Syndicated Bank Loan Market Summary – January 2023
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Syndicated Bank Loan Market Summary: January 2023
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 1/31/23
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Zest Dental | 320 | Term Loan | 1/25/2028 | S+550 |
| Del Monte Foods Co. | 125 | Term Loan | 5/1/2029 | S+425 |
| Brazos Delaware II LLC | 800 | Term Loan | 1/20/2030 | S+375 |
| Kloeckner & Co SE | 250 | Revolving Credit | 1/17/2025 | N/A |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 1/1/23 – 1/31/23
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,000 | UNITED CONTINENTAL TL B | 1.37% | 99.79 | 98.44 | 13 |
| 2 | 4,750 | ZAYO TL | 4.48% | 84.11 | 80.51 | 15 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.31% | 99.96 | 99.65 | 15 |
| 4 | 3,900 | DIRECTV TL | 1.23% | 98.22 | 97.02 | 12 |
| 5 | 3,600 | CDK GLOBAL TL | 0.77% | 99.70 | 98.94 | 11 |
| 6 | 3,582 | MISYS TL B | 6.24% | 93.86 | 88.35 | 15 |
| 7 | 3,524 | TRANSDIGM INC. TL F | 0.87% | 99.51 | 98.65 | 14 |
| 8 | 3,515 | TRANSDIGM INC. TL F | #VALUE! | 99.75 | NULL | 12 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | 3.30% | 97.06 | 93.96 | 10 |
| 10 | 3,500 | AMERICAN AIRLINES TL B | 3.21% | 102.60 | 99.41 | 11 |
| 11 | 3,450 | GOLDEN NUGGET INC TL B | 4.01% | 98.72 | 94.91 | 11 |
| 12 | 3,420 | RCN GRANDE TL | 3.20% | 83.06 | 80.48 | 11 |
| 13 | 3,380 | SOLERA TL B | 3.82% | 94.82 | 91.33 | 15 |
| 14 | 3,325 | CINEWORLD TL B | -7.15% | 16.55 | 17.82 | 13 |
| 15 | 3,312 | HUB INTL LTD TL B | 1.01% | 99.79 | 98.79 | 12 |
| 16 | 3,300 | NTL CABLE PLC TL N | 1.31% | 99.40 | 98.11 | 11 |
| 17 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -31.04% | 8.38 | 12.15 | 10 |
| 18 | 3,190 | INTELSAT EXIT TL B | 2.03% | 98.35 | 96.39 | 11 |
| 19 | 3,100 | TRANSUNION TL B6 | 0.85% | 99.74 | 98.90 | 11 |
| 20 | 3,000 | DELTA SKYMILES TL B | 1.47% | 103.33 | 101.83 | 12 |
| AVERAGE | 3,614 | #VALUE! | 88.83 | 86.61 | 12.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 1/1/23 – 1/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | SEADRILL PARTNERS LLC EQUITY | 28.20% | 52.74 | 41.14 | 4 |
| 2 | INTERIOR LOGIC TL B | 19.92% | 71.30 | 59.46 | 10 |
| 3 | RSA SECURITY LLC 2ND LIEN TL | 18.24% | 55.00 | 46.51 | 8 |
| 4 | WITTUR EUR TL B | 16.06% | 70.91 | 61.10 | 15 |
| 5 | ELECTRONICS FOR IMAGING TL | 11.24% | 73.46 | 66.04 | 14 |
| 6 | PRETIUM PACKAGING TL B | 10.79% | 87.71 | 79.17 | 7 |
| 7 | ANASTASIA BEVERLY HILLS TL B | 9.99% | 81.17 | 73.80 | 10 |
| 8 | AMC ENTERTAINMENT TL B1 | 8.59% | 58.46 | 53.84 | 16 |
| 9 | LABEYRIE EUR TL B | 8.54% | 63.47 | 58.48 | 12 |
| 10 | CISION TL B | 8.27% | 66.41 | 61.34 | 10 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 1/1/23 – 1/31/23
| RANK | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | LOGMEIN TL B | -13.70% | 55.10 | 63.85 | 13 |
| 2 | LUCKY BUCKS TL B | -13.23% | 49.91 | 57.52 | 9 |
| 3 | TRAVELPORT TL B | -8.12% | 61.54 | 66.98 | 7 |
| 4 | MOBILEUM TL B | -7.79% | 82.75 | 89.75 | 3 |
| 5 | CSC SERVICEWORKS INC TL | -6.93% | 78.50 | 84.35 | 11 |
| 6 | SECURUS TL | -6.72% | 69.78 | 74.81 | 7 |
| 7 | CORRECT CARE TL B | -5.97% | 73.38 | 78.04 | 7 |
| 8 | ROBERTSHAW TL | -5.93% | 63.09 | 67.06 | 10 |
| 9 | UPSTREAM REHABILITATION TL | -4.89% | 81.98 | 86.19 | 7 |
| 10 | LIGHTSTONE GENERATION LLC TL B | -3.33% | 88.47 | 91.52 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/23 – 1/31/23 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 1/1/23 – 1/31/23
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/22 vs. the month ending 1/31/23
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CABLEVISION TL B | 65 | 201 | 136 | 209% |
| 2 | CABLEVISION TL B5 | 42 | 164 | 122 | 290% |
| 3 | CABLEVISION TL B1 | 62 | 180 | 118 | 190% |
| 4 | WARNER MUSIC TL | 39 | 156 | 117 | 300% |
| 5 | THE NIELSEN COMPANY B.V. TL B | 79 | 179 | 100 | 127% |
| 6 | BMC SOFTWARE EUR TL B | 50 | 148 | 98 | 196% |
| 7 | LIGHTPATH TL | 31 | 128 | 97 | 313% |
| 8 | PODS TL B | 185 | 280 | 95 | 51% |
| 9 | RESEARCH NOW TL | 142 | 236 | 94 | 66% |
| 10 | PROMONTORY TL | 193 | 285 | 92 | 48% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/23 – 1/31/23
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | CONVERGEONE TL B | 17 |
| 2 | CLEAR CHANNEL OUTDOOR TL B | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 16 |
| 4 | TRANSDIGM INC. TL E | 16 |
| 5 | AMERICAN BATH TL | 16 |
| 6 | TELENET EUR TL | 16 |
| 7 | WHEEL PROS TL | 16 |
| 8 | PHILIPS APPLIANCES EUR TL B | 15 |
| 9 | MISYS 2ND LIEN TL | 15 |
| 10 | BRAND ENERGY TL | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/23 – 1/31/23
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/23 – 1/31/23 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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