Syndicated Bank Loan Market Summary – November 2020
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Syndicated Bank Loan Market Summary: November 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 11/1/20 – 11/30/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 10,649 | INOVYN EUR TL B | 1.64% | 99.40 | 97.80 | 12 |
| 2 | 6,451 | REFINITV TL B | 0.78% | 99.19 | 98.42 | 11 |
| 3 | 5,450 | ENVISION HEALTHCARE TL B | 13.75% | 81.04 | 71.24 | 13 |
| 4 | 5,100 | CHANGE HEALTHCARE TL B | 1.49% | 98.98 | 97.52 | 12 |
| 5 | 5,000 | QWEST CORPORATION TL B | 1.59% | 97.71 | 96.17 | 10 |
| 6 | 4,750 | DELL TL B | 0.96% | 99.78 | 98.83 | 15 |
| 7 | 4,750 | ZAYO TL | 1.91% | 98.11 | 96.27 | 16 |
| 8 | 4,700 | CAESARS RESORT COLLECTION TL B | 4.16% | 96.64 | 92.79 | 11 |
| 9 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 1.16% | 98.59 | 97.46 | 10 |
| 10 | 4,250 | BERRY PLASTICS TL Y | 1.53% | 98.18 | 96.70 | 14 |
| 11 | 4,246 | PETSMART NON-CONSENTED TL B2 | 0.26% | 99.22 | 98.97 | 10 |
| 12 | 4,197 | AKZONOBEL TL B | 0.96% | 97.79 | 96.86 | 11 |
| 13 | 3,582 | MISYS TL B | 2.69% | 96.68 | 94.15 | 13 |
| 14 | 3,575 | STARS GROUP TL B | 0.23% | 100.14 | 99.91 | 15 |
| 15 | 3,524 | TRANSDIGM INC. TL F | 3.14% | 96.90 | 93.95 | 14 |
| 16 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.50% | 98.35 | 96.90 | 11 |
| 17 | 3,415 | ENDO HEALTH TL B | 1.58% | 96.86 | 95.35 | 10 |
| 18 | 3,325 | CINEWORLD TL B | 37.58% | 76.24 | 55.42 | 12 |
| 19 | 3,312 | HUB INTL LTD TL B | 1.53% | 97.49 | 96.02 | 12 |
| 20 | 3,300 | BMC SOFTWARE TL B | 1.71% | 98.70 | 97.05 | 15 |
| AVERAGE | 4,583 | 4.01% | 96.30 | 93.39 | 12.4 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 11/1/20 – 11/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | AUDIO VISUAL 2ND LIEN TL | 53.77% | 60.39 | 39.27 |
| 2 | NBG HOME TL | 45.20% | 70.55 | 48.59 |
| 3 | CINEWORLD TL B | 37.58% | 76.24 | 55.42 |
| 4 | AMC ENTERTAINMENT TL B1 | 33.49% | 75.47 | 56.54 |
| 5 | STETSON MIDSTREAM TL B | 30.52% | 85.58 | 65.57 |
| 6 | COLORADO BUYER 2ND LIEN TL | 26.97% | 67.84 | 53.43 |
| 7 | TRAVELPORT TL B | 25.38% | 65.95 | 52.60 |
| 8 | CAPROCK MIDSTREAM TL B | 23.49% | 86.13 | 69.75 |
| 9 | LUMILEDS TL B | 21.14% | 56.79 | 46.88 |
| 10 | SECURUS 2ND LIEN TL | 20.81% | 73.82 | 61.10 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 11/1/20 – 11/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PEABODY ENERGY TL B | -17.53% | 25.70 | 31.17 |
| 2 | IMAGINA MEDIA AUDIOVISUAL SL 2ND LIEN EUR TL | -10.60% | 73.43 | 82.14 |
| 3 | GTT COMMUNICATIONS TL B | -9.67% | 77.22 | 85.49 |
| 4 | TORTOISE INVESTMENT TL | -5.09% | 87.45 | 92.15 |
| 5 | FRONTERA TL B | -2.94% | 27.24 | 28.06 |
| 6 | CITGO HOLDING TL | -2.93% | 88.40 | 91.07 |
| 7 | TRIMARK TL | -2.61% | 55.15 | 56.63 |
| 8 | GEO GROUP TL B | -1.56% | 89.25 | 90.66 |
| 9 | GLASS MOUNTAIN PIPELINE TL B | -1.48% | 52.23 | 53.01 |
| 10 | ACADEMY SPORTS TL | -1.32% | 98.22 | 99.54 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/1/20 – 11/30/20 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 11/1/20 – 11/30/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 10/31/20 vs. the month ending 11/30/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INDEPENDENT VETCARE EUR TL B | 0 | 150 | 150 | N/A |
| 2 | ALPHA BIDCO EUR TL B2 | 30 | 164 | 134 | 447% |
| 3 | AI PLEX ACQUICO EUR TL B | 86 | 206 | 120 | 140% |
| 4 | TMF GROUP HOLDING BV EUR TL B | 70 | 170 | 100 | 143% |
| 5 | APCOA EUR TL B | 10 | 106 | 96 | 960% |
| 6 | HOFFMASTER TL | 38 | 134 | 96 | 253% |
| 7 | CH GUENTHER TL B | 8 | 100 | 92 | 1150% |
| 8 | SURF HOLDINGS TL B | 130 | 221 | 91 | 70% |
| 9 | COBHAM EUR TL B | 94 | 184 | 90 | 96% |
| 10 | DOUGLAS HOLDING EUR TL B1 | 54 | 144 | 90 | 167% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/1/20 – 11/30/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | VERISURE EUR TL B1 | 18 |
| 2 | ZIGGO EUR TL H | 18 |
| 3 | VERISURE EUR TL B | 18 |
| 4 | EIRCOM FINCO SARL EUR TL B | 18 |
| 5 | SYNLAB EUR TL B3 | 18 |
| 6 | AKZONOBEL EUR TL B | 18 |
| 7 | NUMERICABLE EUR TL B11 | 17 |
| 8 | CERBA HEALTHCARE EUR TL B | 17 |
| 9 | SYNLAB EUR TL B | 17 |
| 10 | CEVA SANTE ANIMALE EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/1/20 – 11/30/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 11/1/20 – 11/30/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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