Syndicated Bank Loan Market Summary – May 2021
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Syndicated Bank Loan Market Summary: May 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 5/1/21 – 5/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 1.85% | 85.32 | 83.78 | 15 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.06% | 99.94 | 99.88 | 10 |
| 3 | 5,000 | QWEST CORPORATION TL B | 0.35% | 99.07 | 98.72 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.32% | 100.82 | 101.15 | 12 |
| 5 | 4,750 | ZAYO TL | 0.30% | 99.24 | 98.95 | 14 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.31% | 99.18 | 98.87 | 13 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.25% | 99.59 | 99.83 | 13 |
| 8 | 4,475 | UNIVISION TL C5 | 0.07% | 99.79 | 99.71 | 12 |
| 9 | 3,582 | MISYS TL B | 0.47% | 98.68 | 98.22 | 15 |
| 10 | 3,575 | STARS GROUP TL B | 0.03% | 100.34 | 100.30 | 14 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -0.03% | 98.68 | 98.71 | 14 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.38% | 99.98 | 99.60 | 13 |
| 13 | 3,338 | ASURION TL B6 | 0.05% | 99.75 | 99.70 | 10 |
| 14 | 3,325 | CINEWORLD TL B | 1.24% | 86.75 | 85.69 | 13 |
| 15 | 3,312 | HUB INTL LTD TL B | 0.32% | 98.96 | 98.64 | 16 |
| 16 | 3,300 | NTL CABLE PLC TL N | 0.22% | 99.38 | 99.16 | 12 |
| 17 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.48% | 98.97 | 98.49 | 10 |
| 18 | 3,165 | MULTIPLAN TL B | 0.41% | 99.86 | 99.46 | 13 |
| 19 | 3,100 | COLORADO BUYER 2ND LIEN TL | -0.02% | 98.59 | 98.61 | 11 |
| 20 | 3,100 | ASURION TL B8 | 0.19% | 99.48 | 99.29 | 10 |
| AVERAGE | 3,958 | 0.31% | 98.12 | 97.84 | 12.6 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 5/1/21 – 5/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PEABODY ENERGY TL B | 42.69% | 47.27 | 33.13 |
| 2 | DONCASTERS PIK TL | 32.88% | 79.96 | 60.17 |
| 3 | FIELDWOOD ENERGY TL | 16.52% | 42.85 | 36.78 |
| 4 | ELECTRONICS FOR IMAGING 2ND LIEN TL | 14.11% | 80.23 | 70.31 |
| 5 | BELK EXIT SO TL | 10.61% | 70.99 | 64.18 |
| 6 | MITEL NETWORKS 2ND LIEN TL | 9.53% | 53.83 | 49.15 |
| 7 | INNOVATIVE WATER 2ND LIEN TL | 8.33% | 92.08 | 85.00 |
| 8 | JILL PIK TL | 8.04% | 71.21 | 65.91 |
| 9 | PRAESIDIAD EUR TL B | 7.75% | 79.30 | 73.59 |
| 10 | EIF VAN HOOK HOLDINGS TL B | 7.60% | 87.92 | 81.70 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 5/1/21 – 5/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PREMIERE GLOBAL TL | -17.25% | 42.98 | 51.94 |
| 2 | IMAGINA MEDIA AUDIOVISUAL SL 2ND LIEN EUR TL | -13.39% | 61.15 | 70.61 |
| 3 | PHILADELPHIA ENERGY EXIT TL A2 | -9.77% | 46.40 | 51.43 |
| 4 | UNITED ROAD SERVICES TL | -8.92% | 80.28 | 88.14 |
| 5 | GEO GROUP TL B | -5.89% | 84.51 | 89.81 |
| 6 | GTT COMMUNICATIONS TL B | -4.68% | 81.70 | 85.72 |
| 7 | CARECENTRIX TL B | -4.43% | 88.54 | 92.65 |
| 8 | EXELA TL B | -3.85% | 36.36 | 37.81 |
| 9 | HARLAND CLARKE TL B7 | -3.80% | 88.55 | 92.04 |
| 10 | SERVICE KING TL B | -3.41% | 97.62 | 101.07 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/21 – 5/31/21 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 5/1/21 – 5/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/21 vs. the month ending 5/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ASTORIA ENERGY TL B | 92 | 254 | 162 | 176% |
| 2 | LONZA GROUP EUR TL | 15 | 135 | 120 | 800% |
| 3 | WEIGHT WATCHERS TL B | 74 | 190 | 116 | 157% |
| 4 | WEX MED CORP TL B3 | 174 | 266 | 92 | 53% |
| 5 | DEALOGIC TL B | 134 | 226 | 92 | 69% |
| 6 | SAVERS TL B | 59 | 148 | 89 | 151% |
| 7 | FLUIDRA EUR TL B | 0 | 84 | 84 | N/A |
| 8 | PLY GEM TL | 105 | 188 | 83 | 79% |
| 9 | MCDERMOTT EXIT TL | 6 | 87 | 81 | 1350% |
| 10 | CORNERSTONE TL B | 159 | 239 | 80 | 50% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/21 – 5/31/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | SIGMA BIDCO EUR TL B1 | 20 |
| 2 | BIOGROUP DD EUR TL B | 19 |
| 3 | LUMILEDS TL B | 19 |
| 4 | TECHEM EUR TL B4 | 19 |
| 5 | TELENET EUR TL | 19 |
| 6 | ELSAN GROUPE EUR TL B | 18 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 18 |
| 8 | ZIGGO EUR TL H | 18 |
| 9 | BANIJAY GROUP EUR TL B | 18 |
| 10 | TRAVELPORT TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/21 – 5/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/21 – 5/31/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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