Syndicated Bank Loan Market Summary – May 2020
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Syndicated Bank Loan Market Summary: May 2020
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 5/1/20 – 5/31/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 15.91% | 64.33 | 55.49 | 16 |
| 2 | 5,000 | QWEST CORPORATION TL B | 3.72% | 94.50 | 91.11 | 10 |
| 3 | 4,750 | ZAYO TL | 4.19% | 93.88 | 90.11 | 13 |
| 4 | 4,750 | DELL TL B | 2.22% | 97.30 | 95.18 | 14 |
| 5 | 4,700 | CAESARS RESORT COLLECTION TL | 4.35% | 83.37 | 79.89 | 11 |
| 6 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 1.58% | 96.50 | 94.99 | 12 |
| 7 | 4,250 | BERRY PLASTICS TL Y | 1.38% | 95.72 | 94.42 | 12 |
| 8 | 3,861 | PETSMART CONSENTED TL B2 | 0.98% | 96.72 | 95.79 | 10 |
| 9 | 3,575 | STARS GROUP TL B | 5.74% | 98.64 | 93.28 | 10 |
| 10 | 3,524 | TRANSDIGM INC. TL F | -5.09% | 87.18 | 91.86 | 15 |
| 11 | 3,325 | CINEWORLD TL B | -0.55% | 63.85 | 64.20 | 15 |
| 12 | 3,312 | HUB INTL LTD TL B | 1.45% | 93.77 | 92.42 | 10 |
| 13 | 3,300 | BMC SOFTWARE TL B | 2.24% | 85.44 | 83.58 | 15 |
| 14 | 3,300 | NTL CABLE PLC TL N | 1.99% | 94.41 | 92.56 | 11 |
| 15 | 3,275 | SCIENTIFIC GAMES TL B5 | 4.75% | 82.28 | 78.55 | 10 |
| 16 | 3,165 | MULTIPLAN TL B | 3.48% | 91.48 | 88.41 | 10 |
| 17 | 3,161 | JAGUAR HOLDING CO I TL | 3.08% | 98.02 | 95.10 | 12 |
| 18 | 2,918 | AVAYA TL B | 4.08% | 87.66 | 84.22 | 10 |
| 19 | 2,902 | FORMULA ONE TL B | 2.85% | 90.52 | 88.01 | 12 |
| 20 | 2,851 | INTEL TL | 4.35% | 95.52 | 91.54 | 12 |
| AVERAGE | 3,797 | 3.14% | 89.55 | 87.04 | 12.0 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 5/1/20 – 5/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | STETSON MIDSTREAM TL B | 62.71% | 66.91 | 41.12 |
| 2 | CHESAPEAKE ENERGY FLLO | 48.47% | 50.11 | 33.75 |
| 3 | CAPROCK MIDSTREAM TL B | 45.03% | 68.52 | 47.24 |
| 4 | EAGLECLAW TL B | 41.94% | 68.59 | 48.33 |
| 5 | JO-ANN STORES TL B | 40.78% | 42.13 | 29.92 |
| 6 | CRESTWOOD MIDSTREAM TL B | 36.90% | 55.04 | 40.20 |
| 7 | IMAGINA MEDIA AUDIOVISUAL SL 2ND LIEN EUR TL | 36.46% | 67.99 | 49.82 |
| 8 | NAPA MANAGEMENT SERVICES TL B | 34.61% | 82.56 | 61.33 |
| 9 | KCA DEUTAG TL B | 34.02% | 42.22 | 31.50 |
| 10 | PRONOVIAS EUR TL B1 | 33.49% | 44.42 | 33.27 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 5/1/20 – 5/31/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | REVLON TL B | -36.58% | 25.98 | 40.97 |
| 2 | JCREW CONSENTED TL B | -34.62% | 45.13 | 69.02 |
| 3 | JC PENNEY TL B | -32.01% | 33.18 | 48.80 |
| 4 | ALLIANCE HEALTH 2ND LIEN TL | -30.02% | 38.86 | 55.53 |
| 5 | BELK TL B | -26.05% | 36.00 | 48.68 |
| 6 | FITNESS & SPORT CLUBS TL B | -23.31% | 55.83 | 72.79 |
| 7 | GLASS MOUNTAIN PIPELINE TL B | -19.54% | 40.91 | 50.84 |
| 9 | TRAVEL LEADERS TL | -18.39% | 61.15 | 74.92 |
| 10 | APC AFTERMARKET PIK TL A2 | -17.42% | 61.86 | 74.90 |
| 11 | DAYCO TL B | -16.83% | 60.41 | 72.64 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/20 – 5/31/20 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 5/1/20 – 5/31/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/20 vs. the month ending 5/31/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | RCN GRANDE TL B | 98 | 247 | 149 | 152% |
| 2 | BELFOR TL B | 6 | 78 | 72 | 1200% |
| 3 | AMERICAN TIRE EXIT TL | 26 | 96 | 70 | 269% |
| 4 | IRIDIUM SATELLITE TL | 18 | 88 | 70 | 389% |
| 5 | ACCURIDE TL B | 46 | 114 | 68 | 148% |
| 6 | CENGAGE TL | 79 | 144 | 65 | 82% |
| 7 | APC AFTERMARKET PIK TL A2 | 8 | 72 | 64 | 800% |
| 8 | HYLAND SOFTWARE 2ND LIEN TL | 2 | 66 | 64 | 3200% |
| 9 | DAE AVIATION TL | 84 | 146 | 62 | 74% |
| 10 | EDWARD DON TL B | 52 | 114 | 62 | 119% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/20 – 5/31/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HERTZ TL | 20 |
| 2 | BMC SOFTWARE TL B | 18 |
| 3 | AMC ENTERTAINMENT TL B1 | 17 |
| 4 | AVIS BUDGET TL B | 17 |
| 5 | ENVISION HEALTHCARE TL B | 17 |
| 6 | VERISURE EUR TL B1 | 16 |
| 7 | SIGMA BIDCO EUR TL B | 16 |
| 8 | GTT COMMUNICATIONS TL B | 16 |
| 9 | EIRCOM FINCO SARL EUR TL B | 16 |
| 10 | TRANSDIGM INC. TL F | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/20 – 5/31/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/20 – 5/31/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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