Syndicated Bank Loan Market Summary – October 2020
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Syndicated Bank Loan Market Summary: October 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 10/1/20 – 10/31/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,451 | REFINITV TL B | -0.12% | 98.93 | 99.05 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | 0.18% | 72.24 | 72.11 | 15 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.32% | 97.77 | 98.08 | 11 |
| 4 | 5,000 | QWEST CORPORATION TL B | -0.79% | 95.83 | 96.59 | 11 |
| 5 | 4,750 | DELL TL B | 0.21% | 99.41 | 99.21 | 14 |
| 6 | 4,750 | ZAYO TL | -0.15% | 96.91 | 97.06 | 14 |
| 7 | 4,700 | CAESARS RESORT COLLECTION TL | -0.30% | 93.53 | 93.81 | 11 |
| 8 | 4,250 | BERRY PLASTICS TL Y | 0.03% | 96.91 | 96.88 | 12 |
| 9 | 4,197 | AKZONOBEL TL B | -0.02% | 96.92 | 96.94 | 12 |
| 10 | 4,000 | T-MOBILE USA TL B | -0.25% | 99.90 | 100.14 | 15 |
| 11 | 3,861 | PETSMART CONSENTED TL B2 | -0.07% | 99.76 | 99.83 | 12 |
| 12 | 3,582 | MISYS TL B | -0.67% | 93.45 | 94.08 | 13 |
| 13 | 3,575 | STARS GROUP TL B | -0.01% | 99.99 | 100.00 | 14 |
| 14 | 3,524 | TRANSDIGM INC. TL F | -0.43% | 94.23 | 94.64 | 12 |
| 15 | 3,325 | CINEWORLD TL B | -12.94% | 66.65 | 76.56 | 12 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.80% | 96.35 | 97.13 | 10 |
| 17 | 3,300 | BMC SOFTWARE TL B | -0.98% | 97.08 | 98.04 | 16 |
| 18 | 3,300 | DIAMOND SPORTS TL B | -7.99% | 79.36 | 86.25 | 10 |
| 19 | 3,300 | NTL CABLE PLC TL N | -0.14% | 97.00 | 97.14 | 12 |
| 20 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.92% | 93.94 | 93.09 | 13 |
| AVERAGE | 4,150 | -1.23% | 93.31 | 94.33 | 12.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 10/1/20 – 10/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | GLOBAL KNOWLEDGE TL | 66.51% | 87.77 | 52.71 |
| 2 | SERTA SIMMONS 2ND LIEN TL | 64.64% | 33.34 | 20.25 |
| 3 | PLUSSERVER EUR TL | 62.68% | 64.54 | 39.68 |
| 4 | SMS SYSTEMS TL | 24.91% | 97.47 | 78.04 |
| 5 | FITNESS & SPORT CLUBS TL A | 24.46% | 74.76 | 60.07 |
| 6 | CSM BAKERY 2ND LIEN TL | 19.88% | 89.34 | 74.53 |
| 7 | NBG HOME TL | 17.20% | 48.59 | 41.46 |
| 8 | PRONOVIAS EUR TL B1 | 16.84% | 55.94 | 47.88 |
| 9 | ZEP 2ND LIEN TL | 10.77% | 85.39 | 77.09 |
| 10 | ACCURIDE TL B | 9.08% | 83.99 | 77.00 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 10/1/20 – 10/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PEABODY ENERGY TL B | -25.44% | 31.17 | 41.80 |
| 2 | TRAVELPORT TL B | -22.38% | 52.60 | 67.77 |
| 3 | DIAMOND SPORTS TL B | -22.28% | 61.67 | 79.36 |
| 4 | CINEWORLD TL B | -16.86% | 55.42 | 66.65 |
| 5 | HORNBLOWER TL | -14.34% | 71.14 | 83.05 |
| 6 | FRONTERA TL B | -14.15% | 28.06 | 32.68 |
| 7 | NATIONAL CINEMEDIA TL B | -14.00% | 69.05 | 80.28 |
| 9 | AMC ENTERTAINMENT TL B1 | -11.72% | 56.54 | 64.04 |
| 10 | LIMETREE BAY TL B | -10.75% | 83.38 | 93.43 |
| 11 | LIGHTSQUARED EXIT PIK 2ND LIEN TL | -9.66% | 48.13 | 53.28 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/1/20 – 10/31/20 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 10/1/20 – 10/31/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 9/30/20 vs. the month ending 10/31/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | USI HOLDINGS TL B | 25 | 188 | 163 | 652% |
| 2 | ADVANTAGE SALES TL B | 50 | 188 | 138 | 276% |
| 3 | EPIQ SYSTEMS TL B | 157 | 272 | 115 | 73% |
| 4 | HUB INTL LTD TL B | 197 | 310 | 113 | 57% |
| 5 | UPC HOLDING BV EUR TL B2 | 74 | 183 | 109 | 147% |
| 6 | CPI CARD GROUP TL B | 51 | 158 | 107 | 210% |
| 7 | EG GROUP TL B | 87 | 186 | 99 | 114% |
| 8 | HILLMAN GROUP TL B | 107 | 205 | 98 | 92% |
| 9 | AMC ENTERTAINMENT TL B1 | 184 | 282 | 98 | 53% |
| 10 | GTT COMMUNICATIONS TL B | 140 | 233 | 93 | 66% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/1/20 – 10/31/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | AMC ENTERTAINMENT TL B1 | 20 |
| 2 | CINEWORLD TL B | 20 |
| 3 | GTT COMMUNICATIONS TL B | 19 |
| 4 | TELENET EUR TL | 19 |
| 5 | CINEWORLD TL B | 19 |
| 6 | LUMILEDS TL B | 18 |
| 7 | VERISURE EUR TL B1 | 18 |
| 8 | DELL TL B | 18 |
| 9 | AKZONOBEL EUR TL B | 17 |
| 10 | PARTY CITY TL B | 17 |
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 10/1/20 – 10/31/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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