Syndicated Bank Loan Market Summary – Week Ending 6/18/21
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Syndicated Bank Loan Market Summary: Week Ending 6/18/21
STEINHOFF PIK EUR TL A2 increased 13.4% from $55.99 to $63.49 last week after the company announced earnings whereby operating profit increased 16% over the past 6 months vs prior year period. TELESAT TL B decreased from 1.1% from $95.57 to $94.52 as the company struggles with new regulation imposed by the FCC which will increase operating costs. Hotels, Gaming, & Leisure was the top performing industry over the past week rising 0.4% driven by the continued reopening trade which fueled price gains in 24 Hour Fitness and HotelBeds loans. Decliners outpaces advancers 5:4 over the past week as loans increasingly sold off throughout the week after the Fed meeting.
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 6/11/21 – 6/18/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 0.08% | 85.37 | 85.30 | 13 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | -0.09% | 99.90 | 99.99 | 11 |
| 3 | 5,000 | QWEST CORPORATION TL B | -0.26% | 98.90 | 99.16 | 11 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | -0.04% | 101.12 | 101.16 | 13 |
| 5 | 4,750 | ZAYO TL | -0.21% | 99.14 | 99.35 | 15 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | -0.28% | 99.08 | 99.36 | 14 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | -0.14% | 99.56 | 99.70 | 11 |
| 8 | 4,197 | AKZONOBEL TL B | -0.09% | 99.25 | 99.34 | 10 |
| 9 | 3,582 | MISYS TL B | -0.31% | 98.38 | 98.68 | 14 |
| 10 | 3,575 | STARS GROUP TL B | -0.25% | 100.18 | 100.43 | 14 |
| 11 | 3,524 | TRANSDIGM INC. TL F | -0.23% | 98.55 | 98.78 | 15 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | -0.10% | 100.00 | 100.11 | 14 |
| 13 | 3,500 | AMERICAN AIRLINES TL B | 0.17% | 104.12 | 103.95 | 10 |
| 14 | 3,380 | SOLERA TL B | -0.17% | 100.29 | 100.46 | 13 |
| 15 | 3,338 | ASURION TL B6 | -0.05% | 99.50 | 99.55 | 10 |
| 16 | 3,325 | CINEWORLD TL B | 0.07% | 88.37 | 88.31 | 14 |
| 17 | 3,312 | HUB INTL LTD TL B | -0.20% | 98.90 | 99.09 | 16 |
| 18 | 3,300 | NTL CABLE PLC TL N | -0.33% | 99.15 | 99.47 | 12 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | -0.28% | 98.74 | 99.02 | 12 |
| 20 | 3,165 | MULTIPLAN TL B | -0.12% | 99.75 | 99.87 | 13 |
| AVERAGE | 3,978 | -0.14% | 98.41 | 98.55 | 12.8 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 6/11/21 – 6/18/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | STEINHOFF FIN. HLDG GMBH PIK EUR TL A2 | 13.40% | 63.49 | 55.99 |
| 2 | TORTOISE INVESTMENT TL | 8.92% | 74.22 | 68.15 |
| 3 | PEABODY ENERGY TL B | 8.44% | 65.00 | 59.94 |
| 4 | WASHINGTON PRIME GROUP TL | 5.68% | 99.74 | 94.38 |
| 5 | LIGHTSTONE GENERATION LLC TL B | 4.47% | 71.10 | 68.06 |
| 6 | ELECTRICAL COMPONENTS 2ND LIEN TL | 2.64% | 88.27 | 86.00 |
| 7 | UNITED ROAD SERVICES TL | 2.23% | 88.01 | 86.09 |
| 8 | WORLDSTRIDES EXIT PIK SO TL | 2.00% | 95.90 | 94.02 |
| 9 | ISAGENIX TL | 1.66% | 80.84 | 79.52 |
| 10 | AMERICAN AIRLINES TL B | 1.61% | 96.29 | 94.77 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/11/21 – 6/18/21
| RANK | NAME | CHANGE | PX | PX-1W |
|---|---|---|---|---|
| 1 | SINCLAIR BROADCAST GROUP INC. TL B | -6.74% | 67.54 | 72.42 |
| 2 | SERTA SIMMONS TL | -4.83% | 72.27 | 75.94 |
| 3 | BAY CLUB TL B | -2.28% | 94.76 | 96.97 |
| 4 | LIMETREE BAY TL B | -1.59% | 83.57 | 84.92 |
| 5 | GEO GROUP TL B | -1.43% | 86.26 | 87.51 |
| 6 | ESSENTIAL POWER TL B | -1.17% | 92.35 | 93.44 |
| 7 | TELESAT TL B | -1.10% | 94.52 | 95.57 |
| 8 | YAK MAT TL B | -0.95% | 92.01 | 92.89 |
| 9 | BEAVST EUR TL B | -0.91% | 97.64 | 98.54 |
| 10 | AT&T COLOCATION TL | -0.87% | 83.91 | 84.65 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 6/11/21 – 6/18/21 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 6/11/21 – 6/18/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 6/11/21 vs. the week ending 6/18/21
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | INSIGHT GLOBAL TL | 24 | 46 | 22 | 92% |
| 2 | HORIZON PHARMA TL B | 56 | 76 | 20 | 36% |
| 3 | E2OPEN TL B | 10 | 30 | 20 | 200% |
| 4 | SOLERA EUR TL B | 22 | 42 | 20 | 91% |
| 5 | SOVOS BRANDS TL B | 20 | 40 | 20 | 100% |
| 6 | RECIPHARM EUR TL B | 48 | 66 | 18 | 38% |
| 7 | PROOFPOINT 2ND LIEN TL | 4 | 20 | 16 | 400% |
| 8 | PETVET TL B2 | 2 | 18 | 16 | 800% |
| 9 | STEINHOFF EUROPE PIK EUR P TL | 0 | 16 | 16 | N/A |
| 10 | INSULET CORP TL B | 20 | 36 | 16 | 80% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 6/11/21 – 6/18/21
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | LUMILEDS TL B | 20 |
| 2 | SIGMA BIDCO EUR TL B1 | 19 |
| 3 | TELENET EUR TL | 19 |
| 4 | BIOGROUP DD EUR TL B | 19 |
| 5 | VERISURE EUR TL B | 18 |
| 6 | RACKSPACE HOSTING TL B | 18 |
| 7 | ELSAN GROUPE EUR TL B | 18 |
| 8 | ELSAN GROUPE EXT EUR TL B | 18 |
| 9 | CEVA SANTE ANIMALE EUR TL B | 18 |
| 10 | ZIGGO EUR TL H | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 6/11/21 – 6/18/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 6/11/21 – 6/18/21 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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