Syndicated Bank Loan Market Summary – Week Ending 4/24/20
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Syndicated Bank Loan Market Summary: Week Ending 4/24/20
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 4/17/20 – 4/24/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 2.10% | 62.54 | 61.25 | 16 |
| 2 | 5,000 | QWEST CORPORATION TL B | -0.87% | 95.33 | 96.17 | 10 |
| 3 | 4,750 | DELL TL B | -0.54% | 97.46 | 97.98 | 12 |
| 4 | 4,750 | ZAYO TL | -1.69% | 94.24 | 95.86 | 12 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL | -2.18% | 84.46 | 86.34 | 14 |
| 6 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -1.01% | 96.26 | 97.23 | 12 |
| 7 | 4,250 | BERRY PLASTICS TL Y | -1.01% | 96.71 | 97.70 | 10 |
| 8 | 4,197 | AKZONOBEL TL B | -3.23% | 90.50 | 93.52 | 10 |
| 9 | 3,861 | PETSMART CONSENTED TL B2 | -0.78% | 96.38 | 97.14 | 11 |
| 10 | 3,582 | MISYS TL B | -0.15% | 86.89 | 87.02 | 13 |
| 11 | 3,575 | STARS GROUP TL B | 0.12% | 97.16 | 97.04 | 11 |
| 12 | 3,524 | TRANSDIGM INC. TL F | -1.86% | 89.17 | 90.86 | 16 |
| 13 | 3,325 | CINEWORLD TL B | -0.73% | 65.51 | 65.99 | 15 |
| 14 | 3,300 | DIAMOND SPORTS TL B | 2.64% | 83.48 | 81.33 | 10 |
| 15 | 3,300 | BMC SOFTWARE TL B | -2.64% | 84.81 | 87.11 | 16 |
| 16 | 3,300 | NTL CABLE PLC TL N | -2.27% | 94.03 | 96.22 | 10 |
| 17 | 3,275 | SCIENTIFIC GAMES TL B5 | -1.58% | 84.01 | 85.35 | 10 |
| 18 | 3,210 | HUB INTL LTD TL B | -1.38% | 93.96 | 95.27 | 10 |
| 19 | 3,165 | MULTIPLAN TL B | -2.38% | 92.72 | 94.98 | 10 |
| 20 | 3,161 | JAGUAR HOLDING CO I TL | -0.39% | 98.04 | 98.42 | 13 |
| AVERAGE | 3,912 | -0.99% | 89.18 | 90.14 | 12.1 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 4/17/20 – 4/24/20
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | LIMETREE BAY TL B | 19.07% | 76.62 | 64.35 |
| 2 | DOUGLAS HOLDING EUR TL B8 | 17.14% | 74.59 | 63.68 |
| 3 | EXCLUSIVE GROUP EUR TL B | 15.33% | 86.38 | 74.90 |
| 4 | SIRVA WORLDWIDE TL | 14.73% | 69.44 | 60.53 |
| 5 | IGM RESIN EUR TL | 14.00% | 77.76 | 68.21 |
| 6 | SAPEC AGRO SA EUR TL B1 | 11.54% | 94.33 | 84.57 |
| 7 | CONDUENT BUSINESS SERVICES TL A | 10.20% | 87.93 | 79.78 |
| 8 | SLV GROUP GMBH EUR TL B | 9.36% | 74.87 | 68.47 |
| 9 | SMS SYSTEMS TL | 8.34% | 74.73 | 68.98 |
| 10 | NATIONAL CINEMEDIA TL B | 8.09% | 76.64 | 70.90 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/17/20 – 4/24/20
| RANK | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | COLORADO BUYER 2ND LIEN TL | -29.81% | 20.15 | 28.71 | 5 |
| 2 | HERTZ TL | -16.30% | 63.70 | 76.10 | 12 |
| 3 | SONICWALL 2ND LIEN TL | -16.01% | 75.08 | 89.38 | 5 |
| 4 | BELRON INTERNATIONAL TL B | -14.86% | 81.65 | 95.90 | 4 |
| 5 | CHESAPEAKE ENERGY FLLO | -14.66% | 34.29 | 40.19 | 9 |
| 6 | STAPLES TL B2 | -13.33% | 74.85 | 86.37 | 5 |
| 7 | SKILLSOFT EXT TL | -13.32% | 52.66 | 60.75 | 11 |
| 8 | 24 HOUR FITNESS TL B | -13.23% | 26.88 | 30.98 | 10 |
| 9 | CIRQUE DE SOLEIL 2ND LIEN TL | -13.15% | 32.76 | 37.72 | 3 |
| 10 | JO-ANN STORES TL B | -11.30% | 30.35 | 34.22 | 8 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 4/17/20 – 4/24/20 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 4/17/20 – 4/24/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 4/17/20 vs. the week ending 4/24/20
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | QWEST CORPORATION TL B | 30 | 54 | 24 | 80% |
| 2 | QWEST CORPORATION TL A | 5 | 28 | 23 | 460% |
| 3 | PQ CORP TL B | 18 | 40 | 22 | 122% |
| 4 | EVERI PAYMENTS INC TL | 3 | 24 | 21 | 700% |
| 5 | NAVISTAR INTERNATIONAL TL B | 10 | 30 | 20 | 200% |
| 6 | TELENET TL | 32 | 52 | 20 | 63% |
| 7 | BMC SOFTWARE TL B | 52 | 71 | 19 | 37% |
| 8 | CHESAPEAKE ENERGY FLLO | 2 | 20 | 18 | 900% |
| 9 | MEREDITH CO TL B | 22 | 40 | 18 | 82% |
| 10 | QUIKRETE TL B | 34 | 52 | 18 | 53% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 4/17/20 – 4/24/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | VERISURE EUR TL B1 | 19 |
| 2 | BMC SOFTWARE TL B | 16 |
| 3 | ENVISION HEALTHCARE TL B | 16 |
| 4 | AMERICAN AIRLINES TL B | 16 |
| 5 | TECHEM EUR TL B | 16 |
| 6 | TRANSDIGM INC. TL F | 16 |
| 7 | CASINO GUICHARD EUR TL B | 15 |
| 8 | CINEWORLD TL B | 15 |
| 9 | HILTON TL B | 15 |
| 10 | EIRCOM FINCO SARL EUR TL B | 15 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 4/17/20 – 4/24/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 4/17/20 – 4/24/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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