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.
At the top of the page, you’ll see three types of scores displayed: the term score, company score, and consortium score. Higher scores indicate lender-friendly, while lower scores are more favorable to borrowers. Favorability is also shown at the top as a percentile value, representing the combination of the percentage of data that is either more favorable to borrowers or equivalent in favorability.
At the bottom of the page, a data table provides a detailed breakdown of all the deals represented in the accompanying graphs.
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.