Syndicated Bank Loan Market Summary – Week Ending 6/17/22
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Syndicated Bank Loan Market Summary: Week Ending 6/17/22
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 6/17/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Univision Communications Inc. | Term Loan | 500 | 6/24/2029 | S+425 |
| Signature Aviation US Hldg Inc. | Term Loan | 1100 | 6/6/2029 | S+375 |
| Apex Group Treasury LLC | Term Loan | 465 | 7/27/2028 | L+375 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 6/17/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Avaya | $500MM TL | GS | Q2 2022 |
| Dave & Busters Inc. | $850MM TLB (B) | DB, JPM, BMO, WF, TRS, CO, FT | Q2 2022 |
| Firststudent & Firsttransit | $770MM term loans: $720MM TLB; $50MM TLC | BCLY, MS, BMO, RBC, JEFF, CS, TD, CTB, BNP, DB, MUFG, STFL | Q2 2022 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q2 2022 |
| Vertex Co. | $260MM TLB | RBC, MUFG, STF, USB, CTB | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/10/22 – 6/17/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -2.29% | 94.57 | 96.79 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -5.16% | 36.67 | 38.67 | 17 |
| 3 | 4,750 | ZAYO TL | -2.92% | 90.67 | 93.39 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -1.66% | 96.36 | 97.99 | 12 |
| 5 | 3,900 | DIRECTV TL | -2.79% | 93.64 | 96.33 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | -1.19% | 95.52 | 96.67 | 12 |
| 7 | 3,582 | MISYS TL B | -2.75% | 92.21 | 94.81 | 11 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -2.04% | 95.38 | 97.37 | 11 |
| 9 | 3,515 | LIFEPOINT HOSPITALS TL B | -1.88% | 95.09 | 96.92 | 12 |
| 10 | 3,450 | GOLDEN NUGGET INC TL B | -2.46% | 93.93 | 96.30 | 11 |
| 11 | 3,400 | REFRESCO HOLDING EUR TL B | -1.75% | 94.97 | 96.67 | 11 |
| 12 | 3,380 | SOLERA TL B | -2.21% | 93.97 | 96.09 | 14 |
| 13 | 3,325 | CINEWORLD TL B | -3.38% | 64.25 | 66.50 | 16 |
| 14 | 3,312 | HUB INTL LTD TL B | -1.82% | 95.74 | 97.51 | 12 |
| 15 | 3,300 | NTL CABLE PLC TL N | -3.00% | 94.44 | 97.36 | 11 |
| 16 | 3,000 | WESTINGHOUSE TL B | -2.23% | 94.71 | 96.86 | 13 |
| 17 | 2,985 | HARBOR FREIGHT TL B | -2.34% | 91.33 | 93.52 | 12 |
| 18 | 2,884 | BMC SOFTWARE TL B | -2.24% | 94.26 | 96.42 | 16 |
| 19 | 2,853 | VERTICAL MIDCO GMBH TL B | -1.59% | 95.59 | 97.13 | 10 |
| 20 | 2,825 | BRAND ENERGY TL | -2.05% | 87.30 | 89.13 | 16 |
| AVERAGE | 3,750 | -2.39% | 89.53 | 91.62 | 12.7 |
Top 20 Losers
Showcases the top 20 loan “losers” based on the largest bid price decreases between 6/10/22 – 6/17/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | GENESIS CARE TL B | -7.77% | 79.32 | 86.00 |
| 2 | 24 HOUR FITNESS EXIT TL | -7.51% | 34.84 | 37.67 |
| 3 | CORELOGIC 2ND LIEN TL | -6.24% | 79.11 | 84.37 |
| 4 | US RENAL CARE TL B | -5.66% | 70.10 | 74.31 |
| 5 | WP CPP TL B | -5.54% | 82.47 | 87.32 |
| 6 | REVLON 2ND LIEN TL B2 | -5.18% | 60.13 | 63.42 |
| 7 | EQUINOX HLDGS INC 2ND LIEN TL | -4.65% | 79.38 | 83.25 |
| 8 | WESSANEN EUR TL | -4.27% | 85.43 | 89.24 |
| 9 | AT&T COLOCATION TL | -4.05% | 78.90 | 82.24 |
| 10 | TRAEGER TL | -3.97% | 86.14 | 89.71 |
| 11 | ESSENTIAL POWER TL B | -3.77% | 78.76 | 81.85 |
| 12 | FREEPORT LNG TL B | -3.43% | 93.30 | 96.61 |
| 13 | MADISON IAQ TL | -3.39% | 92.53 | 95.78 |
| 14 | CINEWORLD TL B | -3.38% | 64.25 | 66.50 |
| 15 | ASURION 2ND LIEN TL B4 | -3.37% | 87.35 | 90.40 |
| 16 | BASS PRO SHOPS TL B | -3.16% | 92.38 | 95.39 |
| 17 | ACPRODUCTS TL B | -3.13% | 80.57 | 83.17 |
| 18 | FIRST STUDENT TL C | -3.13% | 91.17 | 94.12 |
| 19 | EPIC HEALTH TL B | -3.11% | 91.14 | 94.06 |
| 20 | QWEST CORPORATION TL B | -3.07% | 90.40 | 93.26 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/10/22 – 6/17/22 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 6/10/22 – 6/17/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/10/22 vs. the week ending 6/17/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INEOS FIN EUR TL B | 28 | 54 | 26 | 93% |
| 2 | AHEAD TL B | 21 | 46 | 25 | 119% |
| 3 | PARK PLACE TECHNOLOGIES TL | 24 | 46 | 22 | 92% |
| 4 | HILLMAN GROUP TL B1 | 28 | 50 | 22 | 79% |
| 5 | LIGHTSTONE GENERATION LLC TL B | 8 | 28 | 20 | 250% |
| 6 | SS&C TECH TL B6 | 28 | 48 | 20 | 71% |
| 7 | HEARTLAND DENTAL TL B | 36 | 55 | 19 | 53% |
| 8 | EASTERN POWER TL B | 39 | 58 | 19 | 49% |
| 9 | GRANITE ENERGY TL B | 54 | 72 | 18 | 33% |
| 10 | HERITAGE POWER TL B | 24 | 42 | 18 | 75% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/10/22 – 6/17/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 21 |
| 2 | IFCO EUR TL B | 19 |
| 3 | STADA ARZNEIMITTEL EUR TL F | 19 |
| 4 | NUMERICABLE EUR TL B11 | 18 |
| 5 | EIRCOM FINCO SARL EUR TL B | 18 |
| 6 | ZIGGO EUR TL H | 18 |
| 7 | BANIJAY GROUP EUR TL B | 18 |
| 8 | KLOECKNER EUR TL B | 18 |
| 9 | ENVISION HEALTHCARE TL B | 18 |
| 10 | FONCIA GROUPE EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/10/22 – 6/17/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/10/22 – 6/17/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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