Syndicated Bank Loan Market Summary – Week Ending 7/22/22
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Syndicated Bank Loan Market Summary: Week Ending 7/22/22
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 7/22/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Cornerstone Building Brands Inc. | 300 | Term Loan | 8/1/2028 | S+562.5 |
| Cardenas Markets LLC | 75 | Revolving Credit | 7/20/2027 | N/A |
| Tekni Plex Inc. | 125 | Term Loan | 9/17/2028 | S+525 |
| KKR Apple Bidco LLC | 325 | Term Loan | 9/24/2028 | S+400 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 7/22/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Bettcher Industries | $200MM TL (B-) | UBS, KKR, JEFF | Q3 2022 |
| Citrix Systems Inc. | $8.05B credit facilities: $1B revolver; $7.05B TL | CS, GS, BCLY, CITI, DB, KKR | Q3 2022 |
| ETC Group | €972.4MM TL | CS, BCLY, BNP, BofI, CA, MIZ, MUFG, STC | Q3 2022 |
| Kindred at Home Hospice | $2.05B TLs: $400MM TLA; $1.2B TLB (B2/B); $450MM TL (Caa2/CCC+) | GS, BCLY, DB, UBS, BNP, CTB, MIZ, RBC, TRS, WF | Q3 2022 |
| Patagonia Holdco | $800MM TLB (B1) | JPM, GS, CITI, BofA, NTXS, DB, SCT | Q3 2022 |
| STG Logistics | $45MM TL | ANT | 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 7/15/22 – 7/22/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -3.21% | 32.41 | 33.48 | 13 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.79% | 95.87 | 95.12 | 11 |
| 3 | 4,750 | ZAYO TL | 2.53% | 92.84 | 90.56 | 10 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 1.17% | 97.41 | 96.29 | 13 |
| 5 | 4,463 | ULTIMATE SOFTWARE TL B | 2.41% | 96.89 | 94.61 | 10 |
| 6 | 3,900 | DIRECTV TL | 2.54% | 94.63 | 92.29 | 12 |
| 7 | 3,600 | CDK GLOBAL TL | 1.44% | 97.15 | 95.78 | 12 |
| 8 | 3,582 | MISYS TL B | 2.51% | 92.27 | 90.01 | 12 |
| 9 | 3,524 | TRANSDIGM INC. TL F | 1.54% | 97.06 | 95.59 | 10 |
| 10 | 3,515 | LIFEPOINT HOSPITALS TL B | 2.93% | 96.32 | 93.58 | 10 |
| 11 | 3,500 | AMERICAN AIRLINES TL B | 1.51% | 98.78 | 97.31 | 10 |
| 12 | 3,450 | GOLDEN NUGGET INC TL B | 2.93% | 94.74 | 92.05 | 13 |
| 13 | 3,400 | REFRESCO HOLDING EUR TL B | 2.09% | 94.44 | 92.51 | 15 |
| 14 | 3,380 | SOLERA TL B | 2.84% | 95.02 | 92.40 | 13 |
| 15 | 3,325 | CINEWORLD TL B | 2.83% | 62.96 | 61.23 | 14 |
| 16 | 3,312 | HUB INTL LTD TL B | 1.66% | 97.27 | 95.68 | 13 |
| 17 | 3,300 | NTL CABLE PLC TL N | 2.30% | 97.36 | 95.18 | 11 |
| 18 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -2.22% | 19.83 | 20.28 | 12 |
| 19 | 3,000 | WESTINGHOUSE TL B | 1.67% | 96.52 | 94.94 | 11 |
| 20 | 2,985 | HARBOR FREIGHT TL B | 4.21% | 94.67 | 90.84 | 13 |
| AVERAGE | 3,768 | 1.72% | 87.22 | 85.49 | 11.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/15/22 – 7/22/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | FREEPORT LNG TL A | 5.71% | 94.08 | 89.00 |
| 2 | KODIAK TL B | 4.99% | 91.97 | 87.60 |
| 3 | EDELMAN FINANCIAL TL B | 4.44% | 94.39 | 90.38 |
| 4 | HARBOR FREIGHT TL B | 4.21% | 94.67 | 90.84 |
| 5 | L&W GROUP TL B | 4.16% | 96.16 | 92.32 |
| 6 | MADISON IAQ TL | 3.61% | 93.54 | 90.28 |
| 7 | PRIMESOURCE BUILDING TL B | 3.50% | 87.32 | 84.37 |
| 8 | ATLANTIC AVIATION TL | 3.50% | 95.56 | 92.34 |
| 9 | MITCHELL TL B | 3.27% | 94.79 | 91.79 |
| 10 | EOC GROUP TL | 3.27% | 94.97 | 91.96 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/15/22 – 7/22/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | ACPRODUCTS TL B | -6.56% | 74.04 | 79.23 |
| 2 | LUMILEDS TL B | -6.26% | 38.49 | 41.06 |
| 3 | REVLON TL B | -5.17% | 36.48 | 38.47 |
| 4 | STRATEGIC MATERIALS TL | -4.63% | 74.98 | 78.62 |
| 5 | JORDAN HEALTH TL | -3.59% | 66.48 | 68.96 |
| 6 | ENVISION HEALTHCARE TL B | -3.21% | 32.41 | 33.48 |
| 7 | COLUMBUS CAPITAL EUR TL B | -1.83% | 83.18 | 84.73 |
| 8 | GENESIS CARE TL B | -1.41% | 70.00 | 71.00 |
| 9 | HUBBARD RADIO TL B | -1.31% | 91.06 | 92.27 |
| 10 | AIMBRIDGE HOSPITALITY TL B | -0.86% | 87.93 | 88.70 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/15/22 – 7/22/22 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 7/15/22 – 7/22/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/15/22 vs. the week ending 7/22/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | VIVINT INC TL B | 27 | 61 | 34 | 126% |
| 2 | PARQUES REUNIDOS SA EUR TL B | 0 | 24 | 24 | NA |
| 3 | VERISURE EUR TL B | 50 | 72 | 22 | 44% |
| 4 | UNITED NATURAL FOODS TL B | 66 | 88 | 22 | 33% |
| 5 | CEVA SANTE ANIMALE EUR TL B | 40 | 61 | 21 | 53% |
| 6 | STAPLES TL B2 | 46 | 67 | 21 | 46% |
| 7 | AMER SPORTS EUR TL B | 24 | 44 | 20 | 83% |
| 8 | BRAND ENERGY TL | 72 | 92 | 20 | 28% |
| 9 | KINDERCARE LEARNING CENTER 2ND LIEN TL | 8 | 28 | 20 | 250% |
| 10 | SIGMA BIDCO GBP TL B4 | 24 | 44 | 20 | 83% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/15/22 – 7/22/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | LUMILEDS TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | EIRCOM FINCO SARL EUR TL B | 18 |
| 5 | TELENET EUR TL | 18 |
| 6 | MERLIN ENTERTAINMENTS EUR TL B | 18 |
| 7 | IFCO EUR TL B | 18 |
| 8 | ELSAN GROUPE EXT EUR TL B | 18 |
| 9 | VERISURE EUR TL B | 18 |
| 10 | KLOECKNER EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/15/22 – 7/22/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/15/22 – 7/22/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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