Syndicated Bank Loan Market Summary – November 2024
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Syndicated Bank Loan Market Summary: November 2024
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 11/30/24
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Telephone & Data Systems Inc. | Term Loan | 9/28/2026 | ||
| Alterra Mountain | Term Loan | 5/31/2030 | S+325 | |
| Cloud Software Group Holdings Inc | 4979 | Term Loan | 3/30/2029 | S+350 |
| Cotiviti Corp. | 4229 | Term Loan | 5/1/2031 | S+275 |
| Hyperion Insurance Group | 2910 | Term Loan | 2/15/2031 | S+325 |
| Advisor Group | 2313 | Term Loan | 8/1/2028 | S+350 |
| CMG MEDIA CORPORATION | 1800 | Term Loan | 6/18/2029 | |
| Signia Aerospace | 1800 | Term Loan | 11/8/2031 | S+300 |
| Axalta Coating Systems US Holdings Inc. | 1702 | Term Loan | 12/20/2029 | S+175 |
| Cengage Learning | 1637 | Term Loan | 3/2/2031 | S+350 |
| Charter Communications Inc. | 1500 | Term Loan | 11/15/2031 | S+225 |
| Savage Enterprises LLC | 1241 | Term Loan | 9/19/2028 | S+275 |
| Qlik Technologies Inc. | 1095 | Term Loan | 10/26/2030 | S+375 |
| Cloud Software Group Holdings Inc | 1000 | Term Loan | 3/21/2031 | S+375 |
| Qlik Technologies Inc. | 605 | Term Loan | 11/12/2032 | S+575 |
| Resideo Technologies | 599 | Term Loan | 6/1/2031 | S+175 |
| Resideo Technologies | 518 | Term Loan | 2/1/2028 | S+175 |
| Jostens Inc. | 450 | Term Loan | 11/7/2031 | S+450 |
| Signia Aerospace | 150 | Delayed-draw Term Loan | 11/22/2031 | S+300 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 11/1/24 – 11/30/24
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,143 | MEDLINE TL B | 0.13% | 100.10 | 99.97 | 16 |
| 2 | 5,385 | ULTIMATE SOFTWARE TL B | 0.05% | 100.03 | 99.98 | 17 |
| 3 | 5,098 | HUB INTL LTD TL B | 0.33% | 100.15 | 99.82 | 19 |
| 4 | 4,750 | ZAYO TL | 2.96% | 93.86 | 91.16 | 14 |
| 5 | 4,741 | INTERNET BRANDS TL B | -0.02% | 99.30 | 99.32 | 16 |
| 6 | 4,525 | TRANSDIGM INC. TL I | 0.24% | 100.20 | 99.96 | 16 |
| 7 | 4,237 | INSPIRE BRANDS TL | 0.09% | 99.93 | 99.84 | 13 |
| 8 | 3,900 | DIRECTV HLDGS LLC / DIRECTV TL | 0.15% | 100.14 | 99.99 | 14 |
| 9 | 3,859 | ALLIANT HLDGS I INC TL B | -0.38% | 99.55 | 99.93 | 20 |
| 10 | 3,573 | CDK GLOBAL TL B | -0.12% | 99.31 | 99.43 | 16 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 3.21% | 102.78 | 99.57 | 14 |
| 12 | 3,500 | WESTINGHOUSE TL B | 1.18% | 100.06 | 98.89 | 15 |
| 13 | 3,420 | RCN GRANDE TL | -14.87% | 87.44 | 102.72 | 13 |
| 14 | 3,380 | SOLERA TL B | -0.79% | 99.16 | 99.96 | 17 |
| 15 | 3,340 | PROOFPOINT TL B | 16.97% | 100.04 | 85.53 | 14 |
| 16 | 3,300 | NTL CABLE PLC TL N | -1.36% | 96.92 | 98.26 | 12 |
| 17 | 3,250 | CORELOGIC TL B | -0.73% | 99.23 | 99.95 | 12 |
| 18 | 3,242 | GOLDEN NUGGET INC TL B | 4.52% | 99.91 | 95.59 | 17 |
| 19 | 3,236 | PAREXEL INTERNATIONAL TL B | 0.98% | 99.84 | 98.87 | 13 |
| 20 | 3,204 | JANE STREET TL B | 0.28% | 99.88 | 99.60 | 13 |
| AVERAGE | 3,979 | 0.64% | 98.89 | 98.42 | 15.1 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 11/1/24 – 11/30/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TELESAT TL B5 | 14.34% | 51.66 | 45.18 | 10 |
| 2 | CONSTELLATION ENTERPRISES 2ND LIEN GBP TL | 8.85% | 80.80 | 74.23 | 12 |
| 3 | TRAVELPORT TL B | 8.68% | 92.77 | 85.36 | 14 |
| 4 | COMDATA SPA EUR TL B | 7.19% | 75.16 | 70.12 | 9 |
| 5 | KETER GROUP EUR TL B | 4.26% | 96.85 | 92.89 | 11 |
| 6 | VERACODE TL B | 4.22% | 92.66 | 88.91 | 10 |
| 7 | MERLIN ENTERTAINMENTS TL B | 3.89% | 99.12 | 95.41 | 9 |
| 8 | HERBALIFE TL B | 3.53% | 98.79 | 95.42 | 13 |
| 9 | VERIZON TL B2 | 3.41% | 97.19 | 93.99 | 8 |
| 10 | SABRE TL B2 | 3.33% | 94.80 | 91.75 | 9 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 11/1/24 – 11/30/24
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TRINSEO TL B | -17.38% | 60.92 | 73.73 | 11 |
| 2 | PHYSICIAN PARTNERS TL | -15.84% | 46.18 | 54.87 | 12 |
| 3 | MAGNOLIA 2ND LIEN TL | -10.97% | 81.29 | 91.31 | 9 |
| 4 | LANDESK TL B | -9.83% | 76.52 | 84.86 | 14 |
| 5 | CUBIC CORP TL B | -8.35% | 65.84 | 71.84 | 12 |
| 6 | TROPICANA TL | -7.93% | 69.24 | 75.20 | 18 |
| 7 | CASINO GUICHARD EUR TL B | -6.13% | 81.76 | 87.10 | 12 |
| 8 | RSA SECURITY LLC TL B | -5.78% | 70.22 | 74.53 | 10 |
| 9 | UPSTREAM REHABILITATION TL | -5.12% | 82.55 | 87.00 | 11 |
| 10 | WEST CORP TL B3 | -4.63% | 82.76 | 86.79 | 7 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/1/24 – 11/30/24 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 11/1/24 – 11/30/24
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 10/31/23 vs. the month ending 11/30/24
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | FLEETCOR TECHNOLOGIES TL B5 | 191 | 317 | 126 | 66% |
| 2 | TACALA TL B | 97 | 200 | 103 | 106% |
| 3 | NAVACORD TL B | 38 | 114 | 76 | 200% |
| 4 | FOUR SEASONS TL B | 134 | 202 | 68 | 51% |
| 5 | TARKETT EUR TL B | 124 | 190 | 66 | 53% |
| 6 | ATLAS GROUP TL | 74 | 134 | 60 | 81% |
| 7 | DEALOGIC TL | 98 | 156 | 58 | 59% |
| 8 | HELP AT HOME TL | 134 | 191 | 57 | 43% |
| 9 | ATOS ORIGIN EUR TL | 34 | 89 | 55 | 162% |
| 10 | US FOODS TL B | 312 | 364 | 52 | 17% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/1/24 – 11/30/24
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HUB INTL LTD TL B | 20 |
| 2 | WHITE CAP BUYER LLC TL B | 20 |
| 3 | ALLIANT HLDGS I INC TL B | 19 |
| 4 | AMWINS TL B | 19 |
| 5 | BMC SOFTWARE TL | 19 |
| 6 | DAVITA TL B | 19 |
| 7 | REYNOLDS GROUP HOLDINGS LIMITED TL B3 | 18 |
| 8 | TRANSDIGM INC. TL K | 18 |
| 9 | MEDLINE TL B | 18 |
| 10 | CSC SERVICEWORKS INC TL | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/1/24 – 11/30/24
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 11/1/24 – 11/30/24 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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