Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 4/29/22
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 4/29/22
ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
Five Star Holding | 630 | Term Loan | 4/27/2029 | S+425 |
Paradigm Outcomes | 60 | Term Loan | 10/1/2026 | S+750 |
Mariner LLC | 25 | Delayed-Draw Term Loan | 4/26/2029 | S+325 |
Forward Calendar
List of upcoming syndicated loan being marketed in the United States as of 4/29/22
ISSUER | DEAL INFORMATION | BANKS | EXPECTED ISSUE DATE |
Azz Inc. | $1.925B credit facilities: $400MM RC; $1.525B TL | CITI, WF | Q2 2022 |
Bausch + Lomb | $2.5B TL (Ba2/B+) | GS, MS, CITI, JPM, BCLY | Q2 2022 |
Curium Bidco | $335MM TL | JPM | Q2 2022 |
Dayco Products LLC | $470MM TLB (B3) | BofA | Q2 2022 |
Polyconcept | $925MM credit facilities: $800MM TLB; $125MM RC | KKR | Q2 2022 |
Restoration Hardware Inc. | $1B TL (BB) | BofA | Q2 2022 |
Terraform Power | $500MM TL | RBC,BCLY, WF | Q2 2022 |
Syniverse Holdings LLC | $1.025B TL | BCLY, GS, MIZ, BofA, CS, DB, BNP, SG | Q2 2022 |
VXI Global Solutions | $615MM TLB (B) | BC, CG | Q2 2022 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 4/22/22 – 4/29/22
RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
1 | 7,270 | MEDLINE TL B | -0.23% | 98.25 | 98.48 | 11 |
2 | 5,450 | ENVISION HEALTHCARE TL B | -4.32% | 60.89 | 63.64 | 16 |
3 | 5,160 | INTEL TL | -0.95% | 98.14 | 99.08 | 11 |
4 | 5,000 | UNITED CONTINENTAL TL B | -0.40% | 98.97 | 99.37 | 10 |
5 | 4,750 | ZAYO TL | -2.59% | 94.70 | 97.22 | 16 |
6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.25% | 99.44 | 99.69 | 13 |
7 | 4,463 | ULTIMATE SOFTWARE TL B | -0.25% | 98.90 | 99.15 | 10 |
8 | 3,972 | POWER SOLUTIONS TL B | -0.51% | 98.23 | 98.73 | 10 |
9 | 3,900 | DIRECTV TL | -0.30% | 99.51 | 99.81 | 12 |
10 | 3,582 | MISYS TL B | -0.71% | 97.07 | 97.77 | 13 |
11 | 3,524 | TRANSDIGM INC. TL F | -0.47% | 97.95 | 98.41 | 13 |
12 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.83% | 98.69 | 99.52 | 11 |
13 | 3,500 | AMERICAN AIRLINES TL B | -0.39% | 101.67 | 102.07 | 11 |
14 | 3,500 | PILOT TRAVEL TL B | -0.27% | 98.59 | 98.85 | 10 |
15 | 3,450 | GOLDEN NUGGET INC TL B | -0.34% | 99.42 | 99.76 | 12 |
16 | 3,420 | RCN GRANDE TL | -0.84% | 98.48 | 99.31 | 10 |
17 | 3,380 | SOLERA TL B | -0.42% | 99.24 | 99.65 | 13 |
18 | 3,325 | CINEWORLD TL B | -0.22% | 76.18 | 76.35 | 14 |
19 | 3,312 | HUB INTL LTD TL B | -0.26% | 98.93 | 99.19 | 14 |
20 | 3,300 | NTL CABLE PLC TL N | -0.27% | 98.49 | 98.76 | 10 |
AVERAGE | 4,124 | -0.74% | 95.59 | 96.24 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/22/22 – 4/29/22
RANK | NAME | CHANGE | PX | PX-1W |
1 | DUNN PAPER TL | 7.02% | 84.00 | 78.49 |
2 | BUCCANEER 2ND LIEN TL | 2.28% | 96.51 | 94.36 |
3 | EASTERN POWER TL B | 2.00% | 72.60 | 71.17 |
4 | MCDERMOTT EXIT TL | 1.57% | 50.08 | 49.30 |
5 | INTERNATIONAL TEXTILE GROUP TL | 1.36% | 93.35 | 92.09 |
6 | EXCEL FITNESS HOLDINGS TL | 1.35% | 99.48 | 98.15 |
7 | VYAIRE MEDICAL TL B | 1.27% | 77.79 | 76.81 |
8 | OREGON CLEAN ENERGY TL | 0.97% | 95.27 | 94.35 |
9 | AUDIO VISUAL TL B1 | 0.85% | 93.43 | 92.64 |
10 | CINEWORLD EXT P TL B1 | 0.77% | 106.43 | 105.62 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/22/22 – 4/29/22
RANK | NAME | CHANGE | PX | PX-1W |
1 | CAREERBUILDER TL | -8.83% | 69.01 | 75.69 |
2 | HARLAND CLARKE TL B7 | -6.80% | 82.06 | 88.05 |
3 | ENVISION HEALTHCARE PIK TL B | -5.47% | 59.58 | 63.02 |
4 | JUICE PLUS+ TL | -5.41% | 83.32 | 88.08 |
5 | MONITRONICS EXIT TL | -5.28% | 76.41 | 80.67 |
6 | QUALTEK TL | -4.12% | 91.26 | 95.19 |
7 | VUE INTERNATIONAL BIDCO PLC EUR TL B | -3.72% | 81.93 | 85.10 |
8 | INTERIOR LOGIC TL B | -3.28% | 85.05 | 87.93 |
9 | TELESAT TL B | -2.76% | 72.13 | 74.17 |
10 | ANCHOR GLASS 2ND LIEN TL | -2.69% | 45.23 | 46.48 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/22/22 – 4/29/22
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 4/22/22 – 4/29/22
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/22/22 vs. the week ending 4/29/22
RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
1 | GRANITE ENERGY TL B | 60 | 84 | 24 | 40% |
2 | DEXKO TL B | 23 | 47 | 24 | 104% |
3 | PHILIPS APPLIANCES EUR TL B | 22 | 44 | 22 | 100% |
4 | NTL CABLE PLC EUR TL B | 40 | 60 | 20 | 50% |
5 | GALILEO GLOBAL EDUCATION EUR TL B | 40 | 60 | 20 | 50% |
6 | DAVITA TL B | 90 | 110 | 20 | 22% |
7 | SIVANTOS EUR TL B1 | 18 | 38 | 20 | 111% |
8 | VERITAS US INC EUR TL B | 14 | 32 | 18 | 129% |
9 | TRICO PRODUCTS TL B | 26 | 44 | 18 | 69% |
10 | EOC GROUP TL | 58 | 76 | 18 | 31% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/22/22 – 4/29/22
RANK | TRANCHE | DEALERS |
1 | LUMILEDS TL B | 20 |
2 | ACTION NEDERLAND EUR TL B | 18 |
3 | ZIGGO EUR TL H | 18 |
4 | IFCO EUR TL B | 18 |
5 | LIGHTSTONE GENERATION LLC TL B | 17 |
6 | ENVISION HEALTHCARE TL B | 17 |
7 | TELENET EUR TL | 17 |
8 | BANIJAY GROUP EUR TL B | 17 |
9 | GVC HOLDINGS EUR TL B3 | 17 |
10 | SYNLAB EUR TL B5 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/22/22 – 4/29/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/22/22 – 4/29/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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