Syndicated Bank Loan Market Summary – October 2021
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Syndicated Bank Loan Market Summary: October 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 10/1/21 – 10/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 1.85% | 88.76 | 87.15 | 13 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.13% | 99.90 | 99.77 | 10 |
| 3 | 5,000 | QWEST CORPORATION TL B | 0.15% | 98.83 | 98.68 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.47% | 100.64 | 100.18 | 13 |
| 5 | 4,750 | ZAYO TL | 0.36% | 99.05 | 98.69 | 16 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.23% | 99.36 | 99.14 | 14 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 0.18% | 99.85 | 99.68 | 13 |
| 8 | 4,475 | UNIVISION TL C5 | 0.26% | 99.88 | 99.61 | 10 |
| 9 | 4,197 | AKZONOBEL TL B | 0.47% | 99.28 | 98.81 | 10 |
| 10 | 3,900 | DIRECTV TL | 0.03% | 100.01 | 99.98 | 13 |
| 11 | 3,582 | MISYS TL B | 0.45% | 99.19 | 98.74 | 15 |
| 12 | 3,524 | TRANSDIGM INC. TL F | 0.37% | 98.74 | 98.37 | 13 |
| 13 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.58% | 99.85 | 99.27 | 14 |
| 14 | 3,380 | SOLERA TL B | 0.22% | 100.17 | 99.95 | 15 |
| 15 | 3,338 | ASURION TL B6 | 0.53% | 99.41 | 98.88 | 10 |
| 16 | 3,325 | CINEWORLD TL B | 5.83% | 82.17 | 77.64 | 11 |
| 17 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 0.41% | 99.83 | 99.42 | 10 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.17% | 99.01 | 98.85 | 13 |
| 19 | 3,300 | NTL CABLE PLC TL N | 0.34% | 99.31 | 98.97 | 11 |
| 20 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | 0.60% | 62.29 | 61.92 | 12 |
| AVERAGE | 4,051 | 0.68% | 96.28 | 95.68 | 12.3 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 10/1/21 – 10/31/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | PREIT ASSOCIATES EXIT 2ND LIEN TL | 11.17% | 62.91 | 56.59 |
| 2 | HARVEY GULF EXIT TL | 10.46% | 75.41 | 68.27 |
| 3 | PEABODY ENERGY TL B | 6.90% | 86.63 | 81.04 |
| 4 | EXELA TL B | 6.80% | 82.13 | 76.90 |
| 5 | NINE WEST GROUP INC EXIT TL | 6.60% | 76.75 | 72.00 |
| 6 | ALTISOURCE TL B | 6.12% | 87.98 | 82.90 |
| 7 | MCDERMOTT EXIT TL | 6.08% | 46.38 | 43.72 |
| 8 | LIGHTSTONE GENERATION LLC TL B | 5.95% | 86.83 | 81.96 |
| 9 | YAK MAT TL B | 5.77% | 84.03 | 79.44 |
| 10 | CELSA GROUP 2ND LIEN EUR TL | 5.53% | 22.54 | 21.36 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 10/1/21 – 10/31/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | RIVERBED PIK 2ND LIEN TL | -63.56% | 25.92 | 71.13 |
| 2 | PLUSSERVER EUR TL B | -16.92% | 46.41 | 55.86 |
| 3 | SINCLAIR BROADCAST GROUP INC. TL B | -15.20% | 52.82 | 62.29 |
| 4 | 24 HOUR FITNESS EXIT TL | -14.69% | 73.68 | 86.36 |
| 5 | US TELEPACIFIC TL B | -9.24% | 74.40 | 81.98 |
| 6 | ENVISION HEALTHCARE TL B | -7.01% | 82.54 | 88.76 |
| 7 | JORDAN HEALTH TL | -6.15% | 75.28 | 80.22 |
| 8 | ISAGENIX TL | -5.83% | 77.61 | 82.42 |
| 9 | COMEXPOSIUM SA EUR TL B | -5.09% | 76.45 | 80.55 |
| 10 | PREMIERE GLOBAL TL | -4.98% | 35.63 | 37.50 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/1/21 – 10/31/21 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 10/1/21 – 10/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 9/30/21 vs. the month ending 10/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | HERENS HOLDCO SARL TL B | 148 | 337 | 189 | 128% |
| 2 | TEMPO ACQUISITION TL B | 32 | 200 | 168 | 525% |
| 3 | LAKESHORE RECYCLING TL B | 49 | 136 | 87 | 178% |
| 4 | UNIMIN CORP EXIT PIK TL | 198 | 284 | 86 | 43% |
| 5 | CABLE & WIRELESS TL B5 | 306 | 388 | 82 | 27% |
| 6 | UBER TECHNOLOGIES TL B | 283 | 362 | 79 | 28% |
| 7 | KODIAK TL B | 109 | 188 | 79 | 72% |
| 8 | BIOGROUP EUR TL B | 0 | 78 | 78 | N/A |
| 9 | HOUSE OF HR EUR TL B | 96 | 173 | 77 | 80% |
| 10 | INFINITAS EUR TL B | 37 | 110 | 73 | 197% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/1/21 – 10/31/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | DAE AVIATION TL | 19 |
| 3 | US TELEPACIFIC TL B | 18 |
| 4 | ACTION NEDERLAND EUR TL B | 18 |
| 5 | DOUGLAS HOLDING EUR TL B | 18 |
| 6 | ZIGGO EUR TL H | 17 |
| 7 | IFCO EUR TL B | 17 |
| 8 | FRONERI EUR TL B | 17 |
| 9 | ZAYO TL | 17 |
| 10 | BELLIS ACQUISITION CO PLC EUR TL B | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/1/21 – 10/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 10/1/21 – 10/31/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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