Syndicated Bank Loan Market Summary – Week Ending 7/29/22
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Syndicated Bank Loan Market Summary: Week Ending 7/29/22
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 7/29/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Avient Corp | 575 | Term Loan | 7/26/2029 | S+325 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 7/29/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Bettcher Industries | $200MM TL (B-) | UBS, KKR, JEFF | Q3 2022 |
| Citrix Systems Inc. | $8.05B credit facilities: $1B revolver; $7.05B TL | CS, GS, BCLY, CITI, DB, KKR | Q3 2022 |
| ETC Group | €972.4MM TL | CS, BCLY, BNP, BofI, CA, MIZ, MUFG, STC | Q3 2022 |
| Kindred at Home Hospice | $2.05B TLs: $400MM TLA; $1.2B TLB (B2/B); $450MM TL (Caa2/CCC+) | GS, BCLY, DB, UBS, BNP, CTB, MIZ, RBC, TRS, WF | Q3 2022 |
| Patagonia Holdco | $800MM TLB (B1) | JPM, GS, CITI, BofA, NTXS, DB, SCT | Q3 2022 |
| STG Logistics | $45MM TL | ANT | Q3 2022 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/22/22 – 7/29/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 1.10% | 32.77 | 32.41 | 14 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.55% | 96.40 | 95.87 | 11 |
| 3 | 4,750 | ZAYO TL | -0.87% | 92.03 | 92.84 | 10 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.19% | 97.60 | 97.41 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -0.38% | 96.52 | 96.89 | 10 |
| 6 | 3,900 | DIRECTV TL | -0.21% | 94.44 | 94.63 | 12 |
| 7 | 3,600 | CDK GLOBAL TL | -0.04% | 97.12 | 97.15 | 11 |
| 8 | 3,582 | MISYS TL B | 1.28% | 93.45 | 92.27 | 11 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -0.06% | 97.01 | 97.06 | 11 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -2.11% | 94.29 | 96.32 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | -0.74% | 98.05 | 98.78 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 0.39% | 95.11 | 94.74 | 11 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 0.83% | 95.23 | 94.44 | 14 |
| 14 | 3,380 | SOLERA TL B | -0.15% | 94.88 | 95.02 | 13 |
| 15 | 3,325 | CINEWORLD TL B | 1.44% | 63.86 | 62.96 | 13 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.04% | 97.23 | 97.27 | 13 |
| 17 | 3,300 | NTL CABLE PLC TL N | 0.02% | 97.38 | 97.36 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 2.02% | 20.23 | 19.83 | 12 |
| 19 | 3,000 | WESTINGHOUSE TL B | -0.03% | 96.49 | 96.52 | 11 |
| 20 | 2,985 | HARBOR FREIGHT TL B | -2.32% | 92.47 | 94.67 | 11 |
| AVERAGE | 3,768 | 0.04% | 87.13 | 87.22 | 11.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/22/22 – 7/29/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | US RENAL CARE TL B | 3.21% | 71.28 | 69.07 |
| 2 | HERENS HOLDCO SARL EUR TL B | 3.20% | 90.29 | 87.48 |
| 3 | SIGMA BIDCO GBP TL B4 | 3.08% | 77.94 | 75.61 |
| 4 | MASMOVIL IBERCOM SA EUR TL B2 | 3.07% | 95.11 | 92.28 |
| 5 | COOPER STANDARD TL B | 2.98% | 91.57 | 88.92 |
| 6 | COLE HAAN TL B1 | 2.86% | 83.68 | 81.36 |
| 7 | MASMOVIL IBERCOM SA EUR TL B | 2.80% | 96.00 | 93.39 |
| 8 | HOTELBEDS EUR TL B | 2.73% | 83.68 | 81.46 |
| 9 | VERITAS US INC TL B | 2.65% | 84.74 | 82.56 |
| 10 | ATOTECH TL B | 2.45% | 99.05 | 96.68 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/22/22 – 7/29/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | AVAYA TL B2 | -31.45% | 50.53 | 73.71 |
| 2 | WEBER-STEPHEN TL B | -9.49% | 80.43 | 88.86 |
| 3 | INNOVATIVE XCESSORIES TL | -5.44% | 73.39 | 77.61 |
| 4 | K&N TL | -4.99% | 78.38 | 82.50 |
| 5 | TORTOISE INVESTMENT TL | -4.19% | 59.29 | 61.88 |
| 6 | TRAEGER TL | -4.10% | 80.40 | 83.84 |
| 7 | YAK MAT TL B | -2.79% | 64.11 | 65.95 |
| 8 | HAYWARD INDUSTRIES TL B | -2.44% | 94.79 | 97.16 |
| 9 | HARBOR FREIGHT TL B | -2.32% | 92.47 | 94.67 |
| 10 | LIFEPOINT HOSPITALS TL B | -2.11% | 94.29 | 96.32 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/22/22 – 7/29/22 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 7/22/22 – 7/29/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/22/22 vs. the week ending 7/29/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CEGID GROUP EUR TL B | 18 | 50 | 32 | 178% |
| 2 | BEAVST EUR TL B | 0 | 30 | 30 | NA |
| 3 | HOLLAND & BARRETT EUR TL B | 2 | 30 | 28 | 1400% |
| 4 | BIOGROUP EXT EUR TL B | 2 | 30 | 28 | 1400% |
| 5 | TRAEGER TL | 24 | 50 | 26 | 108% |
| 6 | NUMERICABLE TL B12 | 26 | 52 | 26 | 100% |
| 7 | NUMERICABLE TL B11 | 28 | 52 | 24 | 86% |
| 8 | AXEL SPRINGER EUR TL B | 5 | 29 | 24 | 480% |
| 9 | NTL CABLE PLC EUR TL R | 54 | 78 | 24 | 44% |
| 10 | ZIGGO EUR TL H | 64 | 87 | 23 | 36% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/22/22 – 7/29/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | LUMILEDS TL B | 18 |
| 3 | IFCO EUR TL B | 18 |
| 4 | EIRCOM FINCO SARL EUR TL B | 18 |
| 5 | TELENET EUR TL | 18 |
| 6 | MERLIN ENTERTAINMENTS EUR TL B | 18 |
| 7 | ZIGGO EUR TL H | 18 |
| 8 | ELSAN GROUPE EXT EUR TL B | 18 |
| 9 | CASINO GUICHARD EUR TL B | 17 |
| 10 | NTL CABLE PLC EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/22/22 – 7/29/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/22/22 – 7/29/22 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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