Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 9/16/22

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.

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Forward Calendar
Largest Loans
Top 10 Winners
Top 10 Losers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 9/16/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Flutter Entertainment PLC €1B TLB (Ba1/BBB-/BBB) BCLY Q3 2022
Maxlinear Inc. $3.5B credit facilities: $250MM RC; $512.5MM TLA; $2.7375 TLB WF, BMO, CTZ, TRS Q3 2022
Moneygram International Inc. $850MM credit facilities: $150MM RC; $700MM TL GS, DB, BCLY, WF Q3 2022
Open Text Corp. $2.585 DD TL BCLY, BMO, RBC, CITI Q3 2022
Ripic Holdings $2.25B credit facilities: $300MM RC; $1.95 TLs UBS, RBC, BNP, BMO, MIZ, NTXS Q3 2022

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/9/22 – 9/16/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,450 ENVISION HEALTHCARE TL B 17.65% 29.94 25.45 12
2 5,000 UNITED CONTINENTAL TL B -0.06% 97.34 97.40 10
3 4,750 ZAYO TL -1.55% 89.05 90.45 12
4 4,700 CAESARS RESORT COLLECTION TL B -0.27% 98.45 98.73 13
5 3,900 DIRECTV TL -0.39% 95.53 95.90 12
6 3,600 CDK GLOBAL TL -0.33% 97.03 97.35 13
7 3,582 MISYS TL B -0.54% 93.00 93.50 14
8 3,524 TRANSDIGM INC. TL F -0.05% 97.10 97.15 13
9 3,400 REFRESCO HOLDING EUR TL B -0.36% 96.45 96.80 14
10 3,380 SOLERA TL B -0.58% 95.45 96.01 15
11 3,325 CINEWORLD TL B -7.33% 46.43 50.11 16
12 3,312 HUB INTL LTD TL B -0.15% 97.82 97.97 12
13 3,300 NTL CABLE PLC TL N -0.71% 96.78 97.47 11
14 3,222 DIAMOND SPORTS 2ND LIEN TL -7.10% 16.84 18.13 13
15 3,000 WESTINGHOUSE TL B -0.05% 97.19 97.23 12
16 2,985 HARBOR FREIGHT TL B -1.31% 93.96 95.21 12
17 2,902 FORMULA ONE TL B 0.10% 99.21 99.11 10
18 2,884 BMC SOFTWARE TL B -0.29% 96.14 96.42 15
19 2,825 BRAND ENERGY TL -1.11% 89.66 90.66 19
20 2,750 TEAM HEALTH TL 2.31% 93.62 91.51 10
AVERAGE 3,590 -0.11% 85.85 86.13 12.9

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 9/9/22 – 9/16/22

RANK NAME CHANGE PX PX-1W
1 INNOVATIVE XCESSORIES TL 8.06% 77.70 71.91
2 ROBERTSHAW TL 2.81% 83.24 80.97
3 CARNIVAL PLC TL B 2.27% 95.27 93.16
4 COLE HAAN TL B1 1.98% 90.62 88.86
5 VERIFONE TL B 1.41% 93.49 92.18
6 MATTRESS FIRM TL B 1.37% 87.03 85.85
7 CARROLS HOLDCO INC TL B 1.32% 87.53 86.39
8 POWER BUYER TL 1.28% 81.96 80.93
9 STAPLES TL B1 1.26% 88.86 87.76
10 AMERICAN AIRLINES TL B 0.91% 93.55 92.71

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/9/22 – 9/16/22

RANK NAME CHANGE PX PX-1W
1 CONSTELLATION ENTERPRISES EUR TL B -11.17% 82.50 92.87
2 WHEEL PROS TL -11.06% 73.63 82.78
3 NATIONAL CINEMEDIA TL B -8.72% 75.18 82.37
4 CINEWORLD TL B -7.33% 46.43 50.11
5 SHUTTERFLY TL B -6.30% 69.34 74.00
6 NATIONAL MENTOR TL B -4.84% 79.81 83.86
7 CASA SYSTEMS TL -3.96% 82.04 85.43
8 CONVERGEONE TL B -3.73% 76.19 79.14
9 ASURION TL B8 -2.50% 87.32 89.56
10 CORELOGIC TL B -2.36% 82.84 84.85

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/9/22 – 9/16/22

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 9/9/22 – 9/16/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 9/9/22 vs. the week ending 9/16/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 NASCAR TL B 0 55 55 NA
2 BRAND ENERGY TL 62 102 40 65%
3 FIRST EAGLE TL B 46 77 31 67%
4 TRANSDIGM INC. TL F 62 92 30 48%
5 HILEX POLY TL B 73 100 27 37%
6 CASTLELAKE AVIATION TL B 22 48 26 118%
7 CENGAGE TL B 52 78 26 50%
8 ZAYO TL 72 98 26 36%
9 GRANITE ENERGY TL B 48 74 26 54%
10 SIGNATURE AVIATION TL B 30 55 25 83%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/9/22 – 9/16/22

RANK TRANCHE DEALERS
1 BRAND ENERGY TL 19
2 ACTION NEDERLAND EUR TL B 19
3 MITEL NETWORKS TL 18
4 ZIGGO EUR TL H 18
5 TELENET EUR TL 18
6 CINEWORLD TL B 18
7 NUMERICABLE EUR TL B11 17
8 LUMILEDS TL B 17
9 CONVERGEONE TL B 17
10 CEVA SANTE ANIMALE EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/9/22 – 9/16/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/9/22 – 9/16/22

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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