Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 8/26/22
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 8/26/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Eyecare Partners, LLC | 250 | Term Loan | 11/1/2028 | S+460 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 8/26/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
| Avalara Inc. | $2.75B credit facilities: $250MM revolver; $2.5B TL | VEP | Q3 2022 |
| Avient Corp | $575MM TLB (Ba1/BB+) | MS, JPM | Q3 2022 |
| 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 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/19/22 – 8/26/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 6.22% | 26.64 | 25.08 | 12 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -0.55% | 97.57 | 98.10 | 10 |
| 3 | 4,750 | ZAYO TL | -1.07% | 91.90 | 92.89 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.06% | 98.81 | 98.75 | 13 |
| 5 | 3,900 | DIRECTV TL | -0.82% | 96.07 | 96.86 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | -0.61% | 97.30 | 97.89 | 13 |
| 7 | 3,582 | MISYS TL B | -0.58% | 93.59 | 94.14 | 11 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -0.38% | 97.69 | 98.05 | 12 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | 0.32% | 97.51 | 97.20 | 14 |
| 10 | 3,380 | SOLERA TL B | -0.52% | 96.17 | 96.67 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -3.35% | 64.06 | 66.29 | 14 |
| 12 | 3,312 | HUB INTL LTD TL B | -0.38% | 97.96 | 98.33 | 13 |
| 13 | 3,300 | NTL CABLE PLC TL N | -0.14% | 97.81 | 97.95 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -1.55% | 18.18 | 18.47 | 10 |
| 15 | 3,000 | WESTINGHOUSE TL B | -0.01% | 97.86 | 97.87 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | -0.04% | 95.55 | 95.59 | 12 |
| 17 | 2,884 | BMC SOFTWARE TL B | -0.92% | 96.89 | 97.79 | 15 |
| 18 | 2,825 | BRAND ENERGY TL | -1.52% | 89.96 | 91.35 | 15 |
| 19 | 2,750 | REALPAGE TL B | -0.39% | 96.23 | 96.60 | 12 |
| 20 | 2,710 | DELL SOFTWARE GROUP TL B | -0.81% | 91.07 | 91.81 | 10 |
| AVERAGE | 3,580 | -0.35% | 86.94 | 87.38 | 12.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/19/22 – 8/26/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | AVAYA TL B2 | 26.75% | 56.47 | 44.55 |
| 2 | INNOVATIVE XCESSORIES TL | 2.09% | 71.99 | 70.52 |
| 3 | POULT EUR TL B | 1.90% | 74.96 | 73.56 |
| 4 | CINEWORLD PIK P TL B1 | 1.74% | 114.32 | 112.36 |
| 5 | DEXKO TL B | 1.45% | 95.65 | 94.28 |
| 6 | RENT-A-CENTER TL B | 1.03% | 96.71 | 95.72 |
| 7 | ANASTASIA BEVERLY HILLS TL B | 0.99% | 79.41 | 78.63 |
| 8 | FIRST STUDENT TL B | 0.87% | 95.95 | 95.13 |
| 9 | AVOLON TL B4 | 0.75% | 97.72 | 97.00 |
| 10 | ENERGYSOLUTIONS TL B | 0.74% | 92.90 | 92.22 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/19/22 – 8/26/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | RACKSPACE HOSTING TL B | -9.69% | 80.98 | 89.67 |
| 2 | MITEL NETWORKS 2ND LIEN TL | -7.44% | 54.64 | 59.03 |
| 3 | AT&T COLOCATION TL | -2.27% | 76.66 | 78.44 |
| 4 | PLY GEM TL | -2.23% | 90.11 | 92.16 |
| 5 | SYNCSORT 2ND LIEN TL | -1.97% | 87.47 | 89.23 |
| 6 | WESTJET TL | -1.92% | 91.40 | 93.18 |
| 7 | MITEL NETWORKS TL | -1.88% | 61.16 | 62.33 |
| 8 | AT HOME STORES TL B | -1.83% | 80.15 | 81.64 |
| 9 | LANDESK TL B | -1.79% | 86.40 | 87.98 |
| 10 | ASURION TL B8 | -1.79% | 91.95 | 93.62 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/19/22 – 8/26/22
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 8/19/22 – 8/26/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/19/22 vs. the week ending 8/26/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | HERENS HOLDCO SARL EUR TL B | 32 | 56 | 24 | 75% |
| 2 | XELLA INTERNATIONAL GMBH EUR TL B | 14 | 33 | 19 | 136% |
| 3 | DIRECTV TL | 60 | 78 | 18 | 30% |
| 4 | AWAZE EUR TL B | 8 | 26 | 18 | 225% |
| 5 | US SILICA CO TL B | 28 | 44 | 16 | 57% |
| 6 | US FOODS TL B | 54 | 70 | 16 | 30% |
| 7 | AWAZE EUR TL B2 | 0 | 16 | 16 | NA |
| 8 | AWAZE EXT EUR TL B | 0 | 16 | 16 | NA |
| 9 | SAMSONITE TL B | 16 | 32 | 16 | 100% |
| 10 | PROOFPOINT TL B | 52 | 66 | 14 | 27% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/19/22 – 8/26/22
| RANK | TRANCHE | DEALERS |
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | TELENET EUR TL | 18 |
| 4 | VERISURE EUR TL B | 18 |
| 5 | NUMERICABLE EUR TL B11 | 17 |
| 6 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 7 | CINEWORLD TL B | 17 |
| 8 | IFCO EUR TL B | 17 |
| 9 | ACTION NEDERLAND EXT EUR TL B | 17 |
| 10 | FRONERI EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/19/22 – 8/26/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/19/22 – 8/26/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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