Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 9/23/22

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

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New Issues
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

New Issues

Loans issued during the week ending 9/23/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
WMG Acquisition Corp. 150 Term Loan 1/20/2028 S+300
Covetrus Inc. 1525 Term Loan 9/6/2029 S+500
Citrix Systems Inc. 1000 Revolving Credit 9/7/2027 N/A

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 9/23/22

ISSUER DEAL INFORMATION BANKS EXPECTED ISSUE DATE
Latam Airlines $750MM TLB (B2) GS, JPM, BCLY, BNP, NTXS 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 9/16/22 – 9/23/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,000 UNITED CONTINENTAL TL B -0.83% 96.54 97.34 10
2 4,750 ZAYO TL -2.67% 86.67 89.05 11
3 4,700 CAESARS RESORT COLLECTION TL B -0.82% 97.65 98.45 12
4 4,050 CITRIX TL B #VALUE! 89.78 NULL 10
5 3,900 DIRECTV TL -1.11% 94.47 95.53 13
6 3,600 CDK GLOBAL TL -0.91% 96.14 97.03 13
7 3,582 MISYS TL B -1.99% 91.14 93.00 14
8 3,524 TRANSDIGM INC. TL F -0.73% 96.38 97.10 12
9 3,450 GOLDEN NUGGET INC TL B -1.68% 93.83 95.44 10
10 3,400 REFRESCO HOLDING EUR TL B -0.84% 95.64 96.45 15
11 3,380 SOLERA TL B -1.17% 94.33 95.45 14
12 3,325 CINEWORLD TL B -0.09% 46.39 46.43 16
13 3,312 HUB INTL LTD TL B -1.24% 96.61 97.82 12
14 3,300 NTL CABLE PLC TL N -1.45% 95.38 96.78 11
15 3,222 DIAMOND SPORTS 2ND LIEN TL 7.85% 18.16 16.84 14
16 3,000 WESTINGHOUSE TL B -0.72% 96.49 97.19 11
17 2,985 HARBOR FREIGHT TL B -2.62% 91.50 93.96 11
18 2,902 FORMULA ONE TL B -0.25% 98.96 99.21 10
19 2,884 BMC SOFTWARE TL B -1.26% 94.93 96.14 15
20 2,825 BRAND ENERGY TL -0.12% 89.55 89.66 18
AVERAGE 3,555 #VALUE! 88.03 88.89 12.6

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 9/16/22 – 9/23/22

RANK NAME CHANGE PX PX-1W
1 INNOVATIVE XCESSORIES TL 3.13% 80.13 77.70
2 DAYCO TL B 2.09% 97.82 95.82
3 POULT EUR TL B 1.99% 78.05 76.53
4 PURESTAR TL 1.98% 79.94 78.38
5 LIMETREE BAY TL B 1.88% 69.06 67.79
6 CABLE ONE TL B 1.19% 98.11 96.96
7 BOB’S FURNITURE TL B 1.09% 92.23 91.23
8 SIGNATURE FOODS EUR TL B 1.08% 85.91 84.99
9 ALBION ACQUISITIONS LTD EUR TL B 0.94% 96.98 96.07
10 WEST DEPTFORD ENERGY TL B 0.80% 70.89 70.33

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/16/22 – 9/23/22

RANK NAME CHANGE PX PX-1W
1 RODAN & FIELDS TL B -8.55% 43.33 47.39
2 NATIONAL MENTOR TL B -7.74% 73.63 79.81
3 PRINCE MINERALS TL -6.29% 81.77 87.26
4 CORELOGIC TL B -5.95% 77.91 82.84
5 SPRINGS WINDOW TL B -5.16% 81.57 86.01
6 ELECTRONICS FOR IMAGING TL -4.88% 81.02 85.18
7 LOGMEIN TL B -4.10% 72.44 75.54
8 AMNEAL PHARMACEUTIAL TL B -3.86% 87.80 91.33
9 CONVERGEONE TL B -3.60% 73.45 76.19
10 THE HUT GROUP EUR TL B -3.58% 87.93 91.19

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/16/22 – 9/23/22

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 9/16/22 – 9/23/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 9/16/22 vs. the week ending 9/23/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 LIFTOFF TL B 12 54 42 350%
2 BBB INDUSTRIES TL B 30 52 22 73%
3 IHEART TL B 25 46 21 84%
4 BCP RENAISSANCE TL B 39 57 18 46%
5 ENTEGRIS TL B 52 70 18 35%
6 B&G FOODS INC TL B 36 54 18 50%
7 ACPRODUCTS TL B 66 83 17 26%
8 SCIENTIFIC GAMES TL B 44 60 16 36%
9 THILEA TL B 26 42 16 62%
10 ZIGGO TL I 73 89 16 22%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/16/22 – 9/23/22

RANK TRANCHE DEALERS
1 ACTION NEDERLAND EUR TL B 19
2 CINEWORLD TL B 19
3 BRAND ENERGY TL 18
4 CEVA SANTE ANIMALE EUR TL B 18
5 ZIGGO EUR TL H 18
6 TELENET EUR TL 18
7 VERISURE EUR TL B 18
8 ACPRODUCTS TL B 17
9 NUMERICABLE EUR TL B11 17
10 TMF GROUP HOLDING BV EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/16/22 – 9/23/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/16/22 – 9/23/22

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

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