Syndicated Bank Loan Market Summary – January 2022
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Syndicated Bank Loan Market Summary:January 2022
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 1/1/22 – 1/31/22
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.39% | 99.60 | 99.98 | 11 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -3.75% | 77.13 | 80.13 | 17 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.02% | 99.86 | 99.88 | 11 |
| 4 | 5,000 | QWEST CORPORATION TL B | -0.48% | 98.29 | 98.77 | 10 |
| 5 | 5,000 | UNITED CONTINENTAL TL B | -0.15% | 99.97 | 100.12 | 11 |
| 6 | 4,750 | ZAYO TL | -0.04% | 98.49 | 98.52 | 17 |
| 7 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.01% | 99.38 | 99.39 | 14 |
| 8 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 0.17% | 99.76 | 99.59 | 11 |
| 9 | 4,197 | AKZONOBEL TL B | -0.27% | 99.28 | 99.55 | 10 |
| 10 | 3,972 | POWER SOLUTIONS TL B | 0.20% | 99.50 | 99.30 | 10 |
| 11 | 3,900 | DIRECTV TL | 0.02% | 100.06 | 100.03 | 13 |
| 12 | 3,582 | MISYS TL B | 0.05% | 99.59 | 99.54 | 16 |
| 13 | 3,524 | TRANSDIGM INC. TL F | 0.34% | 98.87 | 98.54 | 14 |
| 14 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.24% | 99.62 | 99.85 | 14 |
| 15 | 3,500 | PILOT TRAVEL TL B | 0.06% | 99.38 | 99.32 | 10 |
| 16 | 3,380 | SOLERA TL B | -0.05% | 99.91 | 99.96 | 15 |
| 17 | 3,325 | CINEWORLD TL B | -1.89% | 75.68 | 77.13 | 15 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.19% | 98.96 | 98.77 | 16 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.00% | 99.04 | 99.03 | 13 |
| 20 | 3,300 | DIAMOND SPORTS TL B | -14.06% | 40.53 | 47.16 | 13 |
| AVERAGE | 4,232 | -1.02% | 94.14 | 94.73 | 13.1 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 1/1/22 – 1/31/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | HARVEY GULF EXIT TL | 13.05% | 90.23 | 79.81 |
| 2 | ACETOW GMBH EUR TL | 9.13% | 98.71 | 90.46 |
| 3 | ELECTRONICS FOR IMAGING 2ND LIEN TL | 9.09% | 98.98 | 90.73 |
| 4 | RODAN & FIELDS TL B | 8.87% | 59.55 | 54.70 |
| 5 | MCDERMOTT EXIT TL | 8.02% | 46.87 | 43.39 |
| 6 | BORR DRILLING LTD TL A | 6.51% | 88.47 | 83.07 |
| 7 | COLUMBUS CAPITAL EUR TL B | 5.14% | 94.62 | 90.00 |
| 8 | OUTERSTUFF TL B | 5.09% | 80.76 | 76.85 |
| 9 | ATLAS PACKAGING EUR TL B | 4.46% | 99.24 | 95.00 |
| 10 | EPIC CRUDE TL B | 4.45% | 81.26 | 77.80 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 1/1/22 – 1/31/22
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | NSO GROUP TL B1 | -25.39% | 41.92 | 56.19 |
| 2 | DIAMOND SPORTS TL B | -14.06% | 40.53 | 47.16 |
| 3 | EXELA TL B | -13.04% | 71.31 | 82.00 |
| 4 | STEINHOFF EUROPE PIK 2ND LIEN EUR TL A2 | -11.81% | 83.48 | 94.66 |
| 5 | CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL | -11.61% | 65.00 | 73.54 |
| 6 | OUTPUT SERVICES GROUP TL | -10.57% | 76.01 | 85.00 |
| 7 | TELESAT TL B | -7.23% | 82.48 | 88.91 |
| 8 | LIGADO NETWORKS TL B | -6.88% | 76.78 | 82.45 |
| 9 | HERITAGE POWER TL B | -6.68% | 74.84 | 80.20 |
| 10 | VYAIRE MEDICAL TL B | -6.55% | 76.01 | 81.34 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/22 – 1/31/22 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 1/1/22 – 1/31/22
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/21 vs. the month ending 1/31/22
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BROADSTREET PARTNERS TL B | 48 | 278 | 230 | 479% |
| 2 | AIR MEDICAL GROUP HOLDIN TL B | 84 | 298 | 214 | 255% |
| 3 | MISTER CAR WASH TL B | 107 | 304 | 197 | 184% |
| 4 | AMERICAN AIRLINES TL B | 242 | 367 | 125 | 52% |
| 5 | LANDESK TL B | 138 | 258 | 120 | 87% |
| 6 | FOUNDATION BUILDING DD TL | 88 | 208 | 120 | 136% |
| 7 | ULTIMATE SOFTWARE TL | 144 | 264 | 120 | 83% |
| 8 | ALLIANT HLDGS I INC TL B4 | 125 | 244 | 119 | 95% |
| 9 | PRE-PAID LEGAL SERVICES TL B | 86 | 198 | 112 | 130% |
| 10 | CINEWORLD PIK P TL B1 | 24 | 136 | 112 | 467% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/22 – 1/31/22
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | DOUGLAS HOLDING EUR TL B | 19 |
| 3 | LIGHTSTONE GENERATION LLC TL B | 18 |
| 4 | ENVISION HEALTHCARE TL B | 18 |
| 5 | IFCO EUR TL B | 18 |
| 6 | EPICOR SOFTWARE TL | 17 |
| 7 | SYNLAB EUR TL B5 | 17 |
| 8 | INEOS FIN TL B | 17 |
| 9 | ACTION NEDERLAND EUR TL B | 17 |
| 10 | GEO GROUP TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/22 – 1/31/22
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/22 – 1/31/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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