Syndicated Bank Loan Market Summary – September 2022
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary: September 2022
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 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
Stay up-to-date with weekly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
