Syndicated Bank Loan Market Summary – March 2021
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Syndicated Bank Loan Market Summary: March 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 3/1/21 – 3/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 0.75% | 85.92 | 85.29 | 16 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | -0.28% | 99.84 | 100.13 | 13 |
| 3 | 5,000 | QWEST CORPORATION TL B | -0.80% | 98.79 | 99.59 | 11 |
| 4 | 4,750 | ZAYO TL | -0.70% | 99.10 | 99.80 | 17 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.06% | 98.37 | 98.44 | 15 |
| 6 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.50% | 99.60 | 100.11 | 13 |
| 7 | 4,475 | UNIVISION TL C5 | -0.67% | 99.23 | 99.90 | 12 |
| 8 | 4,197 | AKZONOBEL TL B | -1.29% | 98.42 | 99.71 | 10 |
| 9 | 3,582 | MISYS TL B | -0.89% | 97.95 | 98.82 | 15 |
| 10 | 3,575 | STARS GROUP TL B | -0.30% | 100.07 | 100.37 | 16 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -0.78% | 97.85 | 98.62 | 14 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.44% | 99.67 | 100.11 | 13 |
| 13 | 3,338 | ASURION TL B6 | -0.19% | 99.67 | 99.86 | 10 |
| 14 | 3,325 | CINEWORLD TL B | -1.38% | 85.15 | 86.33 | 15 |
| 15 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | -0.08% | 99.65 | 99.73 | 10 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.35% | 98.54 | 98.88 | 18 |
| 17 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -8.77% | 70.81 | 77.61 | 12 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.69% | 99.01 | 99.69 | 13 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.51% | 97.93 | 98.43 | 14 |
| 20 | 3,165 | MULTIPLAN TL B | -0.49% | 99.38 | 99.88 | 12 |
| AVERAGE | 3,938 | -0.92% | 96.25 | 97.06 | 13.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/1/21 – 3/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | BUCCANEER 2ND LIEN TL | 53.62% | 97.17 | 63.25 |
| 2 | FIELDWOOD ENERGY TL | 43.60% | 36.91 | 25.70 |
| 3 | WORLDSTRIDES PIK HOLDCO TL | 34.16% | 46.80 | 34.88 |
| 4 | TRIMARK TL | 20.55% | 60.82 | 50.45 |
| 5 | CATALINA MARKETING EXIT PIK TL | 18.09% | 41.29 | 34.97 |
| 6 | ISAGENIX TL | 17.99% | 74.85 | 63.43 |
| 7 | YAK MAT 2ND LIEN TL B | 15.56% | 80.89 | 70.00 |
| 8 | SERTA SIMMONS TL | 14.05% | 64.50 | 56.56 |
| 9 | AUDIO VISUAL 2ND LIEN TL | 13.13% | 74.59 | 65.93 |
| 10 | BIOPLAN TL | 12.47% | 83.47 | 74.22 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/1/21 – 3/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | GLASS MOUNTAIN PIPELINE TL B | -39.45% | 25.78 | 42.57 |
| 2 | MITEL NETWORKS 2ND LIEN TL | -10.58% | 48.81 | 54.58 |
| 3 | GOPHER RESOURCE TL | -10.47% | 89.40 | 99.86 |
| 4 | MCDERMOTT EXIT TL | -9.74% | 58.48 | 64.79 |
| 5 | PEABODY ENERGY TL B | -8.89% | 39.91 | 43.81 |
| 6 | LIGHTSTONE GENERATION LLC TL B | -8.78% | 78.34 | 85.88 |
| 7 | SINCLAIR BROADCAST GROUP INC. TL B | -8.77% | 70.81 | 77.61 |
| 8 | HARLAND CLARKE TL B7 | -7.43% | 88.22 | 95.30 |
| 9 | AT&T COLOCATION TL | -6.42% | 90.39 | 96.59 |
| 10 | CARECENTRIX TL B | -4.71% | 93.33 | 97.94 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/21 – 3/31/21 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 3/1/21 – 3/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/21 vs. the month ending 3/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ULTIMATE SOFTWARE TL | 54 | 346 | 292 | 541% |
| 2 | HUB INTL LTD TL B | 230 | 512 | 282 | 123% |
| 3 | CALPINE CORP TL B9 | 40 | 305 | 265 | 663% |
| 4 | HUB INTL LTD TL B2 | 176 | 402 | 226 | 128% |
| 5 | ZAYO TL | 327 | 535 | 208 | 64% |
| 6 | EPICOR SOFTWARE TL | 202 | 395 | 193 | 96% |
| 7 | BAUSCH HEALTH COMPANIES INC. TL B | 148 | 337 | 189 | 128% |
| 8 | QUIKRETE TL B | 291 | 477 | 186 | 64% |
| 9 | RCN GRANDE TL B | 264 | 450 | 186 | 70% |
| 10 | SCIENTIFIC GAMES TL B5 | 137 | 322 | 185 | 135% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/21 – 3/31/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | SIGMA BIDCO EUR TL B1 | 19 |
| 2 | TELENET EUR TL | 19 |
| 3 | GTT COMMUNICATIONS TL B | 19 |
| 4 | BIOGROUP DD EUR TL B | 19 |
| 5 | TECHEM EUR TL B4 | 18 |
| 6 | BANIJAY GROUP EUR TL B | 18 |
| 7 | LUMILEDS TL B | 18 |
| 8 | ZIGGO EUR TL H | 18 |
| 9 | ELSAN GROUPE EUR TL B | 18 |
| 10 | HUB INTL LTD TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/21 – 3/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/21 – 3/31/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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