Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 10/7/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 10/7/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
| Bettcher Industries | $200MM TL (B-) | UBS,KKR,JEFF | Q4 2022 |
| Latam Airlines | $750MM TLB (B2) | GS, JPM, BCLY, BNP, NTXS | Q4 2022 |
| Maxlinear Inc. | $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB | WF, BMO, CTZ, TRS | Q4 2022 |
| Moneygram International Inc. | $850MM credit facilities: $150MM RC; $700MM TL | GS, DB, BCLY, WF | Q4 2022 |
| Nielsen Holdings PLC | $9.15B credit facilities: $650MM RC; $6.35MM TL; $2.15B TL | Q4 2022 | |
| Open Text Corp. | $2.585 DD TL | BCLY, BMO, RBC, CITI | Q4 2022 |
| Ripic Holdings | $2.25B credit facilities: $300MM RC; $1.95 TLs | UBS, RBC, BNP, BMO, MIZ, NTXS | Q4 2022 |
| Tegna Inc. | $4B credit facilities: $500MM RC; $3.5B TL | RBC, BofA, GS, TRS, BNP, CS, JEFF, MIZ, TD, BCLY, DB, MUFG, CTB, SMBC | Q4 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/30/22 – 10/7/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 5,100 | CHANGE HEALTHCARE TL B | -0.09% | 99.63 | 99.72 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 1.23% | 96.46 | 95.29 | 12 |
| 3 | 4,750 | ZAYO TL | -0.36% | 83.04 | 83.35 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 1.21% | 98.69 | 97.51 | 12 |
| 5 | 4,050 | CITRIX TL B | 0.81% | 90.26 | 89.53 | 11 |
| 6 | 3,900 | DIRECTV TL | 0.86% | 93.75 | 92.96 | 14 |
| 7 | 3,600 | CDK GLOBAL TL | 1.06% | 97.11 | 96.09 | 13 |
| 8 | 3,582 | MISYS TL B | 0.59% | 87.57 | 87.05 | 14 |
| 9 | 3,524 | TRANSDIGM INC. TL F | 0.97% | 96.71 | 95.78 | 13 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | 0.36% | 92.88 | 92.54 | 11 |
| 11 | 3,400 | REFRESCO HOLDING EUR TL B | -0.10% | 93.71 | 93.80 | 14 |
| 12 | 3,380 | SOLERA TL B | 0.52% | 92.62 | 92.14 | 14 |
| 13 | 3,325 | CINEWORLD TL B | -7.35% | 38.73 | 41.80 | 14 |
| 14 | 3,312 | HUB INTL LTD TL B | 1.49% | 97.42 | 95.99 | 12 |
| 15 | 3,300 | NTL CABLE PLC TL N | 1.75% | 97.01 | 95.34 | 11 |
| 16 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 8.48% | 20.99 | 19.35 | 13 |
| 17 | 3,000 | WESTINGHOUSE TL B | 1.36% | 96.79 | 95.50 | 12 |
| 18 | 2,985 | HARBOR FREIGHT TL B | 2.21% | 92.41 | 90.41 | 11 |
| 19 | 2,884 | BMC SOFTWARE TL B | 1.88% | 96.37 | 94.59 | 15 |
| 20 | 2,825 | BRAND ENERGY TL | 0.10% | 87.19 | 87.10 | 18 |
| AVERAGE | 3,664 | 0.85% | 87.47 | 86.79 | 12.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/30/22 – 10/7/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | HEARTHSIDE FOODS TL B | 4.00% | 80.76 | 77.66 |
| 2 | ASURION TL B8 | 3.90% | 87.82 | 84.53 |
| 3 | CAMPING WORLD TL B | 3.74% | 91.13 | 87.84 |
| 4 | UNIVERSAL SERVICES TL B | 3.26% | 90.41 | 87.56 |
| 5 | AMNEAL PHARMACEUTIAL TL B | 3.24% | 85.55 | 82.86 |
| 6 | FRONTIER DIP TL B | 2.62% | 95.32 | 92.89 |
| 7 | CABLEVISION TL B | 2.62% | 95.99 | 93.54 |
| 8 | INTEL TL | 2.61% | 93.17 | 90.81 |
| 9 | STAPLES TL B2 | 2.34% | 95.18 | 93.00 |
| 10 | WATERWORKS TL B | 2.27% | 97.42 | 95.26 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/30/22 – 10/7/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | CITY BREWING TL B | -10.26% | 70.00 | 78.00 |
| 2 | CINEWORLD TL B | -8.17% | 38.14 | 41.53 |
| 3 | POULT EUR TL B | -4.76% | 70.39 | 73.90 |
| 4 | MISYS 2ND LIEN TL | -3.79% | 79.69 | 82.83 |
| 5 | SECURUS TL | -3.69% | 83.90 | 87.12 |
| 6 | ACPRODUCTS TL B | -2.78% | 73.68 | 75.79 |
| 7 | NATIONAL MENTOR TL B | -2.59% | 69.28 | 71.12 |
| 8 | WIPRO DATA CENTRE & CLOUD SERVICES INC TL B | -2.51% | 88.89 | 91.18 |
| 9 | WORLD KITCHEN TL | -2.10% | 66.10 | 67.51 |
| 10 | FITNESS & SPORT CLUBS TL B | -1.84% | 90.93 | 92.63 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/30/22 – 10/7/22
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 9/30/22 – 10/7/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/30/22 vs. the week ending 10/7/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BLACKSTONE CQP TL B | 34 | 81 | 47 | 138% |
| 2 | CISION TL B | 24 | 50 | 26 | 108% |
| 3 | BMC SOFTWARE TL B | 82 | 107 | 25 | 30% |
| 4 | LUCKY BUCKS TL B | 15 | 40 | 25 | 167% |
| 5 | EIRCOM FINCO SARL EUR TL B | 34 | 58 | 24 | 71% |
| 6 | BANIJAY GROUP TL B | 12 | 34 | 22 | 183% |
| 7 | TRICORBRAUN TL B | 56 | 78 | 22 | 39% |
| 8 | SOVOS COMPLIANCE TL B | 28 | 50 | 22 | 79% |
| 9 | ASPEN DENTAL TL B3 | 18 | 38 | 20 | 111% |
| 10 | URBASER EUR TL B | 36 | 56 | 20 | 56% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/30/22 – 10/7/22
| RANK | TRANCHE | DEALERS |
| 1 | BRAND ENERGY TL | 18 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | CINEWORLD TL B | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | ZIGGO EUR TL H | 17 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 8 | ACPRODUCTS TL B | 17 |
| 9 | AMC ENTERTAINMENT TL B1 | 17 |
| 10 | NUMERICABLE EUR TL B11 | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/30/22 – 10/7/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/30/22 – 10/7/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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