Syndicated Bank Loan Market Summary – Week Ending 5/27/22
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Syndicated Bank Loan Market Summary: Week Ending 5/27/22
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 5/27/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| San Miguel Corp. | 900 | Term Loan | 11/29/2026 | S+163 |
| Sadara Chemical | 9900 | Term Loan | 3/23/2029 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 5/27/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Premise Health | $191MM TL (B2/B) | ARC, GLB | Q2 2022 |
| R1 RCM Inc. | $500MM TLB (Ba2/B+/BBB-) | BCLY, JPM, BofA, CO, WF, USB, KEY, PNC | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 5/20/22 – 5/27/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 7,270 | MEDLINE TL B | 1.33% | 95.78 | 94.52 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -2.94% | 39.09 | 40.27 | 17 |
| 3 | 5,160 | INTEL TL | 1.67% | 93.85 | 92.30 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.70% | 96.78 | 96.11 | 10 |
| 5 | 4,750 | ZAYO TL | 3.08% | 92.81 | 90.03 | 11 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.64% | 97.63 | 97.01 | 14 |
| 7 | 4,463 | ULTIMATE SOFTWARE TL B | -0.13% | 95.66 | 95.79 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | 0.70% | 96.10 | 95.43 | 10 |
| 9 | 3,900 | DIRECTV TL | 1.23% | 95.48 | 94.32 | 12 |
| 10 | 3,582 | MISYS TL B | 1.43% | 93.47 | 92.15 | 12 |
| 11 | 3,524 | TRANSDIGM INC. TL F | 0.62% | 97.08 | 96.48 | 15 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.07% | 95.79 | 95.72 | 12 |
| 13 | 3,500 | PILOT TRAVEL TL B | 0.40% | 96.33 | 95.94 | 10 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | 1.51% | 99.47 | 98.00 | 10 |
| 15 | 3,450 | GOLDEN NUGGET INC TL B | -0.18% | 95.36 | 95.54 | 12 |
| 16 | 3,380 | SOLERA TL B | 0.36% | 95.28 | 94.94 | 13 |
| 17 | 3,325 | CINEWORLD TL B | 0.70% | 70.14 | 69.65 | 14 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.24% | 95.58 | 95.35 | 14 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.54% | 97.07 | 96.54 | 12 |
| 20 | 3,100 | JAZZ PHARMA TL B | 0.66% | 97.56 | 96.92 | 11 |
| AVERAGE | 4,119 | 0.63% | 91.81 | 91.15 | 12.1 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 5/20/22 – 5/27/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | POWER BUYER TL | 8.50% | 77.02 | 70.99 |
| 2 | LUMILEDS TL B | 6.57% | 44.31 | 41.58 |
| 3 | ZAYO TL | 3.08% | 92.81 | 90.03 |
| 4 | AT HOME STORES TL B | 1.76% | 85.27 | 83.79 |
| 5 | EPIC CRUDE TL B | 1.74% | 85.82 | 84.35 |
| 6 | LOGMEIN TL B | 1.43% | 86.03 | 84.82 |
| 7 | CHARTER COMMUNICATIONS TL B2 | 1.43% | 97.89 | 96.51 |
| 8 | PACIFIC GAS AND ELECTRIC COMPANY TL B | 1.39% | 96.81 | 95.48 |
| 9 | LEVEL III TL B | 1.26% | 95.43 | 94.24 |
| 10 | QWEST CORPORATION TL B | 1.25% | 93.65 | 92.50 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 5/20/22 – 5/27/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | 24 HOUR FITNESS EXIT TL | -12.25% | 34.39 | 39.19 |
| 2 | CLARION EVENTS TL | -8.21% | 79.51 | 86.63 |
| 3 | QUIDDITCH ACQUISITION TL B | -7.70% | 86.80 | 94.04 |
| 4 | QUALTEK TL | -7.07% | 85.48 | 91.99 |
| 5 | POULT EUR TL B | -6.26% | 80.65 | 86.03 |
| 6 | ARCTIC GLACIER TL B | -5.53% | 85.08 | 90.07 |
| 7 | MITEL NETWORKS TL | -4.53% | 86.96 | 91.08 |
| 8 | AREAS EUR TL B1 | -4.13% | 85.04 | 88.70 |
| 9 | WHEEL PROS TL | -3.89% | 82.41 | 85.74 |
| 10 | ELECTRONICS FOR IMAGING TL | -3.02% | 88.61 | 91.37 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/20/22 – 5/27/22 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 5/20/22 – 5/27/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 5/20/22 vs. the week ending 5/27/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CINEWORLD TL B | 58 | 82 | 24 | 41% |
| 2 | IMS HEALTH TL B3 | 32 | 54 | 22 | 69% |
| 3 | CINEWORLD TL B | 58 | 78 | 20 | 34% |
| 4 | ENVISION HEALTHCARE TL B | 63 | 82 | 19 | 30% |
| 5 | HURTIGRUTEN GROUP EUR TL D | 0 | 18 | 18 | NA |
| 6 | PODS TL B | 23 | 40 | 17 | 74% |
| 7 | COTY EUR TL B | 8 | 25 | 17 | 213% |
| 8 | CULLIGAN TL B | 13 | 30 | 17 | 131% |
| 9 | CITGO TL | 30 | 47 | 17 | 57% |
| 10 | ASURION 2ND LIEN TL B3 | 30 | 47 | 17 | 57% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/20/22 – 5/27/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | ENVISION HEALTHCARE TL B | 19 |
| 3 | STADA ARZNEIMITTEL EUR TL F | 19 |
| 4 | DOUGLAS HOLDING EUR TL B | 19 |
| 5 | IFCO EUR TL B | 18 |
| 6 | ZIGGO EUR TL H | 18 |
| 7 | FONCIA GROUPE EUR TL B | 18 |
| 8 | EIRCOM FINCO SARL EUR TL B | 18 |
| 9 | AVAYA TL B2 | 18 |
| 10 | NUMERICABLE EUR TL B11 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/20/22 – 5/27/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/20/22 – 5/27/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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