Overview
Term Benchmark allows users to investigate how specific terms or concepts compare against market data giving valuable insights on how terms align with the obscure private sphere.
How to access Term Benchmark
The are several ways to access Term benchmark:
Deal Manager: Select the Deal and on the Deal Page then click on the term analysis. Under the action column, click on the three dots, then 'Go to Term Benchmark'.
Document page: Select term analysis and follow the same steps.
SD chat: Using SD Chat is a quick way to access Term Benchmark if you already have a specific term in mind, such as "hard call protection". You can access the concept analysis through the citations.
Key Features
On this page, you will find graphs available to visualize the data, helping you contextualize the term within the market:
Moving Average Trendline: This graph visualizes how the document term stacks up among the data set. The yellow line represents the 365-day average with one standard deviation above and below over a seven-year period based on the percentage of EBITDA. If the EBITDA is provided, you will see a green dot in this graph which indicates where the document in the current view sits compared to the data. The grey dots represent other accessible instruments within the dataset.
Existence Trendline: This graph displays the percentage of instruments that contain the term within the document over a seven-year period. Similar to the Moving Average Trendline Graph, the yellow line represents the 365-day average, and the green dot represents the selected instrument.
Understanding the Score Summary
This section provides a quick overview of how a document or term performs relative to others in your dataset. Each metric helps you interpret the strength, balance, and distribution of scores:
Value – The raw, unadjusted score assigned to the document or term based on its characteristics.
Normalized Value – The adjusted version of the raw value, scaled for comparison across different deal sizes, industries, or time periods.
Term Score – A 0–10 rating showing how borrower- or lender-friendly the specific term is.
Company Score – The average score for all documents tied to the same company, giving you a sense of how this deal fits within that borrower’s broader credit profile.
Consortium Score – The average score for all deals within the same investor group or consortium, showing how this transaction compares to peers managed by the same team.
Favorability (Percentile) – Indicates where this deal ranks compared to all others; for example, the 3rd percentile means it’s less favorable than 97% of comparable deals.
Mean (Average) – The overall average score across your selected comparison set.
Median (Middle) – The midpoint score in the dataset, where half the deals score above and half below.
Mode (Highest Frequency) – The score that appears most often in your comparison set.
Filters
You can filter the data using the options at the top of the page. Filters include Agreement Type, Execution Date, Industry, Type of Execution, EBITDA, Total Leverage, Sponsored Deal, and Source. For Source, you can choose between "Company Deals" or "Consortium," provided your company has opted in.
As you apply filters, any changes will automatically update the graphs and the data table below.
Additionally, you can save filter sets by typing a name and hitting Enter. The filter will be available every time you view the term.
Please note that if consortium data is included in the filter set, the associated documents will not be accessible. Consortium data points are aggregated and anonymized for confidentiality.