Syndicated Bank Loan Market Summary – February 2021
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Syndicated Bank Loan Market Summary: February 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 2/1/21 – 2/28/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 3.48% | 85.85 | 82.97 | 14 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.70% | 100.17 | 99.47 | 11 |
| 3 | 5,000 | QWEST CORPORATION TL B | 0.87% | 99.61 | 98.75 | 11 |
| 4 | 4,750 | DELL TL B | 0.14% | 100.16 | 100.02 | 15 |
| 5 | 4,750 | ZAYO TL | 0.34% | 99.62 | 99.29 | 16 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.02% | 98.03 | 98.01 | 13 |
| 7 | 4,250 | BERRY PLASTICS TL X | 0.07% | 99.93 | 99.85 | 10 |
| 8 | 4,250 | BERRY PLASTICS TL Y | 0.42% | 99.75 | 99.34 | 13 |
| 9 | 4,246 | PETSMART NON-CONSENTED TL B2 | 0.92% | 99.77 | 98.86 | 10 |
| 10 | 3,582 | MISYS TL B | 0.39% | 98.11 | 97.73 | 13 |
| 11 | 3,575 | STARS GROUP TL B | 0.06% | 100.36 | 100.30 | 14 |
| 12 | 3,524 | TRANSDIGM INC. TL F | 0.49% | 98.44 | 97.96 | 14 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.12% | 99.79 | 99.67 | 11 |
| 14 | 3,325 | CINEWORLD TL B | 15.45% | 78.09 | 67.64 | 14 |
| 15 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 0.44% | 99.91 | 99.47 | 10 |
| 16 | 3,312 | HUB INTL LTD TL B | 1.02% | 99.14 | 98.14 | 15 |
| 17 | 3,300 | BMC SOFTWARE TL B | 0.32% | 99.80 | 99.49 | 18 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.46% | 99.48 | 99.03 | 13 |
| 19 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -0.28% | 87.67 | 87.92 | 11 |
| 20 | 3,165 | MULTIPLAN TL B | 0.41% | 99.88 | 99.48 | 11 |
| AVERAGE | 3,985 | 1.29% | 97.18 | 96.17 | 12.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 2/1/21 – 2/28/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | RENTPATH TL | 77.34% | 85.12 | 47.99 |
| 2 | WORLDSTRIDES EXIT 3RD LIEN TL | 53.85% | 64.36 | 41.84 |
| 3 | ADB SAFEGATE 2ND LIEN TL | 36.25% | 75.28 | 55.25 |
| 4 | LUMILEDS TL B | 31.01% | 77.04 | 58.80 |
| 5 | CATALINA MARKETING EXIT PIK TL | 28.52% | 34.97 | 27.21 |
| 6 | PEAK 10 2ND LIEN TL | 17.11% | 82.37 | 70.34 |
| 7 | COLORADO BUYER 2ND LIEN TL | 16.25% | 99.48 | 85.58 |
| 8 | FLAKT WOODS EUR TL B | 14.76% | 92.52 | 80.62 |
| 9 | ISAGENIX TL | 13.63% | 63.43 | 55.82 |
| 10 | BIOPLAN 2ND LIEN TL | 11.20% | 50.04 | 45.00 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 2/1/21 – 2/28/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | MENS WEARHOUSE EXIT TL | -17.40% | 69.73 | 84.42 |
| 2 | GLASS MOUNTAIN PIPELINE TL B | -14.86% | 42.57 | 50.00 |
| 3 | ARRAY CANADA TL B | -13.43% | 58.85 | 67.99 |
| 4 | PEABODY ENERGY TL B | -12.36% | 43.81 | 49.99 |
| 5 | SINCLAIR BROADCAST GROUP INC. TL B | -11.48% | 77.61 | 87.67 |
| 6 | AS ADVENTURE EUR TL B | -9.19% | 46.43 | 51.12 |
| 7 | LIGHTSTONE GENERATION LLC TL B | -7.94% | 85.88 | 93.29 |
| 8 | JILL PIK TL | -7.83% | 63.02 | 68.38 |
| 9 | RENFRO TL B | -4.25% | 33.99 | 35.50 |
| 10 | SERTA SIMMONS TL | -4.00% | 56.56 | 58.91 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/1/21 – 2/28/21 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 2/1/21 – 2/28/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 1/31/21 vs. the month ending 2/28/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BIOGROUP DD EUR TL B | 0 | 124 | 124 | NA |
| 2 | APCOA EUR TL B | 64 | 144 | 80 | 125% |
| 3 | FRONERI 2ND LIEN EUR TL | 56 | 130 | 74 | 132% |
| 4 | AVERYS EUR TL B | 52 | 124 | 72 | 138% |
| 5 | ASSYSTEM SA EUR TL | 66 | 136 | 70 | 106% |
| 6 | ATLAS PACKAGING EUR TL B | 34 | 104 | 70 | 206% |
| 7 | ACETOW GMBH EUR TL | 68 | 136 | 68 | 100% |
| 8 | JACOBS DOUWE EUR TL A3 | 46 | 112 | 66 | 143% |
| 9 | GTT COMMUNICATIONS DD PIK TL | 2 | 62 | 60 | 3000% |
| 10 | ABB CON-CISE OPTICA TL B | 52 | 112 | 60 | 115% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/1/21 – 2/28/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | TELENET EUR TL | 20 |
| 2 | LUMILEDS TL B | 19 |
| 3 | GTT COMMUNICATIONS TL B | 19 |
| 4 | ZIGGO EUR TL H | 19 |
| 5 | TECHEM EUR TL B4 | 18 |
| 6 | NUMERICABLE EUR TL B12 | 18 |
| 7 | ELSAN GROUPE EUR TL B | 18 |
| 8 | SYNLAB EUR TL B | 18 |
| 9 | BIOGROUP DD EUR TL B | 17 |
| 10 | SIGMA BIDCO EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/1/21 – 2/28/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/1/21 – 2/28/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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