Syndicated Bank Loan Market Summary – June 2021
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Syndicated Bank Loan Market Summary: June 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 6/1/21 – 6/30/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 0.07% | 85.38 | 85.32 | 13 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | -0.04% | 99.90 | 99.94 | 14 |
| 3 | 5,000 | QWEST CORPORATION TL B | -0.55% | 98.52 | 99.07 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.43% | 101.25 | 100.82 | 12 |
| 5 | 4,750 | ZAYO TL | -0.40% | 98.85 | 99.24 | 16 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.04% | 99.14 | 99.18 | 14 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.02% | 99.57 | 99.59 | 13 |
| 8 | 4,197 | AKZONOBEL TL B | 0.06% | 99.17 | 99.11 | 10 |
| 9 | 3,582 | MISYS TL B | -0.32% | 98.37 | 98.68 | 14 |
| 10 | 3,575 | STARS GROUP TL B | -0.30% | 100.04 | 100.34 | 15 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -0.20% | 98.48 | 98.68 | 15 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.25% | 99.73 | 99.98 | 14 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | 1.17% | 104.20 | 103.00 | 10 |
| 14 | 3,338 | ASURION TL B6 | -0.31% | 99.44 | 99.75 | 10 |
| 15 | 3,325 | CINEWORLD TL B | 1.26% | 87.84 | 86.75 | 14 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.12% | 98.84 | 98.96 | 16 |
| 17 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -17.24% | 59.21 | 71.55 | 11 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.27% | 99.10 | 99.38 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.29% | 99.26 | 98.97 | 13 |
| 20 | 3,165 | MULTIPLAN TL B | -0.18% | 99.68 | 99.86 | 13 |
| AVERAGE | 3,974 | -0.85% | 96.30 | 96.91 | 13.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 6/1/21 – 6/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | ALLIANCE HEALTH PIK 2ND LIEN TL | 72.83% | 88.89 | 51.43 |
| 2 | LEARFIELD 2ND LIEN TL | 62.71% | 91.23 | 56.07 |
| 3 | STEINHOFF FIN. HLDG GMBH PIK EUR TL A2 | 30.18% | 71.60 | 55.00 |
| 4 | EXELA TL B | 25.48% | 45.62 | 36.36 |
| 5 | GLASS MOUNTAIN PIPELINE TL B | 19.96% | 27.67 | 23.07 |
| 6 | FIELDWOOD ENERGY TL | 19.52% | 51.21 | 42.84 |
| 7 | TORTOISE INVESTMENT TL | 18.04% | 74.97 | 63.51 |
| 8 | DONCASTERS PIK TL | 16.52% | 93.66 | 80.38 |
| 9 | LUMILEDS TL B | 11.47% | 83.66 | 75.05 |
| 10 | OUTERSTUFF TL B | 11.17% | 70.90 | 63.78 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/1/21 – 6/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | LIMETREE BAY TL B | -20.52% | 70.98 | 89.31 |
| 2 | SINCLAIR BROADCAST GROUP INC. TL B | -17.57% | 59.21 | 71.83 |
| 3 | SERTA SIMMONS TL | -12.62% | 67.46 | 77.20 |
| 4 | GENON ENERGY INC TL B | -10.15% | 81.26 | 90.44 |
| 5 | HERITAGE POWER TL B | -5.80% | 88.07 | 93.49 |
| 6 | OREGON CLEAN ENERGY TL | -5.32% | 90.85 | 95.95 |
| 7 | SAMARCO MINERACAO TL | -5.30% | 69.01 | 72.87 |
| 8 | GTT COMMUNICATIONS EUR TL B | -4.61% | 82.21 | 86.18 |
| 9 | LIGHTSTONE GENERATION LLC TL C | -4.40% | 76.45 | 79.97 |
| 10 | STRIKE TL B | -4.35% | 85.52 | 89.41 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/1/21 – 6/30/21 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 6/1/21 – 6/30/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 5/31/21 vs. the month ending 6/30/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INDEPENDENT VETCARE GBP TL B | 36 | 260 | 224 | 622% |
| 2 | EOC GROUP TL | 219 | 377 | 158 | 72% |
| 3 | WEBHELP EUR TL B | 96 | 247 | 151 | 157% |
| 4 | SURGEY CENTER TL | 238 | 388 | 150 | 63% |
| 5 | ELSAN GROUPE EXT EUR TL B | 90 | 238 | 148 | 164% |
| 6 | FRONTIER DIP TL B | 64 | 203 | 139 | 217% |
| 7 | HOWDEN TL B | 77 | 215 | 138 | 179% |
| 8 | INDEPENDENT VETCARE EUR TL B2 | 140 | 268 | 128 | 91% |
| 9 | TMF GROUP HOLDING BV EUR TL B | 120 | 238 | 118 | 98% |
| 10 | EASTERN POWER TL B | 322 | 438 | 116 | 36% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/1/21 – 6/30/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 21 |
| 2 | BIOGROUP DD EUR TL B | 19 |
| 3 | VERISURE EUR TL B | 18 |
| 4 | RACKSPACE HOSTING TL B | 18 |
| 5 | ELSAN GROUPE EXT EUR TL B | 18 |
| 6 | SYNLAB EUR TL B5 | 18 |
| 7 | SIGMA BIDCO EUR TL B1 | 18 |
| 8 | PLAYA RESORTS TL B | 18 |
| 9 | ZIGGO EUR TL H | 18 |
| 10 | TECHEM EUR TL B4 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/1/21 – 6/30/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/1/21 – 6/30/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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