Syndicated Bank Loan Market Summary – Week Ending 7/15/22
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary: Week Ending 7/15/22
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 7/15/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Apex Group Limited | 320 | Term Loan | 7/1/2028 | S+500 |
| 888 Holdings PLC | 150 | Revolving Credit | 6/23/2028 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 7/15/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Atlantic Aviation | $325MM TL (B1/B+) | JEFF, KKR, CS, GS, MS, HSBC, MIZ, BNP, ING, SG, SMBC, WF, USB | Q3 2022 |
| Bettcher Industries | $200MM TL (B-) | UBS, KKR, JEFF | Q3 2022 |
| Cardenas Merger Sub LLC | $510MM credit facilities: $75MM revolver; $435MM TL | CS, WF, RBB, NTXS | Q3 2022 |
| Citrix Systems Inc. | $8.05B credit facilities: $1B revolver; $7.05B TL | CS, GS, BCLY, CITI, DB, KKR | Q3 2022 |
| Cornerstone Building Brands Inc. | $410MM TL | DB, UBS, BCLY, BNP, RBC, SG, GS, NTXS, JEFF | Q3 2022 |
| Terra Millennium Corp. | $585MM credit facilities (B2/B): $50MM revolver; $435MM TL; $100MM DD TL | MACQ, STFL | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/8/22 – 7/15/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 1,460,000 | LIGHTSTONE GENERATION LLC TL B | -1.76% | 88.45 | 90.03 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -3.23% | 33.48 | 34.60 | 14 |
| 3 | 5,000 | UNITED CONTINENTAL TL B | 1.49% | 95.12 | 93.72 | 10 |
| 4 | 4,750 | ZAYO TL | 0.58% | 90.56 | 90.03 | 10 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.07% | 96.29 | 96.22 | 13 |
| 6 | 4,463 | ULTIMATE SOFTWARE TL B | 0.96% | 94.61 | 93.70 | 11 |
| 7 | 3,900 | DIRECTV TL | 0.39% | 92.29 | 91.94 | 12 |
| 8 | 3,600 | CDK GLOBAL TL | 1.18% | 95.78 | 94.66 | 13 |
| 9 | 3,582 | MISYS TL B | 0.39% | 90.01 | 89.66 | 11 |
| 10 | 3,524 | TRANSDIGM INC. TL F | 0.59% | 95.59 | 95.04 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 1.89% | 97.31 | 95.51 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 0.31% | 92.05 | 91.76 | 12 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 0.20% | 92.51 | 92.32 | 13 |
| 14 | 3,380 | SOLERA TL B | 0.78% | 92.40 | 91.68 | 13 |
| 15 | 3,325 | CINEWORLD TL B | -1.14% | 61.23 | 61.94 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | 1.25% | 95.68 | 94.50 | 13 |
| 17 | 3,300 | NTL CABLE PLC TL N | 0.51% | 95.18 | 94.70 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -3.92% | 20.28 | 21.10 | 12 |
| 19 | 3,000 | WESTINGHOUSE TL B | 0.27% | 94.94 | 94.68 | 10 |
| 20 | 2,985 | HARBOR FREIGHT TL B | 1.94% | 90.84 | 89.11 | 13 |
| AVERAGE | 76,592 | 0.14% | 85.23 | 84.85 | 11.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/8/22 – 7/15/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CLEAR CHANNEL OUTDOOR TL B | 3.05% | 88.42 | 85.80 |
| 2 | FORTRESS TL B | 2.73% | 97.90 | 95.30 |
| 3 | PRESIDIO TL B | 2.41% | 96.35 | 94.09 |
| 4 | PRIMESOURCE BUILDING TL B | 2.30% | 84.37 | 82.47 |
| 5 | HARBOR FREIGHT TL B | 1.94% | 90.84 | 89.11 |
| 6 | AMERICAN AIRLINES TL B | 1.89% | 97.31 | 95.51 |
| 7 | UNIVISION TL C | 1.79% | 95.41 | 93.73 |
| 8 | MAGENTA BUYER LLC TL B | 1.67% | 92.73 | 91.21 |
| 9 | ZIGGO TL I | 1.62% | 95.23 | 93.72 |
| 10 | AERCAP GLOBAL AVIATION TRUST TL B | 1.47% | 97.16 | 95.74 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/8/22 – 7/15/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | CONVERGEONE 2ND LIEN TL | -4.83% | 65.53 | 68.85 |
| 2 | MITEL NETWORKS 2ND LIEN TL | -4.44% | 61.74 | 64.61 |
| 3 | EQUINOX HLDGS INC TL B | -3.58% | 72.60 | 75.30 |
| 4 | STRATEGIC MATERIALS TL | -3.57% | 78.62 | 81.53 |
| 5 | NOBIAN EUR TL B | -2.59% | 81.04 | 83.19 |
| 6 | TELESAT TL B | -2.45% | 68.24 | 69.95 |
| 7 | GALILEO GLOBAL EDUCATION EUR TL B | -2.35% | 89.46 | 91.61 |
| 8 | PURESTAR TL | -2.27% | 76.69 | 78.47 |
| 9 | INNOVATIVE XCESSORIES TL | -1.97% | 78.43 | 80.01 |
| 10 | ATLANTIC AVIATION TL | -1.81% | 92.34 | 94.03 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between7/8/22 – 7/15/22 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 7/8/22 – 7/15/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/8/22 vs. the week ending 7/15/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | US RENAL CARE TL B | 27 | 69 | 42 | 156% |
| 2 | WESTINGHOUSE TL B | 40 | 75 | 35 | 88% |
| 3 | UBER TECHNOLOGIES TL B | 52 | 84 | 32 | 62% |
| 4 | DAVITA TL B | 44 | 76 | 32 | 73% |
| 5 | ULTIMATE SOFTWARE TL | 48 | 80 | 32 | 67% |
| 6 | VYAIRE MEDICAL TL B | 18 | 48 | 30 | 167% |
| 7 | HILTON TL B | 58 | 88 | 30 | 52% |
| 8 | CINEWORLD TL B | 48 | 78 | 30 | 63% |
| 9 | GATES GLOBAL TL B | 34 | 64 | 30 | 88% |
| 10 | UBER TECHNOLOGIES TL B | 42 | 72 | 30 | 71% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/8/22 – 7/15/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 18 |
| 2 | EIRCOM FINCO SARL EUR TL B | 18 |
| 3 | IFCO EUR TL B | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | ZIGGO EUR TL H | 18 |
| 6 | NTL CABLE PLC EUR TL B | 17 |
| 7 | ACTION NEDERLAND EUR TL B | 17 |
| 8 | MERLIN ENTERTAINMENTS EUR TL B | 17 |
| 9 | BANIJAY GROUP EUR TL B | 17 |
| 10 | CASINO GUICHARD EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/8/22 – 7/15/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/8/22 – 7/15/22 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.
