Syndicated Bank Loan Market Summary – Week Ending 9/9/22
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Syndicated Bank Loan Market Summary: Week Ending 9/9/22
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 9/9/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Citrix Systems Inc. | 4050 | Term Loan | 3/7/2029 | N/A |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 9/9/22
| 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 |
| Open Text Corp. | $2.585 DD TL | BCLY, BMO, RBC, CITI | Q3 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/2/22 – 9/9/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -2.52% | 25.45 | 26.11 | 10 |
| 2 | 5,000 | UNITED CONTINENTAL TL B | 0.90% | 97.40 | 96.53 | 10 |
| 3 | 4,750 | ZAYO TL | 0.07% | 90.45 | 90.38 | 13 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.39% | 98.73 | 98.34 | 13 |
| 5 | 3,900 | DIRECTV TL | 0.95% | 95.90 | 95.00 | 14 |
| 6 | 3,600 | CDK GLOBAL TL | 0.48% | 97.35 | 96.88 | 13 |
| 7 | 3,582 | MISYS TL B | 0.49% | 93.50 | 93.04 | 13 |
| 8 | 3,524 | TRANSDIGM INC. TL F | 0.46% | 97.15 | 96.71 | 13 |
| 9 | 3,400 | REFRESCO HOLDING EUR TL B | -0.10% | 96.80 | 96.89 | 14 |
| 10 | 3,380 | SOLERA TL B | 0.76% | 96.01 | 95.29 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -21.32% | 50.11 | 63.68 | 16 |
| 12 | 3,312 | HUB INTL LTD TL B | 0.50% | 97.97 | 97.48 | 13 |
| 13 | 3,300 | NTL CABLE PLC TL N | 0.25% | 97.47 | 97.23 | 11 |
| 14 | 3,222 | DIAMOND SPORTS 2ND LIEN TL | -1.43% | 18.13 | 18.39 | 12 |
| 15 | 3,000 | WESTINGHOUSE TL B | 0.13% | 97.23 | 97.11 | 12 |
| 16 | 2,985 | HARBOR FREIGHT TL B | 0.11% | 95.21 | 95.10 | 12 |
| 17 | 2,884 | BMC SOFTWARE TL B | 0.49% | 96.42 | 95.95 | 15 |
| 18 | 2,825 | BRAND ENERGY TL | -0.13% | 90.66 | 90.78 | 16 |
| 19 | 2,750 | REALPAGE TL B | -0.12% | 95.47 | 95.59 | 12 |
| 20 | 2,710 | DELL SOFTWARE GROUP TL B | 0.38% | 90.17 | 89.82 | 10 |
| AVERAGE | 3,580 | -0.96% | 85.88 | 86.31 | 12.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/2/22 – 9/9/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | EAGLEPICHER TL | 4.32% | 81.72 | 78.33 |
| 2 | CINEWORLD PIK P TL B1 | 2.89% | 118.12 | 114.80 |
| 3 | NORTHWEST FIBER TL | 1.88% | 95.68 | 93.91 |
| 4 | WASTEQUIP TL B | 1.87% | 87.97 | 86.36 |
| 5 | DOMTAR CORP TL B | 1.57% | 95.99 | 94.50 |
| 6 | AMERICAN AIRLINES TL B | 1.37% | 92.71 | 91.46 |
| 7 | MSHC TL | 1.25% | 96.72 | 95.53 |
| 8 | TRINSEO TL B | 1.25% | 97.09 | 95.89 |
| 9 | MEDLINE TL B | 1.14% | 95.81 | 94.73 |
| 10 | SCIENTIFIC GAMES TL B | 1.01% | 96.85 | 95.88 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/2/22 – 9/9/22
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | RACKSPACE HOSTING TL B | -4.67% | 76.07 | 79.79 |
| 2 | NATIONAL CINEMEDIA TL B | -2.51% | 82.37 | 84.49 |
| 3 | FLY LEASING TL | -2.43% | 87.00 | 89.16 |
| 4 | AI PLEX ACQUICO EUR TL B | -2.30% | 79.56 | 81.44 |
| 5 | AMNEAL PHARMACEUTIAL TL B | -2.13% | 92.94 | 94.96 |
| 6 | ELECTRONICS FOR IMAGING TL | -2.12% | 86.73 | 88.60 |
| 7 | NOBIAN EUR TL B | -1.92% | 85.99 | 87.67 |
| 8 | ACPRODUCTS TL B | -1.87% | 79.43 | 80.95 |
| 9 | AT&T COLOCATION TL | -1.62% | 76.16 | 77.41 |
| 10 | CSC SERVICEWORKS INC TL B | -1.09% | 92.27 | 93.29 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/2/22 – 9/9/22 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 9/2/22 – 9/9/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/2/22 vs. the week ending 9/9/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | NTL CABLE PLC EUR TL O | 46 | 71 | 25 | 54% |
| 2 | NTL CABLE PLC EUR TL R | 46 | 71 | 25 | 54% |
| 3 | ADEVINTA ASA EUR TL B | 28 | 52 | 24 | 86% |
| 4 | ELSAN GROUPE EXT EUR TL B | 26 | 50 | 24 | 92% |
| 5 | UPC HOLDING BV EUR TL | 26 | 50 | 24 | 92% |
| 6 | INDEPENDENT VETCARE EUR TL B5 | 36 | 60 | 24 | 67% |
| 7 | MASMOVIL IBERCOM SA EUR TL B2 | 34 | 57 | 23 | 68% |
| 8 | SOLERA EUR TL B | 14 | 37 | 23 | 164% |
| 9 | NTL CABLE PLC EUR TL B | 48 | 70 | 22 | 46% |
| 10 | TEAM.BLUE EUR TL B | 14 | 36 | 22 | 157% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/2/22 – 9/9/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 19 |
| 2 | HALO BUYER TL | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | TELENET EUR TL | 18 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | BRAND ENERGY TL | 17 |
| 7 | LUMILEDS TL B | 17 |
| 8 | MITEL NETWORKS TL | 17 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 10 | ACTION NEDERLAND EXT EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/2/22 – 9/9/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/2/22 – 9/9/22 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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