Syndicated Bank Loan Market Summary – Week Ending 8/19/22
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Syndicated Bank Loan Market Summary: Week Ending 8/19/22
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 8/19/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| WatchGuard Technologies Inc. | 550 | Term Loan | 8/3/2029 | S+525 |
| Citadel Securities LP | 400 | Term Loan | 2/2/2028 | S+325 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 8/19/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| 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 |
| Hemisphere Media Group | $370MM TLB (B2/B) | WF, TRS, FT, DB | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/12/22 – 8/19/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -0.57% | 25.08 | 25.23 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.40% | 98.10 | 98.50 | 11 |
| 3 | 4,750 | ZAYO TL | -1.11% | 92.89 | 93.93 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.41% | 98.75 | 99.16 | 12 |
| 5 | 3,900 | DIRECTV TL | -0.72% | 96.86 | 97.56 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | -1.01% | 97.89 | 98.89 | 13 |
| 7 | 3,582 | MISYS TL B | -0.80% | 94.14 | 94.90 | 11 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.53% | 98.05 | 98.58 | 11 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | -0.09% | 97.20 | 97.29 | 14 |
| 10 | 3,380 | SOLERA TL B | -1.16% | 96.67 | 97.81 | 14 |
| 11 | 3,325 | CINEWORLD TL B | -4.70% | 66.29 | 69.55 | 13 |
| 12 | 3,312 | HUB INTL LTD TL B | -0.51% | 98.33 | 98.83 | 13 |
| 13 | 3,300 | NTL CABLE PLC TL N | -0.59% | 97.95 | 98.52 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -1.88% | 18.47 | 18.82 | 10 |
| 15 | 3,000 | WESTINGHOUSE TL B | -0.40% | 97.87 | 98.26 | 11 |
| 16 | 2,985 | HARBOR FREIGHT TL B | -0.32% | 95.59 | 95.90 | 12 |
| 17 | 2,884 | BMC SOFTWARE TL B | -0.83% | 97.79 | 98.61 | 14 |
| 18 | 2,825 | BRAND ENERGY TL | -0.87% | 91.35 | 92.15 | 14 |
| 19 | 2,750 | REALPAGE TL B | -1.43% | 96.60 | 98.00 | 10 |
| 20 | 2,750 | TEAM HEALTH TL | -0.24% | 93.17 | 93.39 | 10 |
| AVERAGE | 3,582 | -0.93% | 87.45 | 88.19 | 12.1 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/12/22 – 8/19/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | EQUINOX HLDGS INC TL B | 5.66% | 75.61 | 71.56 |
| 2 | SIGMA BIDCO EUR TL B1 | 5.57% | 87.72 | 83.09 |
| 3 | CHASSIX TL B | 4.59% | 89.53 | 85.60 |
| 4 | BOB’S FURNITURE TL B | 4.34% | 91.42 | 87.62 |
| 5 | V GROUP TL B | 3.54% | 88.58 | 85.55 |
| 6 | EDGEWATER GENERATION TL B | 2.58% | 87.50 | 85.30 |
| 7 | ELECTRICAL COMPONENTS TL B | 2.35% | 93.98 | 91.82 |
| 8 | CLUB CORP TL B | 2.20% | 96.13 | 94.06 |
| 9 | CINEWORLD PIK P TL B1 | 2.01% | 112.36 | 110.15 |
| 10 | ICP GROUP TL | 1.88% | 89.60 | 87.95 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/12/22 – 8/19/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | SERTA SIMMONS SO TL | -6.95% | 55.82 | 59.99 |
| 2 | AVAYA TL B3 | -6.00% | 53.59 | 57.02 |
| 3 | AIR METHODS TL | -5.48% | 85.05 | 89.98 |
| 4 | AIR MEDICAL TL B2 | -4.96% | 91.65 | 96.44 |
| 5 | AENOVA EUR TL B | -4.54% | 87.35 | 91.50 |
| 6 | RACKSPACE HOSTING TL B | -3.40% | 89.67 | 92.83 |
| 7 | LANDESK TL B | -2.59% | 87.49 | 89.82 |
| 8 | SECURUS TL | -2.30% | 91.47 | 93.62 |
| 9 | ASPEN DENTAL TL B | -1.83% | 94.05 | 95.81 |
| 10 | TCW TL B | -1.71% | 96.52 | 98.20 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/12/22 – 8/19/22 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 8/12/22 – 8/19/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/12/22 vs. the week ending 8/19/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BARENTZ EUR TL B | 22 | 50 | 28 | 127% |
| 2 | INDEPENDENT VETCARE EUR TL B5 | 44 | 66 | 22 | 50% |
| 3 | TRANSUNION TL B6 | 44 | 66 | 22 | 50% |
| 4 | FONCIA GROUPE EUR TL B | 19 | 40 | 21 | 111% |
| 5 | CINEWORLD TL B | 52 | 73 | 21 | 40% |
| 6 | VERISURE EUR TL B | 42 | 62 | 20 | 48% |
| 7 | IMPALA EUR TL B | 0 | 20 | 20 | NA |
| 8 | SYNLAB EUR TL B5 | 32 | 50 | 18 | 56% |
| 9 | CINEWORLD TL B | 62 | 80 | 18 | 29% |
| 10 | ESMALGLASS EUR TL B | 26 | 44 | 18 | 69% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/12/22 – 8/19/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | TELENET EUR TL | 18 |
| 4 | VERISURE EUR TL B | 18 |
| 5 | NUMERICABLE EUR TL B11 | 17 |
| 6 | CINEWORLD TL B | 17 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 8 | ACTION NEDERLAND EXT EUR TL B | 17 |
| 9 | ADEVINTA ASA EUR TL B | 17 |
| 10 | IFCO EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/12/22 – 8/19/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/12/22 – 8/19/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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