Syndicated Bank Loan Market Summary – Week Ending 8/5/22
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Syndicated Bank Loan Market Summary: Week Ending 8/5/22
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 8/5/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| ETC Group LLC | 540 | Term Loan | 7/20/2029 | S+600 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 8/5/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| M6 Midstream | $600MM TLB | BCLY, JEFF, BLS | 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 |
| Patagonia Holdco | $800MM TLB (B1) | JPM, GS, CITI, BofA, NTXS, DB, SCT | 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 7/29/22 – 8/5/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -17.45% | 27.05 | 32.77 | 14 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 1.29% | 97.64 | 96.40 | 11 |
| 3 | 4,750 | ZAYO TL | 0.36% | 92.37 | 92.03 | 10 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.93% | 98.50 | 97.60 | 12 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 1.17% | 97.65 | 96.52 | 10 |
| 6 | 3,900 | DIRECTV TL | 2.18% | 96.50 | 94.44 | 13 |
| 7 | 3,600 | CDK GLOBAL TL | 0.72% | 97.82 | 97.12 | 12 |
| 8 | 3,582 | MISYS TL B | 0.25% | 93.68 | 93.45 | 12 |
| 9 | 3,524 | TRANSDIGM INC. TL F | 0.86% | 97.84 | 97.01 | 11 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | 2.02% | 96.19 | 94.29 | 10 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 0.90% | 95.96 | 95.11 | 11 |
| 12 | 3,400 | REFRESCO HOLDING EUR TL B | 1.86% | 97.00 | 95.23 | 14 |
| 13 | 3,380 | SOLERA TL B | 1.16% | 95.98 | 94.88 | 14 |
| 14 | 3,325 | CINEWORLD TL B | 6.39% | 67.95 | 63.86 | 13 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.96% | 98.16 | 97.23 | 14 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.39% | 97.76 | 97.38 | 11 |
| 17 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -1.42% | 19.94 | 20.23 | 10 |
| 18 | 3,100 | JAZZ PHARMA TL B | 0.88% | 98.46 | 97.59 | 10 |
| 19 | 3,000 | WESTINGHOUSE TL B | 0.67% | 97.14 | 96.49 | 11 |
| 20 | 2,985 | HARBOR FREIGHT TL B | 1.48% | 93.84 | 92.47 | 12 |
| AVERAGE | 3,748 | 0.28% | 87.87 | 87.10 | 11.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/29/22 – 8/5/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | ARMACELL EUR TL B | 9.32% | 85.23 | 77.96 |
| 2 | DURAVANT EUR TL B | 5.40% | 94.44 | 89.60 |
| 3 | KOUTI BV EUR TL B | 4.24% | 92.86 | 89.08 |
| 4 | DIEBOLD EUR TL B | 4.13% | 83.61 | 80.29 |
| 5 | OGF(POMPES FUNEBRES GENERALE) EUR TL B | 4.10% | 90.14 | 86.59 |
| 6 | POWER SOLUTIONS EUR TL B | 3.94% | 96.12 | 92.47 |
| 7 | GULF FINANCE TL B | 3.90% | 78.97 | 76.00 |
| 8 | SIACI ST. HONORE EUR TL B | 3.61% | 97.45 | 94.05 |
| 9 | WESTJET TL | 3.53% | 91.09 | 87.98 |
| 10 | MULTI-COLOR TL B | 3.31% | 97.25 | 94.13 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/29/22 – 8/5/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | INNOVATIVE XCESSORIES TL | -4.43% | 70.14 | 73.39 |
| 2 | STALEY CONTL INC TL | -3.37% | 94.11 | 97.39 |
| 3 | STRATEGIC MATERIALS TL | -3.10% | 72.04 | 74.35 |
| 4 | SERTA SIMMONS SO TL | -2.83% | 61.55 | 63.34 |
| 5 | JELD-WEN TL B | -2.43% | 91.72 | 94.00 |
| 6 | YAK MAT TL B | -2.24% | 62.68 | 64.11 |
| 7 | CASA SYSTEMS TL | -2.12% | 90.72 | 92.69 |
| 8 | MITEL NETWORKS TL | -1.44% | 63.06 | 63.98 |
| 9 | RODAN & FIELDS TL B | -1.32% | 54.39 | 55.12 |
| 10 | TRAEGER TL | -1.17% | 79.46 | 80.40 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/29/22 – 8/5/22 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 7/29/22 – 8/5/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/29/22 vs. the week ending 8/5/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | WESSANEN EUR TL | 19 | 42 | 23 | 121% |
| 2 | AKZONOBEL EUR TL B | 14 | 36 | 22 | 157% |
| 3 | PLANVIEW TL | 22 | 44 | 22 | 100% |
| 4 | STARK GROUP EUR TL B | 23 | 45 | 22 | 96% |
| 5 | FRONERI EUR TL B | 36 | 56 | 20 | 56% |
| 6 | AWAZE EUR TL B2 | 0 | 20 | 20 | NA |
| 7 | AWAZE EUR TL B | 4 | 24 | 20 | 500% |
| 8 | INTERTAPE POLYMER TL | 30 | 50 | 20 | 67% |
| 9 | EURO ETHNIC FOODS EUR TL B | 13 | 32 | 19 | 146% |
| 10 | SCIQUEST TL B | 14 | 30 | 16 | 114% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/29/22 – 8/5/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | MERLIN ENTERTAINMENTS EUR TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | TELENET EUR TL | 18 |
| 6 | NTL CABLE PLC EUR TL B | 17 |
| 7 | NUMERICABLE EUR TL B11 | 17 |
| 8 | LUMILEDS TL B | 17 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 10 | EIRCOM FINCO SARL EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/29/22 – 8/5/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/29/22 – 8/5/22 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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