Syndicated Bank Loan Market Summary – September 2021
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Syndicated Bank Loan Market Summary: September 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 9/1/21 – 9/30/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 1.85% | 88.76 | 87.15 | 12 |
| 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 | 3,900 | DIRECTV TL | 0.03% | 100.01 | 99.98 | 13 |
| 10 | 3,582 | MISYS TL B | 0.45% | 99.19 | 98.74 | 15 |
| 11 | 3,524 | TRANSDIGM INC. TL F | 0.37% | 98.74 | 98.37 | 13 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.58% | 99.85 | 99.27 | 14 |
| 13 | 3,380 | SOLERA TL B | 0.22% | 100.17 | 99.95 | 15 |
| 14 | 3,338 | ASURION TL B6 | 0.53% | 99.41 | 98.88 | 10 |
| 15 | 3,325 | CINEWORLD TL B | 5.83% | 82.17 | 77.64 | 11 |
| 16 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 0.41% | 99.83 | 99.42 | 10 |
| 17 | 3,312 | HUB INTL LTD TL B | 0.17% | 99.01 | 98.85 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.34% | 99.31 | 98.97 | 11 |
| 19 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | 0.60% | 62.29 | 61.92 | 11 |
| 20 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.46% | 99.55 | 99.10 | 11 |
| AVERAGE | 4,005 | 0.68% | 96.29 | 95.70 | 12.3 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/1/21 – 9/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | CHRIST JUWELIERE UND UHRMAC EUR TL B | 14.47% | 83.19 | 72.68 |
| 2 | GULF FINANCE TL B | 13.58% | 95.96 | 84.49 |
| 3 | LIGHTSTONE GENERATION LLC TL C | 13.05% | 82.61 | 73.07 |
| 4 | FLINT GROUP PIK 2ND LIEN TL | 12.70% | 99.18 | 88.01 |
| 5 | PEABODY ENERGY TL B | 10.97% | 81.04 | 73.02 |
| 6 | GENUINE FINANCIAL 2ND LIEN TL | 10.95% | 95.57 | 86.13 |
| 7 | GTT COMMUNICATIONS TL B | 7.80% | 84.59 | 78.47 |
| 8 | GLOBAL TELESYSTEMS 2ND LIEN TL | 6.23% | 90.15 | 84.86 |
| 9 | TRANSCENDIA TL B | 5.89% | 88.51 | 83.59 |
| 10 | CINEWORLD TL B | 5.83% | 82.17 | 77.64 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/1/21 – 9/30/21
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | PLUSSERVER EUR TL | -17.05% | 55.86 | 67.34 |
| 2 | CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL | -13.78% | 72.64 | 84.26 |
| 3 | ALSTOM SA EUR TL B | -10.71% | 72.98 | 81.74 |
| 4 | YAK MAT 2ND LIEN TL B | -10.67% | 68.79 | 77.00 |
| 5 | CELSA GROUP 2ND LIEN EUR TL | -10.62% | 21.36 | 23.90 |
| 6 | US TELEPACIFIC TL B | -8.96% | 81.98 | 90.05 |
| 7 | DUNN PAPER 2ND LIEN TL | -8.13% | 85.00 | 92.53 |
| 8 | CATALINA MARKETING EXIT PIK TL | -4.27% | 50.46 | 52.72 |
| 9 | JORDAN HEALTH TL | -2.94% | 87.62 | 90.27 |
| 10 | SAVE A LOT TL A | -2.74% | 101.64 | 104.50 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/21 – 9/30/21 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 9/1/21 – 9/30/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/21 vs. the month ending 9/30/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ASSUREDPARTNERS TL B | 64 | 286 | 222 | 347% |
| 2 | BRIGHTSPRING TL B | 111 | 305 | 194 | 175% |
| 3 | STARS GROUP TL B | 291 | 474 | 183 | 63% |
| 4 | FINTRAX EUR TL B | 0 | 160 | 160 | N/A |
| 5 | THINK CELL SALES GMBH EUR TL B | 32 | 172 | 140 | 438% |
| 6 | VISUAL COMFORT TL | 196 | 331 | 135 | 69% |
| 7 | US RENAL CARE TL | 138 | 253 | 115 | 83% |
| 8 | LIFEPOINT HOSPITALS TL B | 386 | 492 | 106 | 27% |
| 9 | SURF HOLDINGS TL B | 295 | 400 | 105 | 36% |
| 10 | KNOWLTON PACKAGING INC TL | 134 | 236 | 102 | 76% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/21 – 9/30/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 18 |
| 2 | IFCO EUR TL B | 18 |
| 3 | ZIGGO EUR TL H | 18 |
| 4 | BANIJAY GROUP EUR TL B | 18 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | TMF GROUP HOLDING BV EUR TL B | 18 |
| 7 | CERBA HEALTHCARE EUR TL B | 18 |
| 8 | NTL CABLE PLC EUR TL R | 17 |
| 9 | SYNLAB EUR TL B5 | 17 |
| 10 | BRAND ENERGY TL | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/1/21 – 9/30/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/21 – 9/30/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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