Syndicated Bank Loan Market Summary – Week Ending 8/12/22
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Syndicated Bank Loan Market Summary: Week Ending 8/12/22
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 8/12/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| ETX Energy LLC | 600 | Term Loan | 8/4/2029 | S+450 |
| Patagonia Holdco LLC | 1300 | Term Loan | 7/18/2029 | S+575 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 8/12/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Asurion LLC | $1.184B TLB (Ba3/B+) | BofA | Q3 2022 |
| Avient Corp | $575MM TLB (Ba1/BB+) | MS, JPM | 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 |
| Watchguard Technologies Inc. | $750MM TLs: $550MM TLB (B2/B-); $200MM TL | GS, BCLY, DB | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/5/22 – 8/12/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -6.73% | 25.23 | 27.05 | 13 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.88% | 98.50 | 97.64 | 11 |
| 3 | 4,750 | ZAYO TL | 1.70% | 93.93 | 92.37 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.66% | 99.16 | 98.50 | 12 |
| 5 | 3,900 | DIRECTV TL | 1.10% | 97.56 | 96.50 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | 1.10% | 98.89 | 97.82 | 12 |
| 7 | 3,582 | MISYS TL B | 1.30% | 94.90 | 93.68 | 11 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.75% | 98.58 | 97.84 | 11 |
| 9 | 3,450 | GOLDEN NUGGET INC TL B | 1.71% | 97.61 | 95.96 | 10 |
| 10 | 3,400 | REFRESCO HOLDING EUR TL B | 0.30% | 97.29 | 97.00 | 14 |
| 11 | 3,380 | SOLERA TL B | 1.91% | 97.81 | 95.98 | 14 |
| 12 | 3,325 | CINEWORLD TL B | 2.37% | 69.55 | 67.95 | 13 |
| 13 | 3,312 | HUB INTL LTD TL B | 0.68% | 98.83 | 98.16 | 13 |
| 14 | 3,300 | NTL CABLE PLC TL N | 0.78% | 98.52 | 97.76 | 11 |
| 15 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -5.61% | 18.82 | 19.94 | 11 |
| 16 | 3,000 | WESTINGHOUSE TL B | 1.16% | 98.26 | 97.14 | 11 |
| 17 | 2,985 | HARBOR FREIGHT TL B | 2.20% | 95.90 | 93.84 | 12 |
| 18 | 2,884 | BMC SOFTWARE TL B | 1.17% | 98.61 | 97.46 | 14 |
| 19 | 2,825 | BRAND ENERGY TL | 0.89% | 92.15 | 91.34 | 15 |
| 20 | 2,750 | REALPAGE TL B | 0.69% | 98.00 | 97.33 | 10 |
| AVERAGE | 3,617 | 0.45% | 88.41 | 87.56 | 12.2 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/5/22 – 8/12/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | ACPRODUCTS TL B | 9.61% | 81.54 | 74.39 |
| 2 | AUDIO VISUAL TL B1 | 8.04% | 92.19 | 85.33 |
| 3 | PLY GEM TL | 7.32% | 92.21 | 85.92 |
| 4 | US RENAL CARE TL B | 6.25% | 76.45 | 71.95 |
| 5 | LANDESK TL B | 5.87% | 89.82 | 84.84 |
| 6 | PRINCE MINERALS TL | 5.33% | 92.00 | 87.35 |
| 7 | CINEWORLD TL B | 4.71% | 67.29 | 64.27 |
| 8 | DOMIDEP EUR TL B | 4.44% | 94.24 | 90.23 |
| 9 | CAMPING WORLD TL B | 4.11% | 93.52 | 89.83 |
| 10 | BASS PRO SHOPS TL B | 3.55% | 97.24 | 93.90 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/5/22 – 8/12/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | AVAYA EXT TL B1 | -20.15% | 47.43 | 59.40 |
| 2 | RODAN & FIELDS TL B | -2.66% | 52.95 | 54.39 |
| 3 | SERTA SIMMONS SO TL | -2.53% | 59.99 | 61.55 |
| 4 | CASA SYSTEMS TL | -2.17% | 88.76 | 90.72 |
| 5 | NATIONAL MENTOR TL B | -2.08% | 82.65 | 84.41 |
| 6 | TKC HOLDINGS TL | -1.59% | 91.40 | 92.88 |
| 7 | CASINO GUICHARD EUR TL B | -1.57% | 86.16 | 87.54 |
| 8 | FLY LEASING TL | -1.55% | 91.67 | 93.12 |
| 9 | THILEA TL B | -1.04% | 83.13 | 84.00 |
| 10 | EQUINOX HLDGS INC 2ND LIEN TL | -1.04% | 66.06 | 66.76 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/5/22 – 8/12/22 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 8/5/22 – 8/12/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/5/22 vs. the week ending 8/12/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | DEALOGIC TL B | 34 | 56 | 22 | 65% |
| 2 | NORDIC AVIATION CAPITAL TL | 4 | 26 | 22 | 550% |
| 3 | HORNBLOWER TL | 4 | 24 | 20 | 500% |
| 4 | TROPICANA TL | 67 | 86 | 19 | 28% |
| 5 | COBHAM EUR TL B | 4 | 22 | 18 | 450% |
| 6 | NTL CABLE PLC EUR TL B | 62 | 79 | 17 | 27% |
| 7 | MATTERHORN MOBILE EUR TL B | 26 | 43 | 17 | 65% |
| 8 | DEALOGIC EUR TL B | 40 | 56 | 16 | 40% |
| 9 | ION CORPORATES TL B | 36 | 52 | 16 | 44% |
| 10 | EQUINOX HLDGS INC 2ND LIEN TL | 52 | 68 | 16 | 31% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/5/22 – 8/12/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | TELENET EUR TL | 18 |
| 4 | ELSAN GROUPE EXT EUR TL B | 18 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | NUMERICABLE EUR TL B11 | 17 |
| 7 | LUMILEDS TL B | 17 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 9 | ACTION NEDERLAND EXT EUR TL B | 17 |
| 10 | MERLIN ENTERTAINMENTS EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/5/22 – 8/12/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/5/22 – 8/12/22 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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