Syndicated Bank Loan Market Summary – July 2021
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Syndicated Bank Loan Market Summary: July 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 7/1/21 – 7/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 0.65% | 85.34 | 84.79 | 13 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | -0.11% | 99.74 | 99.85 | 13 |
| 3 | 5,000 | QWEST CORPORATION TL B | -0.18% | 98.27 | 98.45 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.38% | 100.06 | 100.44 | 13 |
| 5 | 4,750 | ZAYO TL | -0.32% | 98.32 | 98.63 | 14 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.21% | 98.75 | 98.96 | 14 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.19% | 99.27 | 99.46 | 12 |
| 8 | 4,197 | AKZONOBEL TL B | -0.02% | 98.75 | 98.77 | 10 |
| 9 | 3,900 | DIRECTV TL | -0.52% | 99.75 | 100.28 | 12 |
| 10 | 3,582 | MISYS TL B | -0.05% | 98.27 | 98.32 | 14 |
| 11 | 3,575 | STARS GROUP TL B | -0.55% | 99.24 | 99.78 | 14 |
| 12 | 3,524 | TRANSDIGM INC. TL F | -0.26% | 98.17 | 98.43 | 14 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.51% | 99.08 | 99.59 | 14 |
| 14 | 3,500 | AMERICAN AIRLINES TL B | -0.98% | 102.61 | 103.62 | 12 |
| 15 | 3,380 | SOLERA TL B | -0.16% | 99.83 | 99.99 | 14 |
| 16 | 3,325 | CINEWORLD TL B | -0.46% | 81.13 | 81.51 | 11 |
| 17 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | -0.15% | 99.57 | 99.72 | 10 |
| 18 | 3,312 | HUB INTL LTD TL B | -0.16% | 98.42 | 98.58 | 15 |
| 19 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -0.88% | 54.54 | 55.02 | 11 |
| 20 | 3,300 | NTL CABLE PLC TL N | -0.29% | 98.43 | 98.72 | 12 |
| AVERAGE | 4,014 | -0.29% | 95.38 | 95.65 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 7/1/21 – 7/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | EXELA TL B | 55.56% | 70.97 | 45.62 |
| 2 | BIOPLAN 2ND LIEN TL | 20.00% | 70.49 | 58.74 |
| 3 | PEABODY ENERGY TL B | 14.53% | 72.88 | 63.63 |
| 4 | WORLDSTRIDES PIK HOLDCO TL | 12.32% | 61.39 | 54.66 |
| 5 | MITEL NETWORKS 2ND LIEN TL | 10.06% | 63.00 | 57.24 |
| 6 | EUROPEAN CAMPING GBP TL B1 | 5.76% | 97.86 | 92.53 |
| 7 | CONTURA ENERGY INC TL | 4.67% | 91.96 | 87.86 |
| 8 | CIBT HOLDINGS TL | 4.28% | 88.75 | 85.11 |
| 9 | PREIT ASSOCIATES EXIT 2ND LIEN TL | 4.23% | 44.16 | 42.37 |
| 10 | JILL TL B | 4.17% | 72.40 | 69.50 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/1/21 – 7/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | SERTA SIMMONS 2ND LIEN TL | -12.69% | 59.94 | 68.65 |
| 2 | CINEWORLD EUR TL B | -8.95% | 79.91 | 87.77 |
| 3 | SINCLAIR BROADCAST GROUP INC. TL B | -7.88% | 54.54 | 59.21 |
| 4 | PREMIERE GLOBAL TL | -7.28% | 38.48 | 41.51 |
| 5 | TRAVELPORT TL B | -6.67% | 84.85 | 90.91 |
| 6 | AMC ENTERTAINMENT TL B1 | -5.06% | 88.76 | 93.48 |
| 7 | LUMILEDS TL B | -4.72% | 79.70 | 83.66 |
| 8 | AMEX GBT TL B | -4.11% | 91.35 | 95.27 |
| 9 | EQUINOX HLDGS INC 2ND LIEN TL | -3.73% | 86.56 | 89.91 |
| 10 | STADIUM MANAGEMENT TL | -3.47% | 93.22 | 96.57 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/21 – 7/31/21 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 7/1/21 – 7/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/21 vs. the month ending 7/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | SINCLAIR BROADCAST GROUP INC. TL B1 | 4 | 198 | 194 | 4850% |
| 2 | KANTAR EUR TL B | 24 | 204 | 180 | 750% |
| 3 | BURLINGTON COAT FACTORY TL B | 10 | 160 | 150 | 1500% |
| 4 | AUDIO VISUAL 2ND LIEN TL | 90 | 213 | 123 | 137% |
| 5 | NATIONAL MENTOR TL C | 20 | 138 | 118 | 590% |
| 6 | UNIVERSAL SERVICES EUR TL B | 98 | 210 | 112 | 114% |
| 7 | TORY BURCH LLC TL B | 200 | 300 | 100 | 50% |
| 8 | SOCOTEC EUR TL B | 14 | 108 | 94 | 671% |
| 9 | 84 LUMBER CO TL B | 132 | 226 | 94 | 71% |
| 10 | DOUGLAS HOLDING EUR TL B | 182 | 275 | 93 | 51% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/21 – 7/31/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 22 |
| 2 | ELSAN GROUPE EXT EUR TL B | 19 |
| 3 | SYNLAB EUR TL B5 | 19 |
| 4 | BIOGROUP DD EUR TL B | 19 |
| 5 | WEBHELP EUR TL B | 18 |
| 6 | DORNA SPORTS EUR TL B | 18 |
| 7 | VERISURE EUR TL B | 18 |
| 8 | AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B | 18 |
| 9 | CERBA HEALTHCARE EUR TL B | 18 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/21 – 7/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/21 – 7/31/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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