Syndicated Bank Loan Market Summary – Week Ending 3/27/20
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Syndicated Bank Loan Market Summary: Week Ending 3/27/20
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/20/20 – 3/27/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 4,197 | AKZONOBEL TL B | 15.48% | 85.34 | 73.90 | 13 |
| 2 | 3,843 | CHANGE HEALTHCARE TL B | 9.55% | 89.46 | 81.66 | 11 |
| 3 | 3,415 | ENDO HEALTH TL B | 7.43% | 87.27 | 81.23 | 12 |
| 4 | 3,338 | ASURION TL B6 | 5.67% | 88.98 | 84.20 | 10 |
| 5 | 2,380 | VERISURE EUR TL B1 | 8.43% | 89.92 | 82.93 | 16 |
| 6 | 2,260 | MCDERMOTT TL B | -6.42% | 32.37 | 34.59 | 12 |
| 7 | 2,250 | BUCKEYE TL B | 2.44% | 85.04 | 83.01 | 10 |
| 8 | 2,250 | ZIGGO EUR TL H | 9.41% | 88.37 | 80.77 | 11 |
| 9 | 2,180 | FRONERI EUR TL B | 2.04% | 87.35 | 85.60 | 14 |
| 10 | 2,150 | NUMERICABLE TL B12 | 10.25% | 87.25 | 79.14 | 10 |
| 11 | 2,105 | STADA ARZNEIMITTEL EUR TL F | 1.28% | 83.80 | 82.74 | 11 |
| 12 | 2,060 | INEOS FIN EUR TL B | 6.17% | 85.02 | 80.08 | 13 |
| 13 | 2,000 | MACDONALD DETTWILER TL B | -8.54% | 81.53 | 89.14 | 11 |
| 14 | 2,000 | CEVA SANTE ANIMALE EUR TL B | 5.94% | 84.35 | 79.62 | 13 |
| 15 | 1,955 | POWER SOLUTIONS EUR TL B | -0.04% | 79.48 | 79.51 | 12 |
| 16 | 1,955 | WESTJET TL | 5.02% | 71.24 | 67.84 | 10 |
| 17 | 1,900 | TDC EUR TL B | 10.69% | 89.49 | 80.84 | 11 |
| 18 | 1,900 | GARDNER DENVER TL B | -8.13% | 81.51 | 88.72 | 14 |
| 19 | 1,880 | ALTRAN TECHNOLOGIES EUR TL B | 2.01% | 90.20 | 88.42 | 10 |
| 20 | 1,860 | NETS HOLDINGS EUR TL B1 | -12.10% | 79.73 | 90.71 | 13 |
| AVERAGE | 2,394 | 3.33% | 82.38 | 79.73 | 11.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 3/20/20 – 3/27/20
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | MERLIN ENTERTAINMENTS EUR TL | 18.13% | 87.98 | 74.48 |
| 2 | FORMULA ONE TL B | 16.91% | 89.47 | 76.53 |
| 3 | CAESARS RESORT COLLECTION TL | 15.62% | 78.79 | 68.14 |
| 4 | TRAVELPORT TL B | 15.52% | 59.62 | 51.61 |
| 5 | AKZONOBEL TL B | 15.48% | 85.34 | 73.90 |
| 6 | ARAMARK SERVICES, INC. TL B3 | 15.20% | 90.60 | 78.65 |
| 7 | NTL CABLE PLC EUR TL O | 14.97% | 92.24 | 80.22 |
| 8 | ALCOA INC TL B | 14.42% | 88.20 | 77.08 |
| 9 | AMNEAL PHARMACEUTIAL TL B | 14.30% | 79.70 | 69.72 |
| 10 | NTL CABLE PLC GBP TL L | 14.20% | 91.14 | 79.80 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/20/20 – 3/27/20
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | INTERNAP PIK TL B | -46.51% | 25.52 | 47.71 |
| 2 | 24 HOUR FITNESS TL B | -46.26% | 21.98 | 40.90 |
| 3 | CALIFORNIA PIZZA 2ND LIEN TL | -41.03% | 36.07 | 61.16 |
| 4 | ASCENA RETAIL TL B | -38.17% | 29.35 | 47.47 |
| 5 | STEINHOFF INTERNATIONAL TL B2 | -33.84% | 40.96 | 61.90 |
| 6 | UTEX TL B | -33.08% | 32.70 | 48.86 |
| 7 | NEIMAN MARCUS TL | -32.13% | 41.62 | 61.33 |
| 8 | B&B HOTELS EUR TL B | -30.74% | 59.18 | 85.45 |
| 9 | JC PENNEY TL B | -28.42% | 55.42 | 77.43 |
| 10 | DIVERSEY EUR TL | -28.35% | 67.00 | 93.51 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/20/20 – 3/27/20 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 3/20/20 – 3/27/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/20/20 vs. the week ending 3/27/20
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INTEL TL | 40 | 58 | 18 | 45% |
| 2 | MEREDITH CO TL B | 8 | 26 | 18 | 225% |
| 3 | STATS LLC TL B | 0 | 18 | 18 | 0% |
| 4 | SBA COMMUNICATIONS CORP TL B | 41 | 58 | 17 | 41% |
| 5 | HUB INTL LTD TL B | 40 | 57 | 17 | 43% |
| 6 | IHEART TL B | 20 | 36 | 16 | 80% |
| 7 | INMARSAT TL B | 12 | 28 | 16 | 133% |
| 8 | KLOECKNER TL B | 12 | 28 | 16 | 133% |
| 9 | TECTUM HOLDINGS INC TL | 23 | 39 | 16 | 70% |
| 10 | TELENET TL | 37 | 53 | 16 | 43% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/20/20 – 3/27/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ACTION NEDERLAND EUR TL B | 18 |
| 2 | PARTY CITY TL B | 17 |
| 3 | GATES GLOBAL TL B | 15 |
| 4 | VERISURE EUR TL B1 | 14 |
| 5 | NESTLE SKIN HEALTH EUR TL B | 14 |
| 6 | SIGMA BIDCO EUR TL B | 13 |
| 7 | HOTELBEDS EUR TL B | 13 |
| 8 | HARLAND CLARKE TL B7 | 13 |
| 9 | ELSAN GROUPE EUR TL B | 13 |
| 10 | CASINO GUICHARD EUR TL B | 13 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/20/20 – 3/27/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/20/20 – 3/27/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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