Bank Debt New Issue Performance

May 15, 2012

Demand in the Syndicated Bank Debt Primary Market continues to be robust. Many of the higher-quality deals that come to market are oversubscribed, which means that the dollar amount of orders placed in a particular deal is greater than the dollar amount of debt being issued. When a new issue is oversubscribed by a considerable amount, the aftermarket demand tends to move the price of the security above the issue price shortly after allocation. The below chart contains some examples of recent primary bank debt deals.

 

Issue Date Issuer/Security Issue Size Issue Price All-in-Rate Market Value (5/15/12)
4/27/2012 Ineos Group 3yr TL $375,000,000 99 5.50% 100
4/19/2012 Landry’s TL B $1,025,000,000 98.5 6.50% 100
4/10/2012 EP Energy $750,000,000 99 6.50% 101.25
3/13/2012 Rexnord TL B1 $950,000,000 99.5 5.00% 100.75
2/16/2012 ILFC TL 3 $900,000,000 99 5.00% 100.125
2/10/2012 Roundy’s Supermarket TL $675,000,000 98.5 5.75% 100.5
1/27/2012 Prestige Brands TL $660,000,000 98.5 5.25% 100.75
1/27/2012 Taminco TL $350,000,000 98 6.25% 100.75
1/24/2012 Phoenix Services TL B/DD $170,000,000 98 9.00% 100.625