5B TL (B2/B) | CS, DB, GS, JEFF, BMO | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 5/27/22 – 6/3/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | 1.61% | 97.32 | 95.78 | 12 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -0.90% | 38.74 | 39.09 | 17 |
| 3 | 5,160 | INTEL TL | 2.69% | 96.37 | 93.85 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 1.58% | 98.31 | 96.78 | 10 |
| 5 | 4,750 | ZAYO TL | 1.92% | 94.60 | 92.81 | 12 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.50% | 98.12 | 97.63 | 14 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | 1.20% | 96.81 | 95.66 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | 1.16% | 97.21 | 96.10 | 10 |
| 9 | 3,972 | POWER SOLUTIONS TL B | 1.48% | 97.21 | 95.79 | 10 |
| 10 | 3,900 | DIRECTV TL | 1.80% | 97.20 | 95.48 | 12 |
| 11 | 3,582 | MISYS TL B | 2.04% | 95.38 | 93.47 | 12 |
| 12 | 3,524 | TRANSDIGM INC. TL F | 0.69% | 97.74 | 97.08 | 16 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.45% | 97.17 | 95.79 | 13 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 0.17% | 99.64 | 99.47 | 10 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | 1.16% | 96.47 | 95.36 | 12 |
| 16 | 3,380 | SOLERA TL B | 1.37% | 96.58 | 95.28 | 14 |
| 17 | 3,325 | CINEWORLD TL B | -0.15% | 70.03 | 70.14 | 15 |
| 18 | 3,312 | HUB INTL LTD TL B | 1.63% | 97.13 | 95.58 | 14 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.49% | 97.55 | 97.07 | 11 |
| 20 | 3,100 | JAZZ PHARMA TL B | 0.71% | 98.26 | 97.56 | 11 |
| AVERAGE | 4,142 | 1.13% | 92.89 | 91.79 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 5/27/22 – 6/3/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | AVAYA TL B2 | 11.42% | 82.69 | 74.21 |
| 2 | MAGENTA BUYER LLC TL B | 4.27% | 95.09 | 91.20 |
| 3 | INTEL TL | 3.75% | 94.60 | 91.18 |
| 4 | PETSMART TL B | 2.92% | 96.26 | 93.53 |
| 5 | ACRISURE TL B | 2.33% | 95.87 | 93.69 |
| 6 | COMMSCOPE TL B2 | 2.32% | 95.98 | 93.80 |
| 7 | ACPRODUCTS TL B | 2.21% | 82.27 | 80.49 |
| 8 | COLE HAAN TL B1 | 2.17% | 81.68 | 79.95 |
| 9 | BRAND ENERGY TL | 2.15% | 88.98 | 87.11 |
| 10 | MISYS 2ND LIEN TL | 2.11% | 88.73 | 86.90 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 5/27/22 – 6/3/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | REVLON 2ND LIEN TL B2 | -7.83% | 63.10 | 68.46 |
| 2 | JO-ANN STORES TL B | -6.23% | 75.41 | 80.42 |
| 3 | CBS RADIO INC TL B | -4.12% | 89.41 | 93.25 |
| 4 | US RENAL CARE TL B | -3.53% | 77.17 | 79.99 |
| 5 | OSMOSE TL | -2.69% | 90.43 | 92.93 |
| 6 | CARROLS HOLDCO INC TL B | -1.78% | 90.39 | 92.03 |
| 7 | WEST CORP TL B | -1.63% | 88.50 | 89.96 |
| 8 | STRATEGIC MATERIALS TL | -1.57% | 85.26 | 86.62 |
| 9 | SABRE TL B | -1.52% | 90.78 | 92.18 |
| 10 | SABRE INDUSTRIES TL | -1.32% | 90.91 | 92.13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/27/22 – 6/3/22 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 5/27/22 – 6/3/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/27/22 vs. the week ending 6/3/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ARTERRA WINES CANANDA TL B1 | 18 | 34 | 16 | 89% |
| 2 | ELEMENT MATERIALS TL B | 2 | 18 | 16 | 800% |
| 3 | ELLUCIAN / SOPHIA TL | 16 | 30 | 14 | 88% |
| 4 | CAESARS RESORT COLLECTION TL B1 | 14 | 28 | 14 | 100% |
| 5 | ELO TOUCH TL B | 0 | 14 | 14 | NA |
| 6 | ENERGYSOLUTIONS TL B | 12 | 24 | 12 | 100% |
| 7 | GGP LP TL B | 24 | 36 | 12 | 50% |
| 8 | GREENHILL TL B | 8 | 20 | 12 | 150% |
| 9 | CLARIVATE ANALYTICS TL B | 11 | 23 | 12 | 109% |
| 10 | GARDNER DENVER TL B2 | 16 | 28 | 12 | 75% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/27/22 – 6/3/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | STADA ARZNEIMITTEL EUR TL F | 20 |
| 3 | IFCO EUR TL B | 19 |
| 4 | ENVISION HEALTHCARE TL B | 19 |
| 5 | DOUGLAS HOLDING EUR TL B | 19 |
| 6 | BANIJAY GROUP EUR TL B | 18 |
| 7 | NUMERICABLE EUR TL B11 | 18 |
| 8 | EIRCOM FINCO SARL EUR TL B | 18 |
| 9 | KLOECKNER EUR TL B | 18 |
| 10 | ZIGGO EUR TL H | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/27/22 – 6/3/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/27/22 – 6/3/22 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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