Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 9/30/22

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 9/30/22

ISSUER AMOUNT (MM) LOAN TYPE MATURITY RATE
Ontic 85 Term Loan 10/1/2026 S+460
VetCor 3090 Term Loan 5/31/2029 L+575
Generation Bridge LLC 45 Term Loan 2/1/2029 S+500

Forward Calendar

List of upcoming syndicated loan being marketed in the United States as of 9/30/22

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 9/23/22 – 9/30/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 5,100 CHANGE HEALTHCARE TL B 0.24% 99.72 99.48 10
2 5,000 UNITED CONTINENTAL TL B -1.29% 95.29 96.54 11
3 4,750 ZAYO TL -3.83% 83.35 86.67 11
4 4,700 CAESARS RESORT COLLECTION TL B -0.14% 97.51 97.65 12
5 4,050 CITRIX TL B -0.28% 89.53 89.78 11
6 3,900 DIRECTV TL -1.60% 92.96 94.47 13
7 3,600 CDK GLOBAL TL -0.06% 96.09 96.14 12
8 3,582 MISYS TL B -4.48% 87.05 91.14 14
9 3,524 TRANSDIGM INC. TL F -0.63% 95.78 96.38 13
10 3,450 GOLDEN NUGGET INC TL B -1.38% 92.54 93.83 10
11 3,400 REFRESCO HOLDING EUR TL B -1.92% 93.80 95.64 14
12 3,380 SOLERA TL B -2.33% 92.14 94.33 14
13 3,325 CINEWORLD TL B -9.88% 41.80 46.39 15
14 3,312 HUB INTL LTD TL B -0.64% 95.99 96.61 12
15 3,300 NTL CABLE PLC TL N -0.04% 95.34 95.38 11
16 3,222 DIAMOND SPORTS 2ND LIEN TL 6.52% 19.35 18.16 13
17 3,000 WESTINGHOUSE TL B -1.03% 95.50 96.49 12
18 2,985 HARBOR FREIGHT TL B -1.19% 90.41 91.50 11
19 2,902 FORMULA ONE TL B -0.10% 98.87 98.96 10
20 2,884 BMC SOFTWARE TL B -0.35% 94.59 94.93 14
AVERAGE 3,668 -1.22% 87.38 88.52 12.2

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 9/23/22 – 9/30/22

RANK NAME CHANGE PX PX-1W
1 TRAVELPORT TL 0.76% 98.65 97.90
2 ST JOSEPH ENERGY TL 0.59% 95.55 94.99
3 BAUSCH & LOMB INC TL 0.50% 92.85 92.38
4 ELLUCIAN / SOPHIA TL 0.48% 96.01 95.55
5 ARISTOCRAT TL B 0.39% 98.94 98.56
6 SBA COMMUNICATIONS CORP TL B 0.34% 97.09 96.76
7 LEVEL III TL B 0.31% 94.82 94.53
8 CINEWORLD PIK P TL B1 0.29% 118.30 117.97
9 LIBERTY LATIN AMERICA TL B 0.28% 96.81 96.54
10 CHARTER COMMUNICATIONS TL B2 0.24% 96.14 95.91

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/23/22 – 9/30/22

RANK NAME CHANGE PX PX-1W
1 LOYALTY VENTURES TL -54.02% 31.69 68.93
2 DELL SOFTWARE GROUP TL B -14.17% 73.87 86.07
3 SHUTTERFLY TL B -10.10% 62.36 69.36
4 HEARTHSIDE FOODS TL B2 -8.75% 78.70 86.24
5 ISAGENIX TL -8.61% 37.46 40.99
6 EIG INVESTORS TL B -6.60% 83.86 89.78
7 LANDESK TL B -6.52% 77.51 82.92
8 SYNCSORT TL -6.40% 86.30 92.20
9 RSA SECURITY LLC TL B -6.37% 73.91 78.94
10 RADIOLOGY PARTNERS TL B -6.18% 83.83 89.35

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/23/22 – 9/30/22

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 9/23/22 – 9/30/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 9/23/22 vs. the week ending 9/30/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 DELACHAUX EUR TL B1 20 42 22 110%
2 CINEWORLD PIK P TL B1 32 54 22 69%
3 BLACKSTONE CQP TL B 12 34 22 183%
4 CINEWORLD TL B 55 76 21 38%
5 CORRECT CARE TL B 10 30 20 200%
6 SURGEY CENTER TL 64 82 18 28%
7 PROSOL GESTION EUR TL B 12 29 17 142%
8 REYNOLDS GROUP HOLDINGS LIMITED TL B 62 78 16 26%
9 POULT EUR TL B 20 36 16 80%
10 CAESARS RESORT COLLECTION TL B 83 99 16 19%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/23/22 – 9/30/22

RANK TRANCHE DEALERS
1 BRAND ENERGY TL 19
2 CINEWORLD TL B 19
3 ACTION NEDERLAND EUR TL B 18
4 TELENET EUR TL 18
5 CEVA SANTE ANIMALE EUR TL B 17
6 ZIGGO EUR TL H 17
7 ACPRODUCTS TL B 17
8 VERISURE EUR TL B 17
9 NUMERICABLE EUR TL B11 16
10 TMF GROUP HOLDING BV EUR TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/23/22 – 9/30/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/23/22 – 9/30/22

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

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