Syndicated Bank Loan Market Summary – August 2020
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Syndicated Bank Loan Market Summary: August 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 8/1/20 – 8/31/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 10.38% | 72.11 | 65.32 | 16 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.41% | 98.08 | 97.68 | 11 |
| 3 | 5,000 | QWEST CORPORATION TL B | 0.39% | 96.59 | 96.22 | 11 |
| 4 | 4,750 | ZAYO TL | 0.33% | 97.06 | 96.74 | 13 |
| 5 | 4,750 | DELL TL B | 0.67% | 99.21 | 98.55 | 15 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL | 2.28% | 93.81 | 91.72 | 10 |
| 7 | 4,250 | BERRY PLASTICS TL X | 0.78% | 98.34 | 97.58 | 10 |
| 8 | 4,250 | BERRY PLASTICS TL Y | 0.02% | 96.88 | 96.86 | 14 |
| 9 | 4,197 | AKZONOBEL TL B | 0.11% | 96.94 | 96.83 | 10 |
| 10 | 4,000 | T-MOBILE USA TL B | -0.18% | 100.14 | 100.33 | 15 |
| 11 | 3,861 | PETSMART CONSENTED TL B2 | 0.12% | 99.83 | 99.71 | 10 |
| 12 | 3,582 | MISYS TL B | 1.93% | 94.08 | 92.30 | 12 |
| 13 | 3,575 | STARS GROUP TL B | 0.11% | 100.00 | 99.88 | 13 |
| 14 | 3,524 | TRANSDIGM INC. TL F | 1.26% | 94.64 | 93.46 | 14 |
| 15 | 3,325 | CINEWORLD TL B | 21.75% | 76.56 | 62.88 | 12 |
| 16 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 0.40% | 98.43 | 98.03 | 10 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.13% | 97.13 | 97.01 | 10 |
| 18 | 3,300 | BMC SOFTWARE TL B | 1.66% | 98.04 | 96.44 | 15 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.34% | 97.14 | 96.81 | 11 |
| 20 | 3,275 | SCIENTIFIC GAMES TL B5 | 2.37% | 93.09 | 90.93 | 12 |
| AVERAGE | 4,041 | 2.26% | 94.90 | 93.26 | 12.2 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/1/20 – 8/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PARTY CITY TL B | 33.14% | 69.30 | 52.05 |
| 2 | CHESAPEAKE ENERGY FLLO | 31.71% | 64.44 | 48.92 |
| 3 | COLORADO BUYER 2ND LIEN TL | 29.87% | 46.38 | 35.71 |
| 4 | NAVICO TL B | 23.36% | 75.16 | 60.93 |
| 5 | CINEWORLD TL B | 21.83% | 76.36 | 62.68 |
| 6 | NPC TL | 21.63% | 71.68 | 58.93 |
| 7 | LIFESCAN 2ND LIEN TL | 20.51% | 84.00 | 69.70 |
| 8 | PURESTAR TL | 19.83% | 61.03 | 50.93 |
| 9 | PROGREXION TL | 15.44% | 75.04 | 65.00 |
| 10 | RODAN & FIELDS TL B | 15.07% | 62.83 | 54.60 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/1/20 – 8/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PEABODY ENERGY TL B | -34.27% | 34.18 | 52.01 |
| 2 | MCS TL B | -13.89% | 39.30 | 45.65 |
| 3 | CIBT HOLDINGS TL | -10.42% | 63.59 | 70.98 |
| 4 | BELK TL B | -9.76% | 37.11 | 41.13 |
| 5 | AKORN TL B | -8.61% | 88.40 | 96.73 |
| 6 | FITNESS & SPORT CLUBS TL B | -6.81% | 56.77 | 60.92 |
| 7 | AKORN TL B | -6.13% | 89.30 | 95.13 |
| 9 | EIF VAN HOOK HOLDINGS TL B | -5.79% | 56.03 | 59.48 |
| 10 | KUONI REISEN EUR TL B | -5.37% | 85.42 | 90.26 |
| 11 | CLARION EVENTS TL | -4.41% | 76.33 | 79.85 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/20 – 8/31/20 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 8/1/20 – 8/31/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/20 vs. the month ending 8/31/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | FINANCIERE CEP EUR TL B | 10 | 91 | 81 | 810% |
| 2 | COTY EUR TL B | 40 | 120 | 80 | 200% |
| 3 | ULTIMATE SOFTWARE TL | 170 | 250 | 80 | 47% |
| 4 | TECH DATA TL | 38 | 117 | 79 | 208% |
| 5 | ASURION TL B6 | 174 | 247 | 73 | 42% |
| 6 | UNIVISION EXT TL B | 44 | 115 | 71 | 161% |
| 7 | CHANGE HEALTHCARE TL B | 151 | 221 | 70 | 46% |
| 8 | INTERNET BRANDS TL | 2 | 72 | 70 | 3500% |
| 9 | MENS WEARHOUSE TL B2 | 2 | 71 | 69 | 3450% |
| 10 | GARRETT MOTION TL B | 1 | 70 | 69 | 6900% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/20 – 8/31/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 20 |
| 2 | AMC ENTERTAINMENT TL B1 | 19 |
| 3 | GTT COMMUNICATIONS TL B | 17 |
| 4 | TELENET EUR TL A | 17 |
| 5 | EIRCOM FINCO SARL EUR TL B | 16 |
| 6 | IFCO EUR TL B | 16 |
| 7 | TECHEM EUR TL B | 16 |
| 8 | AKZONOBEL EUR TL B | 16 |
| 9 | ENVISION HEALTHCARE TL B | 16 |
| 10 | VERISURE EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/20 – 8/31/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/20 – 8/31/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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