Syndicated Bank Loan Market Summary – Week Ending 9/2/22
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Syndicated Bank Loan Market Summary: Week Ending 9/2/22
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 9/2/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Envision Healthcare Corp. | 1100 | Term Loan | 4/29/2027 | S+787.5 |
| Reef Global Inc. | 450 | Term Loan | 8/19/2027 | S+700 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 9/2/22
| ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
|---|---|---|---|
| Avalara Inc. | $2.75B credit facilities: $250MM revolver; $2.5B TL | VEP | 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 |
| Covetrus | $2.25B credit facilities:$300MM revolver; $1.525B TL; $425MM TL | DB, UBS, BMO, MIZ, TD, STD, ING | Q3 2022 |
| Open Text Corp. | $2.585 DD TL | BCLY, BMO, RBC, CITI | Q3 2022 |
| Zendesk Inc. | $4.1B credit facilities: $350MM revolver; $3.75B TL | N/A | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/26/22 – 9/2/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -2.00% | 26.11 | 26.64 | 11 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | -1.06% | 96.53 | 97.57 | 10 |
| 3 | 4,750 | ZAYO TL | -1.65% | 90.38 | 91.90 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.48% | 98.34 | 98.81 | 13 |
| 5 | 3,900 | DIRECTV TL | -1.11% | 95.00 | 96.07 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | -0.43% | 96.88 | 97.30 | 13 |
| 7 | 3,582 | MISYS TL B | -0.59% | 93.04 | 93.59 | 12 |
| 8 | 3,524 | TRANSDIGM INC. TL F | -1.00% | 96.71 | 97.69 | 13 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | -0.63% | 96.89 | 97.51 | 14 |
| 10 | 3,380 | SOLERA TL B | -0.92% | 95.29 | 96.17 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -0.60% | 63.68 | 64.06 | 14 |
| 12 | 3,312 | HUB INTL LTD TL B | -0.48% | 97.48 | 97.96 | 13 |
| 13 | 3,300 | NTL CABLE PLC TL N | -0.59% | 97.23 | 97.81 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | 1.14% | 18.39 | 18.18 | 12 |
| 15 | 3,000 | WESTINGHOUSE TL B | -0.77% | 97.11 | 97.86 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | -0.47% | 95.10 | 95.55 | 12 |
| 17 | 2,884 | BMC SOFTWARE TL B | -0.97% | 95.95 | 96.89 | 15 |
| 18 | 2,825 | BRAND ENERGY TL | 0.90% | 90.78 | 89.96 | 16 |
| 19 | 2,750 | REALPAGE TL B | -0.66% | 95.59 | 96.23 | 12 |
| 20 | 2,710 | DELL SOFTWARE GROUP TL B | -1.36% | 89.82 | 91.07 | 10 |
| AVERAGE | 3,580 | -0.69% | 86.31 | 86.94 | 12.8 |
Top 20 Losers
Showcases the top 20 loan “losers” based on the largest bid price decreases between 8/26/22 – 9/2/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | LUMILEDS TL B | -39.13% | 23.28 | 38.24 |
| 2 | THILEA TL B | -9.20% | 69.65 | 76.71 |
| 3 | VERITAS US INC TL B | -7.52% | 79.50 | 85.97 |
| 4 | METAL SERVICES TL B | -7.17% | 58.00 | 62.48 |
| 5 | CARESTREAM HEALTH TL | -5.61% | 93.44 | 99.00 |
| 6 | HUDSON RIVER TL B | -5.48% | 91.29 | 96.58 |
| 7 | BAUSCH HEALTH COMPANIES INC. TL B | -4.23% | 78.67 | 82.15 |
| 8 | SHUTTERFLY TL B | -3.75% | 75.01 | 77.93 |
| 9 | WEST MARINE 2ND LIEN TL B | -3.72% | 85.46 | 88.76 |
| 10 | TELESAT TL B | -3.21% | 66.26 | 68.46 |
| 11 | ASURION 2ND LIEN TL B4 | -3.14% | 83.63 | 86.34 |
| 12 | TKC HOLDINGS TL | -2.77% | 88.14 | 90.66 |
| 13 | WHEEL PROS TL | -2.76% | 82.97 | 85.32 |
| 14 | VALEO FOODS EUR TL B | -2.53% | 88.02 | 90.31 |
| 15 | UNIVERSAL SERVICES TL B | -2.45% | 93.80 | 96.16 |
| 16 | PAYSAFE EUR TL B | -2.29% | 89.43 | 91.52 |
| 17 | WHATABURGER TL B | -2.18% | 94.35 | 96.45 |
| 18 | NESTLE SKIN HEALTH TL B | -2.13% | 95.49 | 97.56 |
| 19 | BELLIS ACQUISITION CO PLC EUR TL B | -2.09% | 90.75 | 92.69 |
| 20 | LANDESK TL B | -1.97% | 84.50 | 86.20 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/26/22 – 9/2/22 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 8/26/22 – 9/2/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/26/22 vs. the week ending 9/2/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CHANGE HEALTHCARE TL B | 34 | 62 | 28 | 82% |
| 2 | BISON MIDSTREAM TL B | 24 | 52 | 28 | 117% |
| 3 | EFS COGEN TL B | 18 | 46 | 28 | 156% |
| 4 | JOURNEY PERSONAL CARE TL | 9 | 35 | 26 | 289% |
| 5 | DAVITA TL B | 58 | 84 | 26 | 45% |
| 6 | GENON ENERGY INC TL B | 44 | 70 | 26 | 59% |
| 7 | HUSKY INJECTION MOLDING TL B | 58 | 84 | 26 | 45% |
| 8 | LOYALTY VENTURES TL | 10 | 36 | 26 | 260% |
| 9 | SHUTTERFLY TL B | 34 | 59 | 25 | 74% |
| 10 | AUTODATA TL | 46 | 71 | 25 | 54% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/26/22 – 9/2/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | LUMILEDS TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | CINEWORLD TL B | 18 |
| 6 | VERISURE EUR TL B | 18 |
| 7 | NUMERICABLE EUR TL B11 | 17 |
| 8 | HALO BUYER TL | 17 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 10 | IFCO EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/26/22 – 9/2/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/26/22 – 9/2/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
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