Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
January 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 1/1/21 – 1/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | 10,649 | INOVYN EUR TL B | 0.11% | 99.52 | 99.40 | 10 |
| 2 | 6,451 | REFINITV TL B | 0.57% | 99.75 | 99.19 | 11 |
| 3 | 5,450 | ENVISION HEALTHCARE TL B | 2.38% | 82.97 | 81.04 | 16 |
| 4 | 5,100 | CHANGE HEALTHCARE TL B | 0.50% | 99.47 | 98.98 | 14 |
| 5 | 5,000 | QWEST CORPORATION TL B | 1.07% | 98.75 | 97.71 | 13 |
| 6 | 4,750 | ZAYO TL | 1.20% | 99.29 | 98.11 | 18 |
| 7 | 4,750 | DELL TL B | 0.24% | 100.02 | 99.78 | 17 |
| 8 | 4,700 | CAESARS RESORT COLLECTION TL B | 1.41% | 98.01 | 96.64 | 14 |
| 9 | 4,250 | BERRY PLASTICS TL X | 0.92% | 99.85 | 98.94 | 11 |
| 10 | 4,197 | AKZONOBEL TL B | 0.88% | 98.66 | 97.79 | 10 |
| 11 | 3,582 | MISYS TL B | 1.09% | 97.73 | 96.68 | 13 |
| 12 | 3,575 | STARS GROUP TL B | 0.15% | 100.30 | 100.14 | 16 |
| 13 | 3,524 | TRANSDIGM INC. TL F | 1.10% | 97.96 | 96.90 | 17 |
| 14 | 3,515 | LIFEPOINT HOSPITALS TL B | 1.34% | 99.67 | 98.35 | 15 |
| 15 | 3,415 | ENDO HEALTH TL B | 1.46% | 98.27 | 96.86 | 11 |
| 16 | 3,325 | CINEWORLD TL B | -11.28% | 67.64 | 76.24 | 12 |
| 17 | 3,315 | REYNOLDS GROUP HOLDINGS LIMITED TL B | 0.84% | 99.47 | 98.65 | 10 |
| 18 | 3,312 | HUB INTL LTD TL B | 0.67% | 98.14 | 97.49 | 16 |
| 19 | 3,300 | BMC SOFTWARE TL B | 0.79% | 99.49 | 98.70 | 17 |
| 20 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | 10.76% | 87.92 | 79.37 | 12 |
| AVERAGE | 4,473 | 0.81% | 96.14 | 95.35 | 13.7 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 1/1/21 – 1/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | PROGREXION 2ND LIEN TL | 179.11% | 83.77 | 30.01 |
| 2 | PENN VIRGINIA 2ND LIEN TL | 37.47% | 90.61 | 65.91 |
| 3 | PEABODY ENERGY TL B | 32.62% | 49.99 | 37.69 |
| 4 | AMC ENTERTAINMENT TL B1 | 29.34% | 82.87 | 64.07 |
| 5 | REVLON TL B2 | 20.53% | 64.80 | 53.76 |
| 6 | DONCASTERS PIK TL | 20.45% | 48.68 | 40.42 |
| 7 | SERTA SIMMONS TL | 18.72% | 58.91 | 49.62 |
| 8 | BLUE NILE TL | 18.49% | 84.74 | 71.52 |
| 9 | INMAR 2ND LIEN TL | 18.45% | 88.19 | 74.45 |
| 10 | CINEWORLD TL B | 16.66% | 78.07 | 66.92 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 1/1/21 – 1/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | PHILADELPHIA ENERGY TL B | -9.23% | 72.89 | 80.30 |
| 2 | FRONTERA TL B | -6.39% | 21.59 | 23.07 |
| 3 | GLOBAL EAGLE ENTERTMNT TL B | -4.30% | 71.58 | 74.80 |
| 4 | ALPHA GROUP EUR TL | -3.86% | 89.41 | 93.00 |
| 5 | AUDIO VISUAL TL B1 | -3.85% | 84.23 | 87.61 |
| 6 | SECURUS TL | -3.09% | 90.57 | 93.46 |
| 7 | GTT COMMUNICATIONS EUR TL B | -2.89% | 87.16 | 89.75 |
| 8 | NPC TL | -2.32% | 91.82 | 94.00 |
| 9 | APCOA EUR TL B | -2.24% | 95.65 | 97.84 |
| 10 | CORRECTIONS CORP OF AMERICA TL B | -1.87% | 96.65 | 98.50 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 1/1/21 – 1/31/21
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 1/1/21 – 1/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 12/31/20 vs. the month ending 1/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | IPH GROUP EUR TL | 50 | 200 | 150 | 300% |
| 2 | AMMERAAL BELTECH EUR TL B | 54 | 170 | 116 | 215% |
| 3 | CERAMTEC EUR TL B | 96 | 212 | 116 | 121% |
| 4 | SCOUT24 EUR TL B | 68 | 182 | 114 | 168% |
| 5 | COBHAM EUR TL B | 84 | 190 | 106 | 126% |
| 6 | LGC EUR TL B | 78 | 184 | 106 | 136% |
| 7 | BOLUDA TOWAGE EUR TL B1 | 86 | 190 | 104 | 121% |
| 8 | MEHILAINEN EUR TL B | 46 | 148 | 102 | 222% |
| 9 | GTT COMMUNICATIONS EUR TL B | 88 | 190 | 102 | 116% |
| 10 | ALLNEX EUR TL B | 88 | 188 | 100 | 114% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 1/1/21 – 1/31/21
| RANK | TRANCHE | DEALERS |
| 1 | TELENET EUR TL | 20 |
| 2 | VERISURE EUR TL B | 19 |
| 3 | EIRCOM FINCO SARL EUR TL B | 19 |
| 4 | ZIGGO EUR TL H | 19 |
| 5 | TECHEM EUR TL B4 | 18 |
| 6 | BMC SOFTWARE TL B | 18 |
| 7 | SYNLAB EUR TL B | 18 |
| 8 | CEVA SANTE ANIMALE EUR TL B | 18 |
| 9 | NUMERICABLE EUR TL B12 | 18 |
| 10 | GTT COMMUNICATIONS TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 1/1/21 – 1/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 1/1/21 – 1/31/21
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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