Syndicated Bank Loan Market Summary – April 2021
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Syndicated Bank Loan Market Summary: April 2021
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 4/1/21 – 4/30/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -2.50% | 83.78 | 85.92 | 16 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.03% | 99.88 | 99.84 | 13 |
| 3 | 5,000 | QWEST CORPORATION TL B | -0.07% | 98.72 | 98.79 | 11 |
| 4 | 4,750 | ZAYO TL | -0.15% | 98.95 | 99.10 | 15 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.51% | 98.87 | 98.37 | 14 |
| 6 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 0.23% | 99.83 | 99.60 | 13 |
| 7 | 4,475 | UNIVISION TL C5 | 0.49% | 99.71 | 99.23 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | 0.32% | 98.73 | 98.42 | 10 |
| 9 | 3,582 | MISYS TL B | 0.28% | 98.22 | 97.95 | 15 |
| 10 | 3,575 | STARS GROUP TL B | 0.23% | 100.30 | 100.07 | 16 |
| 11 | 3,524 | TRANSDIGM INC. TL F | 0.88% | 98.71 | 97.85 | 14 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.07% | 99.60 | 99.67 | 13 |
| 13 | 3,338 | ASURION TL B6 | 0.03% | 99.70 | 99.67 | 11 |
| 14 | 3,325 | CINEWORLD TL B | 0.64% | 85.69 | 85.15 | 14 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.10% | 98.64 | 98.54 | 18 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.15% | 99.16 | 99.01 | 12 |
| 17 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.57% | 98.49 | 97.93 | 12 |
| 18 | 3,165 | MULTIPLAN TL B | 0.07% | 99.46 | 99.38 | 13 |
| 19 | 3,100 | COLORADO BUYER 2ND LIEN TL | -0.34% | 98.61 | 98.95 | 13 |
| 20 | 3,100 | ASURION TL B8 | -0.05% | 99.29 | 99.34 | 11 |
| AVERAGE | 3,917 | 0.07% | 97.72 | 97.64 | 13.3 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/21 – 4/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | SERTA SIMMONS 2ND LIEN TL | 25.14% | 63.72 | 50.92 |
| 2 | COLOUR BIDCO GBP TL | 22.52% | 95.15 | 77.66 |
| 3 | TRIMARK TL | 19.52% | 72.69 | 60.82 |
| 4 | HARVEY GULF EXIT TL | 18.41% | 67.36 | 56.89 |
| 5 | EIF VAN HOOK HOLDINGS TL B | 17.85% | 81.70 | 69.33 |
| 6 | CATALINA MARKETING EXIT PIK TL | 10.21% | 45.51 | 41.29 |
| 7 | QUIKSILVER TL B | 10.16% | 45.95 | 41.71 |
| 8 | WORLDSTRIDES PIK HOLDCO TL | 10.14% | 51.55 | 46.80 |
| 9 | ENCINO ACQUISITION PARTNERS 2ND LIEN TL | 9.59% | 100.86 | 92.04 |
| 10 | ARRAY CANADA TL B | 9.02% | 62.24 | 57.09 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/21 – 4/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | UNIVERSAL FIBERS 2ND LIEN TL | -20.25% | 40.62 | 50.94 |
| 2 | MCDERMOTT EXIT TL | -19.90% | 46.84 | 58.48 |
| 3 | PEABODY ENERGY TL B | -17.00% | 33.13 | 39.91 |
| 4 | GLASS MOUNTAIN PIPELINE TL B | -11.08% | 22.92 | 25.78 |
| 5 | LIMETREE BAY TL B | -6.99% | 90.52 | 97.32 |
| 6 | GOPHER RESOURCE TL | -6.27% | 83.80 | 89.40 |
| 7 | CENVEO EXIT TL | -5.29% | 93.21 | 98.41 |
| 8 | UNITED ROAD SERVICES TL | -4.34% | 88.14 | 92.15 |
| 9 | CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL | -2.94% | 87.15 | 89.79 |
| 10 | ENVISION HEALTHCARE TL B | -2.50% | 83.78 | 85.92 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/1/21 – 4/30/21 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 4/1/21 – 4/30/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 3/31/21 vs. the month ending 4/30/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | EVERI PAYMENTS INC TL B | 42 | 307 | 265 | 631% |
| 2 | RECIPHARM EUR TL | 4 | 212 | 208 | 5200% |
| 3 | CSC SERVICEWORKS INC TL | 124 | 325 | 201 | 162% |
| 4 | CALPINE CORP TL B5 | 304 | 500 | 196 | 64% |
| 5 | CALPINE CORP TL B10 | 295 | 483 | 188 | 64% |
| 6 | CALPINE CORP TL B9 | 305 | 487 | 182 | 60% |
| 7 | GRAHAM PACKAGING TL B | 222 | 380 | 158 | 71% |
| 8 | HILLMAN GROUP TL B | 97 | 252 | 155 | 160% |
| 9 | HELIX GENERATION TL B | 259 | 412 | 153 | 59% |
| 10 | SEDGWICK TL B2 | 297 | 449 | 152 | 51% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/1/21 – 4/30/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TELENET EUR TL | 19 |
| 2 | HUB INTL LTD TL B | 18 |
| 3 | BIOGROUP DD EUR TL B | 18 |
| 4 | GEO GROUP TL B | 18 |
| 5 | LUMILEDS TL B | 17 |
| 6 | SIGMA BIDCO EUR TL B1 | 17 |
| 7 | VERISURE EUR TL B | 17 |
| 8 | RACKSPACE HOSTING TL B | 17 |
| 9 | ELSAN GROUPE EUR TL B | 17 |
| 10 | SYNLAB EUR TL B5 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/1/21 – 4/30/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/1/21 – 4/30/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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