Syndicated Bank Loans

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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.

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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 9/9/22

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

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