Syndicated Bank Loan Market Summary – June 2020
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Syndicated Bank Loan Market Summary: June 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 6/1/20 – 6/30/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 3.74% | 67.56 | 65.13 | 16 |
| 2 | 4,750 | DELL TL B | -0.94% | 97.16 | 98.08 | 15 |
| 3 | 4,750 | ZAYO TL | -1.72% | 94.52 | 96.17 | 12 |
| 4 | 4,700 | CAESARS RESORT COLLECTION TL | -1.37% | 88.76 | 89.99 | 12 |
| 5 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -1.26% | 96.92 | 98.16 | 10 |
| 6 | 4,475 | UNIVISION TL C5 | -2.90% | 91.94 | 94.69 | 10 |
| 7 | 4,250 | BERRY PLASTICS TL Y | -2.48% | 95.38 | 97.81 | 13 |
| 8 | 4,200 | JOHNSON CONTROLS INTL PUBLIC LTD CO TL | 0.41% | 94.81 | 94.42 | 10 |
| 9 | 4,197 | AKZONOBEL TL B | -1.91% | 93.18 | 94.99 | 12 |
| 10 | 4,000 | T-MOBILE USA TL B | -0.24% | 99.75 | 99.99 | 13 |
| 11 | 3,582 | MISYS TL B | -3.42% | 87.30 | 90.39 | 12 |
| 12 | 3,575 | STARS GROUP TL B | 0.65% | 98.97 | 98.34 | 13 |
| 13 | 3,524 | TRANSDIGM INC. TL F | -2.19% | 89.50 | 91.50 | 16 |
| 14 | 3,415 | ENDO HEALTH TL B | 0.54% | 93.66 | 93.16 | 11 |
| 15 | 3,325 | CINEWORLD TL B | 3.07% | 74.77 | 72.54 | 15 |
| 16 | 3,312 | HUB INTL LTD TL B | -1.13% | 95.02 | 96.10 | 11 |
| 17 | 3,300 | BMC SOFTWARE TL B | 0.01% | 94.20 | 94.19 | 15 |
| 18 | 3,300 | NTL CABLE PLC TL N | -1.30% | 95.60 | 96.86 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.88% | 87.50 | 88.28 | 12 |
| 20 | 3,165 | MULTIPLAN TL B | -1.10% | 94.91 | 95.96 | 10 |
| AVERAGE | 3,955 | -0.72% | 91.57 | 92.34 | 12.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 6/1/20 – 6/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | MITEL NETWORKS 2ND LIEN TL | 83.07% | 54.21 | 29.61 |
| 2 | ASCENA RETAIL TL B | 62.92% | 33.67 | 20.67 |
| 3 | ACCURIDE TL B | 58.35% | 63.44 | 40.06 |
| 4 | LUMILEDS TL B | 43.20% | 43.27 | 30.22 |
| 5 | JO-ANN STORES TL B | 42.39% | 59.98 | 42.13 |
| 6 | CALIFORNIA RESOURCES TL | 34.59% | 34.96 | 25.98 |
| 7 | NAVICO TL B | 34.07% | 59.15 | 44.12 |
| 8 | BUCCANEER 2ND LIEN TL | 33.13% | 48.56 | 36.47 |
| 9 | PROGREXION TL | 32.84% | 58.62 | 44.13 |
| 10 | TENSAR 2ND LIEN TL | 32.81% | 75.00 | 56.47 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/1/20 – 6/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | SERTA SIMMONS TL | -24.88% | 30.15 | 40.14 |
| 2 | 24 HOUR FITNESS TL B | -21.30% | 23.99 | 30.48 |
| 3 | LIBBEY GLASS TL B | -13.98% | 39.96 | 46.46 |
| 4 | DUEMMEN ORANGE EUR TL B | -9.75% | 35.52 | 39.35 |
| 5 | DONCASTERS PIK TL | -8.64% | 41.27 | 45.18 |
| 6 | AUGUSTA SPORTSWEAR TL | -8.30% | 71.34 | 77.80 |
| 7 | CATALINA MARKETING EXIT TL | -7.15% | 60.87 | 65.56 |
| 9 | FLY LEASING TL | -6.89% | 83.32 | 89.49 |
| 10 | JILL TL B | -6.64% | 59.61 | 63.85 |
| 11 | APPLE LEISURE TL | -5.16% | 64.93 | 68.47 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/1/20 – 6/30/20 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 6/1/20 – 6/30/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 5/31/20 vs. the month ending 6/30/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | T-MOBILE USA TL B | 178 | 284 | 106 | 60% |
| 2 | SIVANTOS EUR TL B1 | 48 | 140 | 92 | 192% |
| 3 | IMAGINE! TL | 7 | 92 | 85 | 1214% |
| 4 | INTEL TL | 192 | 274 | 82 | 43% |
| 5 | CHARTER COMMUNICATIONS TL B2 | 216 | 290 | 74 | 34% |
| 6 | PAREXEL INTERNATIONAL TL | 99 | 172 | 73 | 74% |
| 7 | ALPHA BIDCO EUR TL B1 | 50 | 121 | 71 | 142% |
| 8 | GO DADDY TL B | 199 | 269 | 70 | 35% |
| 9 | MOHEGAN TL A | 52 | 121 | 69 | 133% |
| 10 | ON SEMICONDUCTOR TL B | 107 | 175 | 68 | 64% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/1/20 – 6/30/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 18 |
| 2 | HERTZ TL | 17 |
| 3 | AMC ENTERTAINMENT TL B1 | 17 |
| 4 | WINDSTREAM SERVICES LLC TL B7 | 17 |
| 5 | VERISURE EUR TL B1 | 16 |
| 6 | ENVISION HEALTHCARE TL B | 16 |
| 7 | EIRCOM FINCO SARL EUR TL B | 16 |
| 8 | TECHEM EUR TL B | 16 |
| 9 | AMERICAN AIRLINES TL B | 16 |
| 10 | TRANSDIGM INC. TL G | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/1/20 – 6/30/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/1/20 – 6/30/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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