Syndicated Bank Loan Market Summary – Week Ending 7/8/22
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Syndicated Bank Loan Market Summary: Week Ending 7/8/22
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 7/8/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Natus Medical Inc. | 413 | Term Loan | 7/5/2029 | S+550 |
| First Student Bidco Inc. | 720 | Term Loan | 7/21/2028 | S+410 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 7/8/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Apex Group Ltd. | $300MM TL | BofA | Q3 2022 |
| 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 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q3 2022 |
| 888 Holdings | $500MM TLB | MS, JPM, MDB, BCLY | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/1/22 – 7/8/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -1.31% | 34.60 | 35.06 | 13 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.09% | 93.72 | 93.81 | 10 |
| 3 | 4,750 | ZAYO TL | 0.38% | 90.03 | 89.69 | 10 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.11% | 96.22 | 96.12 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 0.17% | 93.70 | 93.55 | 10 |
| 6 | 3,900 | DIRECTV TL | -0.04% | 91.94 | 91.98 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | 0.44% | 94.66 | 94.24 | 15 |
| 8 | 3,582 | MISYS TL B | 0.47% | 89.66 | 89.24 | 11 |
| 9 | 3,524 | TRANSDIGM INC. TL F | 0.32% | 95.04 | 94.73 | 10 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | -0.07% | 91.76 | 91.83 | 12 |
| 11 | 3,400 | REFRESCO HOLDING EUR TL B | 1.77% | 92.32 | 90.72 | 12 |
| 12 | 3,380 | SOLERA TL B | -0.54% | 91.68 | 92.18 | 13 |
| 13 | 3,325 | CINEWORLD TL B | -1.97% | 61.94 | 63.18 | 14 |
| 14 | 3,312 | HUB INTL LTD TL B | 0.24% | 94.50 | 94.28 | 12 |
| 15 | 3,300 | NTL CABLE PLC TL N | 1.13% | 94.70 | 93.64 | 11 |
| 16 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -9.67% | 21.10 | 23.36 | 10 |
| 17 | 3,000 | WESTINGHOUSE TL B | 0.58% | 94.68 | 94.14 | 11 |
| 18 | 2,985 | HARBOR FREIGHT TL B | 1.35% | 89.11 | 87.93 | 14 |
| 19 | 2,884 | BMC SOFTWARE TL B | 0.40% | 93.44 | 93.07 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | 1.40% | 87.60 | 86.39 | 16 |
| AVERAGE | 3,703 | -0.25% | 84.62 | 84.46 | 12.3 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/1/22 – 7/8/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | EIRCOM FINCO SARL EUR TL B | 2.48% | 92.83 | 90.59 |
| 2 | FRONERI EUR TL B | 2.41% | 89.35 | 87.25 |
| 3 | IFCO EUR TL B | 1.90% | 89.90 | 88.22 |
| 4 | BOELS HOLDING EUR TL B | 1.73% | 93.08 | 91.50 |
| 5 | BRAND ENERGY TL | 1.40% | 87.60 | 86.39 |
| 6 | DEDALUS EUR TL B | 1.37% | 94.20 | 92.93 |
| 7 | OXEA TL | 1.36% | 94.07 | 92.81 |
| 8 | HARBOR FREIGHT TL B | 1.35% | 89.11 | 87.93 |
| 9 | TELENET TL | 1.23% | 93.40 | 92.27 |
| 10 | NTL CABLE PLC TL N | 1.13% | 94.70 | 93.64 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/1/22 – 7/8/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | MITEL NETWORKS 2ND LIEN TL | -7.60% | 64.61 | 69.92 |
| 2 | CONVERGEONE TL B | -7.55% | 78.11 | 84.49 |
| 3 | INFOBLOX INC 2ND LIEN TL | -6.06% | 86.22 | 91.78 |
| 4 | SECURUS 2ND LIEN TL | -5.04% | 86.28 | 90.86 |
| 5 | EQUINOX HLDGS INC TL B | -4.25% | 75.30 | 78.64 |
| 6 | WESTJET TL | -3.95% | 87.14 | 90.73 |
| 7 | LABEYRIE EUR TL B | -3.95% | 75.24 | 78.33 |
| 8 | SECURUS TL | -3.30% | 89.82 | 92.88 |
| 9 | WITTUR EUR TL B | -3.03% | 70.33 | 72.53 |
| 10 | CONSOLIDATED COMMUNICATIONS TL B | -2.69% | 85.85 | 88.23 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/22 – 7/8/22 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 7/1/22 – 7/8/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/1/22 vs. the week ending 7/8/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TK ELEVATOR EUR TL B | 7 | 47 | 40 | 571% |
| 2 | NOBIAN EUR TL B | 28 | 54 | 26 | 93% |
| 3 | CHEPLAPHARM ARZNEIMITTEL EUR TL B | 33 | 58 | 25 | 76% |
| 4 | CRH EUROPE EUR TL B | 15 | 37 | 22 | 147% |
| 5 | ALTER DOMUS EUR TL B | 8 | 30 | 22 | 275% |
| 6 | ION TRADING EUR TL B | 32 | 53 | 21 | 66% |
| 7 | MATTERHORN MOBILE EUR TL B | 15 | 33 | 18 | 120% |
| 8 | NTL CABLE PLC GBP TL M | 34 | 52 | 18 | 53% |
| 9 | BANIJAY GROUP EUR TL B | 53 | 69 | 16 | 30% |
| 10 | SURF HOLDINGS EUR TL | 0 | 16 | 16 | NA |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/22 – 7/8/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 19 |
| 2 | IFCO EUR TL B | 18 |
| 3 | AVAYA TL B2 | 18 |
| 4 | SIGMA BIDCO GBP TL B4 | 17 |
| 5 | ACTION NEDERLAND EUR TL B | 17 |
| 6 | EIRCOM FINCO SARL EUR TL B | 17 |
| 7 | ZIGGO EUR TL H | 17 |
| 8 | TELENET EUR TL | 17 |
| 9 | NTL CABLE PLC EUR TL B | 17 |
| 10 | BANIJAY GROUP EUR TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/22 – 7/8/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/22 – 7/8/22 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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