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.
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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