Syndicated Bank Loan Market Summary – April 2020
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Syndicated Bank Loan Market Summary: April 2020
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 4/1/20 – 4/30/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 15.91% | 64.33 | 55.49 | 16 |
| 2 | 5,000 | QWEST CORPORATION TL B | 3.72% | 94.50 | 91.11 | 10 |
| 3 | 4,750 | ZAYO TL | 4.19% | 93.88 | 90.11 | 13 |
| 4 | 4,750 | DELL TL B | 2.22% | 97.30 | 95.18 | 14 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL | 4.35% | 83.37 | 79.89 | 11 |
| 6 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 1.58% | 96.50 | 94.99 | 12 |
| 7 | 4,250 | BERRY PLASTICS TL Y | 1.38% | 95.72 | 94.42 | 12 |
| 8 | 3,861 | PETSMART CONSENTED TL B2 | 0.98% | 96.72 | 95.79 | 10 |
| 9 | 3,575 | STARS GROUP TL B | 5.74% | 98.64 | 93.28 | 10 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -5.09% | 87.18 | 91.86 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -0.55% | 63.85 | 64.20 | 15 |
| 12 | 3,300 | BMC SOFTWARE TL B | 2.24% | 85.44 | 83.58 | 15 |
| 13 | 3,300 | NTL CABLE PLC TL N | 1.99% | 94.41 | 92.56 | 11 |
| 14 | 3,275 | SCIENTIFIC GAMES TL B5 | 4.75% | 82.28 | 78.55 | 10 |
| 15 | 3,210 | HUB INTL LTD TL B | 1.45% | 93.77 | 92.42 | 10 |
| 16 | 3,165 | MULTIPLAN TL B | 3.48% | 91.48 | 88.41 | 10 |
| 17 | 3,161 | JAGUAR HOLDING CO I TL | 3.08% | 98.02 | 95.10 | 12 |
| 18 | 2,918 | AVAYA TL B | 4.08% | 87.66 | 84.22 | 10 |
| 19 | 2,902 | FORMULA ONE TL B | 2.85% | 90.52 | 88.01 | 12 |
| 20 | 2,851 | INTEL TL | 4.35% | 95.52 | 91.54 | 12 |
| AVERAGE | 3,792 | 3.14% | 89.55 | 87.04 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/20 – 4/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | LIGHTSQUARED EXIT PIK TL | 91.01% | 85.95 | 45.00 |
| 2 | BCP RENAISSANCE TL B | 40.46% | 74.69 | 53.18 |
| 3 | MCS TL B | 40.39% | 48.06 | 34.23 |
| 4 | LIMETREE BAY TL B | 39.23% | 79.72 | 57.26 |
| 5 | B&B HOTELS EUR TL B | 36.29% | 83.08 | 60.96 |
| 6 | TRAVERSE MIDSTREAM TL B | 33.38% | 73.00 | 54.73 |
| 7 | ULTRA PETROL CORP EXIT TL | 33.03% | 63.97 | 48.09 |
| 8 | SECURUS TL | 31.07% | 82.05 | 62.60 |
| 9 | FLINT GROUP TL C | 30.95% | 79.57 | 60.77 |
| 10 | LABEYRIE EUR TL B1 | 30.73% | 86.62 | 66.26 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/20 – 4/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | MITEL NETWORKS 2ND LIEN TL | -52.91% | 27.86 | 59.15 |
| 2 | NEW RUE21 EXIT TL | -41.08% | 52.82 | 89.65 |
| 3 | CALIFORNIA PIZZA TL | -40.57% | 39.17 | 65.92 |
| 4 | ANASTASIA BEVERLY HILLS TL B | -31.81% | 38.39 | 56.30 |
| 5 | COLORADO BUYER 2ND LIEN TL | -30.85% | 24.54 | 35.48 |
| 6 | ALORICA TL B | -28.61% | 57.18 | 80.10 |
| 7 | FIELDWOOD ENERGY TL | -26.99% | 26.93 | 36.89 |
| 9 | ASCENA RETAIL TL B | -25.00% | 22.15 | 29.53 |
| 10 | ALLIANCE HEALTH TL B | -23.60% | 60.89 | 79.70 |
| 11 | WINDSTREAM SERVICES LLC TL B7 | -23.38% | 49.02 | 63.97 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/1/20 – 4/30/20 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 4/1/20 – 4/30/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 3/31/20 vs. the month ending 4/30/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | STATION CASINO TL B | 40 | 168 | 128 | 320% |
| 2 | SS&C TECH TL B5 | 94 | 188 | 94 | 100% |
| 3 | HUB INTL LTD TL B | 199 | 289 | 90 | 45% |
| 4 | EPIQ SYSTEMS TL B | 113 | 199 | 86 | 76% |
| 5 | QUIKRETE TL B | 89 | 175 | 86 | 97% |
| 6 | GNC FLLO | 20 | 103 | 83 | 415% |
| 7 | GNC EXT TL B | 32 | 113 | 81 | 253% |
| 8 | AVAST SOFTWARE TL | 131 | 211 | 80 | 61% |
| 9 | TECTUM HOLDINGS INC TL | 151 | 229 | 78 | 52% |
| 10 | HOSTESS BRANDS TL | 88 | 165 | 77 | 88% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/1/20 – 4/30/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | VERISURE EUR TL B1 | 19 |
| 2 | ENVISION HEALTHCARE TL B | 16 |
| 3 | EIRCOM FINCO SARL EUR TL B | 15 |
| 4 | TECHEM EUR TL B | 15 |
| 5 | CINEWORLD TL B | 15 |
| 6 | BMC SOFTWARE TL B | 15 |
| 7 | HILTON TL B | 15 |
| 8 | AMERICAN AIRLINES TL B | 15 |
| 9 | GTT COMMUNICATIONS TL B | 15 |
| 10 | TRANSDIGM INC. TL F | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/1/20 – 4/30/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/1/20 – 4/30/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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