Syndicated Bank Loan Market Summary – July 2020
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Syndicated Bank Loan Market Summary: July 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 7/1/20 – 7/31/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | -3.31% | 65.32 | 67.56 | 14 |
| 2 | 4,750 | DELL TL B | 1.43% | 98.55 | 97.16 | 14 |
| 3 | 4,750 | ZAYO TL | 2.35% | 96.74 | 94.52 | 11 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL | 3.33% | 91.72 | 88.76 | 12 |
| 5 | 4,250 | BERRY PLASTICS TL X | 0.99% | 97.58 | 96.63 | 10 |
| 6 | 4,250 | BERRY PLASTICS TL Y | 1.55% | 96.86 | 95.38 | 14 |
| 7 | 4,000 | T-MOBILE USA TL B | 0.57% | 100.33 | 99.75 | 14 |
| 8 | 3,861 | PETSMART CONSENTED TL B2 | 1.09% | 99.71 | 98.63 | 10 |
| 9 | 3,582 | MISYS TL B | 5.73% | 92.30 | 87.30 | 12 |
| 10 | 3,575 | STARS GROUP TL B | 0.92% | 99.88 | 98.97 | 10 |
| 11 | 3,524 | TRANSDIGM INC. TL F | 4.42% | 93.46 | 89.50 | 14 |
| 12 | 3,325 | CINEWORLD TL B | -15.90% | 62.88 | 74.77 | 11 |
| 13 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 2.78% | 98.03 | 95.38 | 10 |
| 14 | 3,312 | HUB INTL LTD TL B | 2.09% | 97.01 | 95.02 | 11 |
| 15 | 3,300 | BMC SOFTWARE TL B | 2.38% | 96.44 | 94.20 | 14 |
| 16 | 3,300 | NTL CABLE PLC TL N | 1.26% | 96.81 | 95.60 | 11 |
| 17 | 3,275 | SCIENTIFIC GAMES TL B5 | 3.92% | 90.93 | 87.50 | 12 |
| 18 | 3,165 | MULTIPLAN TL B | 3.61% | 98.33 | 94.91 | 10 |
| 19 | 3,161 | JAGUAR HOLDING CO I TL | 1.38% | 99.51 | 98.16 | 13 |
| 20 | 3,100 | COLORADO BUYER 2ND LIEN TL | -0.22% | 35.71 | 35.79 | 13 |
| AVERAGE | 3,797 | 1.02% | 90.41 | 89.27 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/1/20 – 7/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | JO-ANN STORES 2ND LIEN TL | 52.71% | 49.33 | 32.30 |
| 2 | ANASTASIA BEVERLY HILLS TL B | 24.55% | 40.97 | 32.90 |
| 3 | AT HOME STORES TL B | 20.95% | 84.04 | 69.48 |
| 4 | FOGO DE CHAO TL | 19.53% | 77.41 | 64.76 |
| 5 | IQOR TL B | 18.95% | 67.95 | 57.13 |
| 6 | BELK EXT TL B | 15.98% | 41.13 | 35.46 |
| 7 | AMERICAN TIRE EXIT TL | 13.65% | 75.64 | 66.55 |
| 8 | GLASS MOUNTAIN PIPELINE TL B | 12.98% | 52.04 | 46.06 |
| 9 | MALLINCKRODT EXT TL B | 12.43% | 82.39 | 73.29 |
| 10 | INDIVIOR TL B | 12.41% | 96.46 | 85.82 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/1/20 – 7/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PURESTAR TL | -21.64% | 50.93 | 65.00 |
| 2 | AMERICAN AIRLINES TL B | -18.90% | 55.19 | 68.05 |
| 3 | GLOBAL KNOWLEDGE TL | -18.38% | 53.00 | 64.94 |
| 4 | CINEWORLD TL B | -15.90% | 62.88 | 74.77 |
| 5 | CHESAPEAKE ENERGY FLLO | -15.25% | 48.92 | 57.73 |
| 6 | TECHNICOLOR EUR TL B | -13.09% | 41.57 | 47.83 |
| 7 | EQUINOX HLDGS INC 2ND LIEN TL | -12.81% | 58.34 | 66.91 |
| 9 | DONCASTERS PIK TL | -12.54% | 36.09 | 41.27 |
| 10 | EIF VAN HOOK HOLDINGS TL B | -11.22% | 59.48 | 67.00 |
| 11 | MILLER’S ALE HOUSE TL B | -10.54% | 64.19 | 71.75 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/20 – 7/31/20 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 7/1/20 – 7/31/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/20 vs. the month ending 7/31/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | THYSSENKRUPP AG EUR TL B | 1 | 170 | 169 | 16900% |
| 2 | ASSUREDPARTNERS TL B | 52 | 156 | 104 | 200% |
| 3 | THYSSENKRUPP AG TL B | 6 | 102 | 96 | 1600% |
| 4 | PQ CORP TL B | 12 | 98 | 86 | 717% |
| 5 | TECTUM HOLDINGS INC TL | 187 | 272 | 85 | 45% |
| 6 | CERIDIAN TL B | 13 | 97 | 84 | 646% |
| 7 | INFOBLOX INC TL | 16 | 93 | 77 | 481% |
| 8 | CABLEVISION TL B | 62 | 136 | 74 | 119% |
| 9 | UNIVISION TL C5 | 100 | 170 | 70 | 70% |
| 10 | SYNCSORT TL | 0 | 68 | 68 | 0% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/20 – 7/31/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | VERISURE EUR TL B1 | 17 |
| 2 | VERISURE EUR TL B | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 17 |
| 4 | AKZONOBEL EUR TL B | 16 |
| 5 | EIRCOM FINCO SARL EUR TL B | 16 |
| 6 | THYSSENKRUPP AG EUR TL B | 16 |
| 7 | TECHEM EUR TL B | 16 |
| 8 | GTT COMMUNICATIONS TL B | 16 |
| 9 | ACTION NEDERLAND EUR TL B | 16 |
| 10 | NORD ANGLIA EDUCATION FINANC EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/20 – 7/31/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/20 – 7/31/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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