Syndicated Bank Loan Market Summary – Week Ending 9/16/22
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Syndicated Bank Loan Market Summary: Week Ending 9/16/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 9/16/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Flutter Entertainment PLC | €1B TLB (Ba1/BBB-/BBB) | BCLY | Q3 2022 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q3 2022 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q3 2022 |
| Open Text Corp. | $2.585 DD TL | BCLY, BMO, RBC, CITI | Q3 2022 |
| Ripic Holdings | $2.25B credit facilities: $300MM RC; $1.95 TLs | UBS, RBC, BNP, BMO, MIZ, NTXS | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/9/22 – 9/16/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 17.65% | 29.94 | 25.45 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.06% | 97.34 | 97.40 | 10 |
| 3 | 4,750 | ZAYO TL | -1.55% | 89.05 | 90.45 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.27% | 98.45 | 98.73 | 13 |
| 5 | 3,900 | DIRECTV TL | -0.39% | 95.53 | 95.90 | 12 |
| 6 | 3,600 | CDK GLOBAL TL | -0.33% | 97.03 | 97.35 | 13 |
| 7 | 3,582 | MISYS TL B | -0.54% | 93.00 | 93.50 | 14 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.05% | 97.10 | 97.15 | 13 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | -0.36% | 96.45 | 96.80 | 14 |
| 10 | 3,380 | SOLERA TL B | -0.58% | 95.45 | 96.01 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -7.33% | 46.43 | 50.11 | 16 |
| 12 | 3,312 | HUB INTL LTD TL B | -0.15% | 97.82 | 97.97 | 12 |
| 13 | 3,300 | NTL CABLE PLC TL N | -0.71% | 96.78 | 97.47 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -7.10% | 16.84 | 18.13 | 13 |
| 15 | 3,000 | WESTINGHOUSE TL B | -0.05% | 97.19 | 97.23 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | -1.31% | 93.96 | 95.21 | 12 |
| 17 | 2,902 | FORMULA ONE TL B | 0.10% | 99.21 | 99.11 | 10 |
| 18 | 2,884 | BMC SOFTWARE TL B | -0.29% | 96.14 | 96.42 | 15 |
| 19 | 2,825 | BRAND ENERGY TL | -1.11% | 89.66 | 90.66 | 19 |
| 20 | 2,750 | TEAM HEALTH TL | 2.31% | 93.62 | 91.51 | 10 |
| AVERAGE | 3,590 | -0.11% | 85.85 | 86.13 | 12.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/9/22 – 9/16/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | INNOVATIVE XCESSORIES TL | 8.06% | 77.70 | 71.91 |
| 2 | ROBERTSHAW TL | 2.81% | 83.24 | 80.97 |
| 3 | CARNIVAL PLC TL B | 2.27% | 95.27 | 93.16 |
| 4 | COLE HAAN TL B1 | 1.98% | 90.62 | 88.86 |
| 5 | VERIFONE TL B | 1.41% | 93.49 | 92.18 |
| 6 | MATTRESS FIRM TL B | 1.37% | 87.03 | 85.85 |
| 7 | CARROLS HOLDCO INC TL B | 1.32% | 87.53 | 86.39 |
| 8 | POWER BUYER TL | 1.28% | 81.96 | 80.93 |
| 9 | STAPLES TL B1 | 1.26% | 88.86 | 87.76 |
| 10 | AMERICAN AIRLINES TL B | 0.91% | 93.55 | 92.71 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/9/22 – 9/16/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CONSTELLATION ENTERPRISES EUR TL B | -11.17% | 82.50 | 92.87 |
| 2 | WHEEL PROS TL | -11.06% | 73.63 | 82.78 |
| 3 | NATIONAL CINEMEDIA TL B | -8.72% | 75.18 | 82.37 |
| 4 | CINEWORLD TL B | -7.33% | 46.43 | 50.11 |
| 5 | SHUTTERFLY TL B | -6.30% | 69.34 | 74.00 |
| 6 | NATIONAL MENTOR TL B | -4.84% | 79.81 | 83.86 |
| 7 | CASA SYSTEMS TL | -3.96% | 82.04 | 85.43 |
| 8 | CONVERGEONE TL B | -3.73% | 76.19 | 79.14 |
| 9 | ASURION TL B8 | -2.50% | 87.32 | 89.56 |
| 10 | CORELOGIC TL B | -2.36% | 82.84 | 84.85 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/9/22 – 9/16/22 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 9/9/22 – 9/16/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/9/22 vs. the week ending 9/16/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | NASCAR TL B | 0 | 55 | 55 | NA |
| 2 | BRAND ENERGY TL | 62 | 102 | 40 | 65% |
| 3 | FIRST EAGLE TL B | 46 | 77 | 31 | 67% |
| 4 | TRANSDIGM INC. TL F | 62 | 92 | 30 | 48% |
| 5 | HILEX POLY TL B | 73 | 100 | 27 | 37% |
| 6 | CASTLELAKE AVIATION TL B | 22 | 48 | 26 | 118% |
| 7 | CENGAGE TL B | 52 | 78 | 26 | 50% |
| 8 | ZAYO TL | 72 | 98 | 26 | 36% |
| 9 | GRANITE ENERGY TL B | 48 | 74 | 26 | 54% |
| 10 | SIGNATURE AVIATION TL B | 30 | 55 | 25 | 83% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/9/22 – 9/16/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | BRAND ENERGY TL | 19 |
| 2 | ACTION NEDERLAND EUR TL B | 19 |
| 3 | MITEL NETWORKS TL | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | TELENET EUR TL | 18 |
| 6 | CINEWORLD TL B | 18 |
| 7 | NUMERICABLE EUR TL B11 | 17 |
| 8 | LUMILEDS TL B | 17 |
| 9 | CONVERGEONE TL B | 17 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/9/22 – 9/16/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/9/22 – 9/16/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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