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 |
|---|---|---|---|---|
| Dave & Buster’s Inc. | 850 | Term Loan | 6/24/2029 | S+500 |
| Creative Artists Agency LLC | 325 | Term Loan | 11/1/2026 | S+425 |
| Avaya Inc. | 350 | Term Loan | 12/1/2027 | S+1000 |
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 |
|---|---|---|---|
| BBB Industries LLC | $1.23B TLB (B2/B-) | JPM, GS, ANT, WF, DB, UBS, NMA, FT, ING | Q3 2022 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q3 2022 |
| Vistage Worldwide | $630MM credit facilities: $50MM revolver; $445MM TL; $135MM TL | GLB, TRS, CO | 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 | -3.67% | 35.06 | 36.40 | 15 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -1.05% | 93.81 | 94.81 | 10 |
| 3 | 4,750 | ZAYO TL | -1.43% | 89.69 | 90.99 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.33% | 96.12 | 96.44 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | -1.05% | 93.55 | 94.53 | 10 |
| 6 | 3,900 | DIRECTV TL | -1.63% | 91.98 | 93.50 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | -1.33% | 94.24 | 95.52 | 14 |
| 8 | 3,582 | MISYS TL B | -1.86% | 89.24 | 90.93 | 11 |
| 9 | 3,524 | TRANSDIGM INC. TL F | -0.53% | 94.73 | 95.23 | 10 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | -1.99% | 92.94 | 94.83 | 11 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | -1.97% | 91.83 | 93.67 | 12 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | -1.23% | 90.72 | 91.85 | 11 |
| 13 | 3,380 | SOLERA TL B | -1.55% | 92.18 | 93.63 | 13 |
| 14 | 3,325 | CINEWORLD TL B | -2.42% | 63.18 | 64.75 | 13 |
| 15 | 3,312 | HUB INTL LTD TL B | -1.10% | 94.28 | 95.32 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | -0.21% | 93.64 | 93.84 | 11 |
| 17 | 3,000 | WESTINGHOUSE TL B | -1.08% | 94.14 | 95.16 | 12 |
| 18 | 2,985 | HARBOR FREIGHT TL B | -0.82% | 87.93 | 88.65 | 14 |
| 19 | 2,884 | BMC SOFTWARE TL B | -1.28% | 93.07 | 94.28 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | -0.55% | 86.39 | 86.87 | 16 |
| AVERAGE | 3,717 | -1.35% | 87.94 | 89.06 | 12.4 |
Top 20 Losers
Showcases the top 20 loan “losers” based on the largest bid price decreases between 7/1/22 – 7/8/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | WITTUR EUR TL B | -8.59% | 72.53 | 79.34 |
| 2 | GENESIS CARE TL B | -8.58% | 75.07 | 82.12 |
| 3 | SCOUT24 2ND LIEN EUR TL | -8.10% | 86.84 | 94.50 |
| 4 | HURTIGRUTEN GROUP EUR TL B | -6.75% | 71.94 | 77.15 |
| 5 | YAK MAT 2ND LIEN TL B | -6.20% | 54.13 | 57.71 |
| 6 | VUE INTERNATIONAL BIDCO PLC EUR TL B | -5.99% | 70.05 | 74.52 |
| 7 | ST HUBERT EUR TL B | -5.93% | 71.03 | 75.51 |
| 8 | KETER GROUP EUR TL B | -5.49% | 83.47 | 88.31 |
| 9 | LABEYRIE EUR TL B | -5.41% | 78.33 | 82.81 |
| 10 | SIGMA BIDCO GBP TL B4 | -5.36% | 74.35 | 78.56 |
| 11 | WESSANEN EUR TL | -5.28% | 78.60 | 82.98 |
| 12 | EQUINOX HLDGS INC TL B | -4.31% | 78.64 | 82.18 |
| 13 | ALSTOM SA EUR TL B | -4.15% | 62.58 | 65.29 |
| 14 | VERITAS US INC TL B | -3.84% | 80.82 | 84.05 |
| 15 | TARKETT EUR TL B | -3.70% | 79.10 | 82.14 |
| 16 | NOBIAN EUR TL B | -3.59% | 84.35 | 87.49 |
| 17 | CORIALIS GBP TL B | -3.58% | 87.91 | 91.17 |
| 18 | LASERSHIP TL | -3.56% | 88.33 | 91.60 |
| 19 | CLEAR CHANNEL OUTDOOR TL B | -3.49% | 85.56 | 88.66 |
| 20 | XELLA INTERNATIONAL GMBH EUR TL B | -3.33% | 85.15 | 88.09 |
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 | ENVISION HEALTHCARE TL B | 41 | 71 | 30 | 73% |
| 2 | TECOMET TL B | 4 | 32 | 28 | 700% |
| 3 | CHARTER NEX TL B | 32 | 59 | 27 | 84% |
| 4 | MAGENTA BUYER LLC TL B | 44 | 70 | 26 | 59% |
| 5 | ZIGGO EUR TL H | 48 | 74 | 26 | 54% |
| 6 | NUMERICABLE EUR TL B11 | 40 | 65 | 25 | 63% |
| 7 | ZAYO TL | 43 | 68 | 25 | 58% |
| 8 | ESMALGLASS EUR TL B | 9 | 33 | 24 | 267% |
| 9 | SEVERIN TL | 20 | 44 | 24 | 120% |
| 10 | COLORADO BUYER TL | 10 | 34 | 24 | 240% |
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 | ZIGGO EUR TL H | 18 |
| 3 | IFCO EUR TL B | 18 |
| 4 | EIRCOM FINCO SARL EUR TL B | 18 |
| 5 | ACTION NEDERLAND EUR TL B | 17 |
| 6 | TELENET EUR TL | 17 |
| 7 | BRAND ENERGY TL | 17 |
| 8 | NUMERICABLE EUR TL B11 | 17 |
| 9 | ENVISION HEALTHCARE TL B | 17 |
| 10 | FONCIA GROUPE EUR TL B | 17 |
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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