Syndicated Bank Loan Market Summary – Week Ending 9/23/22
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Syndicated Bank Loan Market Summary: Week Ending 9/23/22
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 9/23/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| WMG Acquisition Corp. | 150 | Term Loan | 1/20/2028 | S+300 |
| Covetrus Inc. | 1525 | Term Loan | 9/6/2029 | S+500 |
| Citrix Systems Inc. | 1000 | Revolving Credit | 9/7/2027 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 9/23/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Latam Airlines | $750MM TLB (B2) | GS, JPM, BCLY, BNP, NTXS | 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 9/16/22 – 9/23/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,000 | UNITED CONTINENTAL TL B | -0.83% | 96.54 | 97.34 | 10 |
| 2 | 4,750 | ZAYO TL | -2.67% | 86.67 | 89.05 | 11 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.82% | 97.65 | 98.45 | 12 |
| 4 | 4,050 | CITRIX TL B | #VALUE! | 89.78 | NULL | 10 |
| 5 | 3,900 | DIRECTV TL | -1.11% | 94.47 | 95.53 | 13 |
| 6 | 3,600 | CDK GLOBAL TL | -0.91% | 96.14 | 97.03 | 13 |
| 7 | 3,582 | MISYS TL B | -1.99% | 91.14 | 93.00 | 14 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.73% | 96.38 | 97.10 | 12 |
| 9 | 3,450 | GOLDEN NUGGET INC TL B | -1.68% | 93.83 | 95.44 | 10 |
| 10 | 3,400 | REFRESCO HOLDING EUR TL B | -0.84% | 95.64 | 96.45 | 15 |
| 11 | 3,380 | SOLERA TL B | -1.17% | 94.33 | 95.45 | 14 |
| 12 | 3,325 | CINEWORLD TL B | -0.09% | 46.39 | 46.43 | 16 |
| 13 | 3,312 | HUB INTL LTD TL B | -1.24% | 96.61 | 97.82 | 12 |
| 14 | 3,300 | NTL CABLE PLC TL N | -1.45% | 95.38 | 96.78 | 11 |
| 15 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 7.85% | 18.16 | 16.84 | 14 |
| 16 | 3,000 | WESTINGHOUSE TL B | -0.72% | 96.49 | 97.19 | 11 |
| 17 | 2,985 | HARBOR FREIGHT TL B | -2.62% | 91.50 | 93.96 | 11 |
| 18 | 2,902 | FORMULA ONE TL B | -0.25% | 98.96 | 99.21 | 10 |
| 19 | 2,884 | BMC SOFTWARE TL B | -1.26% | 94.93 | 96.14 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | -0.12% | 89.55 | 89.66 | 18 |
| AVERAGE | 3,555 | #VALUE! | 88.03 | 88.89 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/16/22 – 9/23/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | INNOVATIVE XCESSORIES TL | 3.13% | 80.13 | 77.70 |
| 2 | DAYCO TL B | 2.09% | 97.82 | 95.82 |
| 3 | POULT EUR TL B | 1.99% | 78.05 | 76.53 |
| 4 | PURESTAR TL | 1.98% | 79.94 | 78.38 |
| 5 | LIMETREE BAY TL B | 1.88% | 69.06 | 67.79 |
| 6 | CABLE ONE TL B | 1.19% | 98.11 | 96.96 |
| 7 | BOB’S FURNITURE TL B | 1.09% | 92.23 | 91.23 |
| 8 | SIGNATURE FOODS EUR TL B | 1.08% | 85.91 | 84.99 |
| 9 | ALBION ACQUISITIONS LTD EUR TL B | 0.94% | 96.98 | 96.07 |
| 10 | WEST DEPTFORD ENERGY TL B | 0.80% | 70.89 | 70.33 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/16/22 – 9/23/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | RODAN & FIELDS TL B | -8.55% | 43.33 | 47.39 |
| 2 | NATIONAL MENTOR TL B | -7.74% | 73.63 | 79.81 |
| 3 | PRINCE MINERALS TL | -6.29% | 81.77 | 87.26 |
| 4 | CORELOGIC TL B | -5.95% | 77.91 | 82.84 |
| 5 | SPRINGS WINDOW TL B | -5.16% | 81.57 | 86.01 |
| 6 | ELECTRONICS FOR IMAGING TL | -4.88% | 81.02 | 85.18 |
| 7 | LOGMEIN TL B | -4.10% | 72.44 | 75.54 |
| 8 | AMNEAL PHARMACEUTIAL TL B | -3.86% | 87.80 | 91.33 |
| 9 | CONVERGEONE TL B | -3.60% | 73.45 | 76.19 |
| 10 | THE HUT GROUP EUR TL B | -3.58% | 87.93 | 91.19 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/16/22 – 9/23/22 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 9/16/22 – 9/23/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/16/22 vs. the week ending 9/23/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | LIFTOFF TL B | 12 | 54 | 42 | 350% |
| 2 | BBB INDUSTRIES TL B | 30 | 52 | 22 | 73% |
| 3 | IHEART TL B | 25 | 46 | 21 | 84% |
| 4 | BCP RENAISSANCE TL B | 39 | 57 | 18 | 46% |
| 5 | ENTEGRIS TL B | 52 | 70 | 18 | 35% |
| 6 | B&G FOODS INC TL B | 36 | 54 | 18 | 50% |
| 7 | ACPRODUCTS TL B | 66 | 83 | 17 | 26% |
| 8 | SCIENTIFIC GAMES TL B | 44 | 60 | 16 | 36% |
| 9 | THILEA TL B | 26 | 42 | 16 | 62% |
| 10 | ZIGGO TL I | 73 | 89 | 16 | 22% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/16/22 – 9/23/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | CINEWORLD TL B | 19 |
| 3 | BRAND ENERGY TL | 18 |
| 4 | CEVA SANTE ANIMALE EUR TL B | 18 |
| 5 | ZIGGO EUR TL H | 18 |
| 6 | TELENET EUR TL | 18 |
| 7 | VERISURE EUR TL B | 18 |
| 8 | ACPRODUCTS TL B | 17 |
| 9 | NUMERICABLE EUR TL B11 | 17 |
| 10 | TMF GROUP HOLDING BV EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/16/22 – 9/23/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/16/22 – 9/23/22 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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