Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
September 2022

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.

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New Issues
Largest Loans
Top 10 Winners
Top 10 Losers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

New Issues

Loans issued during the month ending 9/30/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Ontic 85 Term Loan 10/1/2026 S+460
Generation Bridge LLC 45 Term Loan 2/1/2029 S+500
WMG Acquisition Corp. 150 Term Loan 1/20/2028 S+300
Covetrus Inc. 1525 Term Loan 9/6/2029 S+500
Covetrus Inc. 350 Term Loan 9/6/2030 N/A
Citrix Systems Inc. 1000 Revolving Credit 9/7/2027 N/A
Citrix Systems Inc. 500 Term Loan 3/7/2029 N/A
Citrix Systems Inc. 4050 Term Loan 3/7/2029 N/A
VetCor 3090 Term Loan 5/31/2029 L+575
Alera Group Holdings Inc. 2260 Term Loan 9/29/2028 L+550

Largest Loans

Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/22 – 9/30/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,100 CHANGE HEALTHCARE TL B 0.24% 99.72 99.48 10
2 5,000 UNITED CONTINENTAL TL B -1.29% 95.29 96.54 11
3 4,750 ZAYO TL -3.83% 83.35 86.67 11
4 4,700 CAESARS RESORT COLLECTION TL B -0.14% 97.51 97.65 12
5 4,050 CITRIX TL B -0.28% 89.53 89.78 11
6 3,900 DIRECTV TL -1.60% 92.96 94.47 13
7 3,600 CDK GLOBAL TL -0.06% 96.09 96.14 12
8 3,582 MISYS TL B -4.48% 87.05 91.14 14
9 3,524 TRANSDIGM INC. TL F -0.63% 95.78 96.38 13
10 3,450 GOLDEN NUGGET INC TL B -1.38% 92.54 93.83 10
11 3,400 REFRESCO HOLDING EUR TL B -1.92% 93.80 95.64 14
12 3,380 SOLERA TL B -2.33% 92.14 94.33 14
13 3,325 CINEWORLD TL B -9.88% 41.80 46.39 15
14 3,312 HUB INTL LTD TL B -0.64% 95.99 96.61 12
15 3,300 NTL CABLE PLC TL N -0.04% 95.34 95.38 11
16 3,222 DIAMOND SPORTS 2ND LIEN TL 6.52% 19.35 18.16 13
17 3,000 WESTINGHOUSE TL B -1.03% 95.50 96.49 12
18 2,985 HARBOR FREIGHT TL B -1.19% 90.41 91.50 11
19 2,902 FORMULA ONE TL B -0.10% 98.87 98.96 10
20 2,884 BMC SOFTWARE TL B -0.35% 94.59 94.93 14
AVERAGE 3,668 -1.22% 87.38 88.52 12.2

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 9/1/22 – 9/30/22

RANK NAME CHANGE PX PX-1W
1 HOLLAND & BARRETT EUR TL B 27.38% 74.32 58.35
2 INNOVATIVE XCESSORIES TL 10.38% 79.14 71.69
3 EAGLEPICHER TL 8.64% 83.78 77.12
4 HORNBLOWER TL 7.12% 68.89 64.31
5 WEST CORP TL B 5.23% 85.40 81.16
6 MATTRESS FIRM TL B 2.51% 87.87 85.71
7 CANO HEALTH TL B 2.40% 96.21 93.96
8 CARROLS HOLDCO INC TL B 1.01% 86.76 85.89
9 AMERICAN AIRLINES TL B 0.94% 93.37 92.50
10 GRAY TELEVISION TL B 0.48% 99.68 99.21

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/1/22 – 9/30/22

RANK NAME CHANGE PX PX-1W
1 NATIONAL CINEMEDIA TL B -28.90% 59.64 83.89
2 GENESIS CARE EUR TL B2 -21.03% 36.87 46.69
3 RODAN & FIELDS TL B -19.14% 43.14 53.35
4 DELL SOFTWARE GROUP TL B -18.45% 73.87 90.58
5 SHUTTERFLY TL B -17.62% 62.36 75.70
6 CONSTELLATION ENTERPRISES EUR TL B -15.33% 79.62 94.04
7 WHEEL PROS TL -13.06% 72.96 83.93
8 AMNEAL PHARMACEUTIAL TL B -13.05% 82.86 95.30
9 CORELOGIC TL B -13.04% 74.39 85.55
10 RACKSPACE HOSTING TL B -12.24% 70.80 80.67

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/1/22 – 9/30/22

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 9/1/22 – 9/30/22

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 8/31/22 vs. the month ending 9/30/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 BRAND ENERGY TL 291 403 112 38%
2 AVIENT CORP TL B 42 142 100 238%
3 AMERICAN TRAILER WORLD TL 57 155 98 172%
4 AVOLON TL B3 167 254 87 52%
5 LOYALTY VENTURES TL 76 157 81 107%
6 LIFTOFF TL B 46 126 80 174%
7 KESTRA FINANCIAL TL 76 150 74 97%
8 FIRST EAGLE TL B 231 305 74 32%
9 SIGMA BIDCO TL B2 96 170 74 77%
10 HORNBLOWER TL 69 140 71 103%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/1/22 – 9/30/22

RANK TRANCHE DEALERS
1 BRAND ENERGY TL 19
2 CINEWORLD TL B 19
3 ACTION NEDERLAND EUR TL B 18
4 TELENET EUR TL 18
5 LUMILEDS TL B 17
6 CEVA SANTE ANIMALE EUR TL B 17
7 ZIGGO EUR TL H 17
8 ACPRODUCTS TL B 17
9 VERISURE EUR TL B 17
10 NTL CABLE PLC EUR TL R 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/1/22 – 9/30/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/1/22 – 9/30/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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