Syndicated Bank Loans
GET OUR BANK LOAN MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Syndicated Bank Loan Market Summary:
September 2022
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 9/30/22
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Ontic | 85 | Term Loan | 10/1/2026 | S+460 |
| Generation Bridge LLC | 45 | Term Loan | 2/1/2029 | S+500 |
| WMG Acquisition Corp. | 150 | Term Loan | 1/20/2028 | S+300 |
| Covetrus Inc. | 1525 | Term Loan | 9/6/2029 | S+500 |
| Covetrus Inc. | 350 | Term Loan | 9/6/2030 | N/A |
| Citrix Systems Inc. | 1000 | Revolving Credit | 9/7/2027 | N/A |
| Citrix Systems Inc. | 500 | Term Loan | 3/7/2029 | N/A |
| Citrix Systems Inc. | 4050 | Term Loan | 3/7/2029 | N/A |
| VetCor | 3090 | Term Loan | 5/31/2029 | L+575 |
| Alera Group Holdings Inc. | 2260 | Term Loan | 9/29/2028 | L+550 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/22 – 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 9/1/22 – 9/30/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | HOLLAND & BARRETT EUR TL B | 27.38% | 74.32 | 58.35 |
| 2 | INNOVATIVE XCESSORIES TL | 10.38% | 79.14 | 71.69 |
| 3 | EAGLEPICHER TL | 8.64% | 83.78 | 77.12 |
| 4 | HORNBLOWER TL | 7.12% | 68.89 | 64.31 |
| 5 | WEST CORP TL B | 5.23% | 85.40 | 81.16 |
| 6 | MATTRESS FIRM TL B | 2.51% | 87.87 | 85.71 |
| 7 | CANO HEALTH TL B | 2.40% | 96.21 | 93.96 |
| 8 | CARROLS HOLDCO INC TL B | 1.01% | 86.76 | 85.89 |
| 9 | AMERICAN AIRLINES TL B | 0.94% | 93.37 | 92.50 |
| 10 | GRAY TELEVISION TL B | 0.48% | 99.68 | 99.21 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/1/22 – 9/30/22
| RANK | NAME | CHANGE | PX | PX-1W |
| 1 | NATIONAL CINEMEDIA TL B | -28.90% | 59.64 | 83.89 |
| 2 | GENESIS CARE EUR TL B2 | -21.03% | 36.87 | 46.69 |
| 3 | RODAN & FIELDS TL B | -19.14% | 43.14 | 53.35 |
| 4 | DELL SOFTWARE GROUP TL B | -18.45% | 73.87 | 90.58 |
| 5 | SHUTTERFLY TL B | -17.62% | 62.36 | 75.70 |
| 6 | CONSTELLATION ENTERPRISES EUR TL B | -15.33% | 79.62 | 94.04 |
| 7 | WHEEL PROS TL | -13.06% | 72.96 | 83.93 |
| 8 | AMNEAL PHARMACEUTIAL TL B | -13.05% | 82.86 | 95.30 |
| 9 | CORELOGIC TL B | -13.04% | 74.39 | 85.55 |
| 10 | RACKSPACE HOSTING TL B | -12.24% | 70.80 | 80.67 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/22 – 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 9/1/22 – 9/30/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/22 vs. the month ending 9/30/22
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | BRAND ENERGY TL | 291 | 403 | 112 | 38% |
| 2 | AVIENT CORP TL B | 42 | 142 | 100 | 238% |
| 3 | AMERICAN TRAILER WORLD TL | 57 | 155 | 98 | 172% |
| 4 | AVOLON TL B3 | 167 | 254 | 87 | 52% |
| 5 | LOYALTY VENTURES TL | 76 | 157 | 81 | 107% |
| 6 | LIFTOFF TL B | 46 | 126 | 80 | 174% |
| 7 | KESTRA FINANCIAL TL | 76 | 150 | 74 | 97% |
| 8 | FIRST EAGLE TL B | 231 | 305 | 74 | 32% |
| 9 | SIGMA BIDCO TL B2 | 96 | 170 | 74 | 77% |
| 10 | HORNBLOWER TL | 69 | 140 | 71 | 103% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/22 – 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 | LUMILEDS TL B | 17 |
| 6 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 7 | ZIGGO EUR TL H | 17 |
| 8 | ACPRODUCTS TL B | 17 |
| 9 | VERISURE EUR TL B | 17 |
| 10 | NTL CABLE PLC EUR TL R | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/1/22 – 9/30/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/22 – 9/30/22
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
