Syndicated Bank Loan Market Summary – November 2021
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Syndicated Bank Loan Market Summary: November 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 11/1/21 – 11/30/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,270 | MEDLINE TL B | -0.45% | 99.66 | 100.11 | 15 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | -9.27% | 74.88 | 82.54 | 14 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.18% | 99.70 | 99.88 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -1.78% | 99.56 | 101.36 | 11 |
| 5 | 4,750 | ZAYO TL | -0.63% | 97.74 | 98.36 | 16 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.62% | 98.87 | 99.48 | 14 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.77% | 99.00 | 99.76 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | -0.60% | 98.57 | 99.17 | 11 |
| 9 | 3,972 | POWER SOLUTIONS TL B | -0.40% | 98.92 | 99.32 | 10 |
| 10 | 3,900 | DIRECTV TL | -0.29% | 99.77 | 100.05 | 11 |
| 11 | 3,582 | MISYS TL B | -0.50% | 98.91 | 99.41 | 15 |
| 12 | 3,524 | TRANSDIGM INC. TL F | -0.78% | 97.93 | 98.70 | 14 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.61% | 99.08 | 99.69 | 13 |
| 14 | 3,500 | PILOT TRAVEL TL B | -0.39% | 98.95 | 99.34 | 11 |
| 15 | 3,380 | SOLERA TL B | -0.62% | 99.61 | 100.23 | 15 |
| 16 | 3,325 | CINEWORLD TL B | -2.16% | 80.51 | 82.29 | 11 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.59% | 98.24 | 98.82 | 16 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.35% | 98.57 | 98.92 | 12 |
| 19 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | -19.72% | 42.41 | 52.82 | 11 |
| 20 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.42% | 99.14 | 99.56 | 12 |
| AVERAGE | 4,146 | -2.06% | 94.00 | 95.49 | 12.7 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 11/1/21 – 11/30/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | MITEL NETWORKS 2ND LIEN TL | 40.35% | 89.27 | 63.61 |
| 2 | ALSTOM SA TL B2 | 6.59% | 80.01 | 75.06 |
| 3 | ELECTRONICS FOR IMAGING 2ND LIEN TL | 5.87% | 89.48 | 84.52 |
| 4 | FLEXITALLIC TL B | 5.09% | 94.58 | 90.00 |
| 5 | COMEXPOSIUM SA EUR TL B | 4.44% | 79.84 | 76.45 |
| 6 | CBL & ASSOCIATES TL A | 4.39% | 86.35 | 82.72 |
| 7 | LACES GROUP TL | 4.06% | 95.67 | 91.94 |
| 8 | LUMILEDS TL B | 3.53% | 76.46 | 73.85 |
| 9 | PEAK 10 TL | 2.99% | 97.99 | 95.15 |
| 10 | WORLDSTRIDES PIK HOLDCO TL | 2.94% | 67.11 | 65.19 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 11/1/21 – 11/30/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | PREMIERE GLOBAL TL | -24.88% | 26.77 | 35.63 |
| 2 | NSO GROUP EUR TL B | -20.93% | 66.75 | 84.42 |
| 3 | NBG HOME TL | -20.06% | 67.32 | 84.22 |
| 4 | PLUSSERVER EUR TL B | -15.21% | 39.35 | 46.41 |
| 5 | RODAN & FIELDS TL B | -11.84% | 61.66 | 69.95 |
| 6 | YAK MAT 2ND LIEN TL B | -9.77% | 61.66 | 68.33 |
| 7 | ENVISION HEALTHCARE TL B | -9.27% | 74.88 | 82.54 |
| 8 | CAREERBUILDER TL | -8.93% | 84.02 | 92.25 |
| 9 | CHASSIX TL B | -7.11% | 90.99 | 97.96 |
| 10 | SERTA SIMMONS TL | -6.78% | 62.36 | 66.90 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 11/1/21 – 11/30/21 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 11/1/21 – 11/30/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/1/21 vs. the month ending 11/30/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TIBCO TL B | 24 | 180 | 156 | 650% |
| 2 | CAST & CREW TL | 24 | 176 | 152 | 633% |
| 3 | HYLAND SOFTWARE 2ND LIEN TL | 48 | 185 | 137 | 285% |
| 4 | NEXSTAR BROADCASTING TL B4 | 122 | 238 | 116 | 95% |
| 5 | PIC AU HOLDINGS TL | 14 | 112 | 98 | 700% |
| 6 | PREGIS TL B | 100 | 198 | 98 | 98% |
| 7 | VIRTUSA TL | 40 | 133 | 93 | 233% |
| 8 | ENERGYSOLUTIONS TL B | 39 | 128 | 89 | 228% |
| 9 | COOPER STANDARD TL B | 166 | 245 | 79 | 48% |
| 10 | SOCOTEC EUR TL B | 2 | 78 | 76 | 3800% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 11/1/21 – 11/30/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 19 |
| 2 | BRAND ENERGY TL | 19 |
| 3 | SYNLAB EUR TL B5 | 18 |
| 4 | NUMERICABLE EUR TL B12 | 18 |
| 5 | ZIGGO EUR TL H | 18 |
| 6 | IFCO EUR TL B | 18 |
| 7 | ACTION NEDERLAND EUR TL B | 17 |
| 8 | GVC HOLDINGS EUR TL B3 | 17 |
| 9 | TELENET EUR TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 11/1/21 – 11/30/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 11/1/21 – 11/30/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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