Syndicated Bank Loan Market Summary – Week Ending 3/25/22
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Syndicated Bank Loan Market Summary: Week Ending 3/25/22
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 3/25/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Owens & Minor Inc. | 600 | Term Loan | 3/23/2029 | S+385 |
| Century Casinos, Inc. | 350 | Term Loan | 3/14/2029 | S+600 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 3/25/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Avis Budget Group Inc. | $250MM TLC | JPM,BCLY,BofA,BNP,CITI,CA,MS,RBC,SCT,TRS | Q1 or Q2 2022 |
| Belfor Holdings Inc. | $250MM TL | JPM | Q1 or Q2 2022 |
| Compass Power Generation LLC | $650MM TLB (B+) | MS,MUFG,CA,TRS | Q1 or Q2 2022 |
| Everstream | $759.5MM credit facilities: $40MM RC; $494.5MM TL; $225MM DD TL | SG,NTXS,ING,STD,SMBC,CB,MACQ,RBC,TD,VT | Q1 or Q2 2022 |
| Help at Home | $2.12B credit facilities: $250MM RC, $1.48B TL; $390MM TL | BofA,JPM,DB,MACQ,CTB,GS,MIZ | Q1 or Q2 2022 |
| Novolex Holdings LLC | $2.63B TL (B2/B) | CS,MS,GS,BCLY,DB,RBC,WF,BNP,MUFG,HSBC,BMO,MIZ,MACQ | Q1 or Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/18/22 – 3/25/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -3.30% | 67.63 | 69.94 | 17 |
| 2 | 4,750 | ZAYO TL | 0.43% | 96.53 | 96.12 | 16 |
| 3 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.40% | 98.78 | 98.38 | 13 |
| 4 | 3,582 | MISYS TL B | 0.49% | 98.24 | 97.75 | 13 |
| 5 | 3,524 | TRANSDIGM INC. TL F | 0.99% | 97.69 | 96.74 | 14 |
| 6 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.13% | 98.69 | 98.55 | 12 |
| 7 | 3,500 | AMERICAN AIRLINES TL B | 0.22% | 100.27 | 100.05 | 11 |
| 8 | 3,325 | CINEWORLD TL B | -0.14% | 76.98 | 77.08 | 14 |
| 9 | 3,312 | HUB INTL LTD TL B | 0.49% | 98.34 | 97.86 | 14 |
| 10 | 3,300 | NTL CABLE PLC TL N | -0.02% | 97.69 | 97.71 | 10 |
| 11 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.18% | 99.03 | 98.85 | 11 |
| 12 | 3,000 | WESTINGHOUSE TL B | 0.69% | 97.73 | 97.06 | 14 |
| 13 | 3,000 | DELTA SKYMILES TL B | 0.33% | 102.60 | 102.27 | 10 |
| 14 | 2,938 | ULTIMATE SOFTWARE TL | 0.95% | 98.76 | 97.83 | 10 |
| 15 | 2,884 | BMC SOFTWARE TL B | 0.61% | 98.64 | 98.04 | 16 |
| 16 | 2,825 | BRAND ENERGY TL | 1.91% | 96.03 | 94.23 | 13 |
| 17 | 2,811 | DUN & BRADSTREET TL | 0.19% | 98.04 | 97.85 | 10 |
| 18 | 2,750 | REALPAGE TL B | 0.60% | 98.30 | 97.71 | 11 |
| 19 | 2,750 | TEAM HEALTH TL | 1.88% | 96.87 | 95.08 | 12 |
| 20 | 2,670 | FRONERI TL B | 0.25% | 97.34 | 97.10 | 10 |
| AVERAGE | 3,393 | 0.36% | 95.71 | 95.31 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/18/22 – 3/25/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | JILL TL B | 8.19% | 90.21 | 83.38 |
| 2 | EASTERN POWER TL B | 7.84% | 69.96 | 64.87 |
| 3 | TRAVELPORT TL B | 6.17% | 86.97 | 81.91 |
| 4 | RSA SECURITY LLC 2ND LIEN TL | 5.51% | 90.93 | 86.18 |
| 5 | STEINHOFF EUROPE PIK 2ND LIEN EUR TL A2 | 3.74% | 84.98 | 81.91 |
| 6 | AIR METHODS TL | 3.72% | 95.13 | 91.71 |
| 7 | VERITAS US INC TL B | 3.24% | 94.21 | 91.26 |
| 8 | AUDIO VISUAL TL B | 2.73% | 93.71 | 91.21 |
| 9 | DOUGLAS HOLDING EUR TL B | 2.64% | 96.62 | 94.13 |
| 10 | KOUTI BV EUR TL B | 2.45% | 97.33 | 95.00 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/18/22 – 3/25/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | HOLLAND & BARRETT GBP TL B | -18.17% | 65.46 | 80.00 |
| 2 | DIAMOND SPORTS 2ND LIEN TL | -6.54% | 33.86 | 36.23 |
| 3 | JO-ANN STORES TL B | -4.40% | 86.87 | 90.87 |
| 4 | ENVISION HEALTHCARE TL B | -3.30% | 67.63 | 69.94 |
| 5 | ESSENTIAL POWER TL B | -1.87% | 81.48 | 83.03 |
| 6 | ACPRODUCTS TL B | -1.80% | 90.21 | 91.86 |
| 7 | GENESIS CARE TL B | -1.69% | 87.22 | 88.72 |
| 8 | TRAEGER DD TL | -1.03% | 95.25 | 96.24 |
| 9 | CINEWORLD TL B | -0.84% | 74.95 | 75.59 |
| 10 | TRAEGER TL | -0.83% | 95.31 | 96.11 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/18/22 – 3/25/22 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 3/18/22 – 3/25/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AMERICAN AIRLINES TL B | 28 | 67 | 39 | 139% |
| 2 | HOSTESS BRANDS TL | 54 | 89 | 35 | 65% |
| 3 | WESTJET TL | 38 | 66 | 28 | 74% |
| 4 | TRONOX PIGMENTS TL B | 36 | 64 | 28 | 78% |
| 5 | SHEARERS TL | 50 | 77 | 27 | 54% |
| 6 | COTY EUR TL B | 16 | 42 | 26 | 163% |
| 7 | US FOODS TL B | 60 | 86 | 26 | 43% |
| 8 | PCI GAMING TL B | 36 | 62 | 26 | 72% |
| 9 | US FOODS TL B | 61 | 86 | 25 | 41% |
| 10 | MEHILAINEN EUR TL B2 | 36 | 60 | 24 | 67% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/18/22 – 3/25/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 19 |
| 2 | ACTION NEDERLAND EUR TL B | 18 |
| 3 | ENVISION HEALTHCARE TL B | 18 |
| 4 | IFCO EUR TL B | 18 |
| 5 | ZIGGO EUR TL H | 17 |
| 6 | BANIJAY GROUP EUR TL B | 17 |
| 7 | TELENET EUR TL | 17 |
| 8 | NTL CABLE PLC EUR TL R | 17 |
| 9 | SYNLAB EUR TL B5 | 17 |
| 10 | DOUGLAS HOLDING EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/18/22 – 3/25/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/18/22 – 3/25/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
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