Syndicated Bank Loans
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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
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