Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
October 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 10/1/21 – 10/31/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 1.85% 88.76 87.15 13
2 5,100 CHANGE HEALTHCARE TL B 0.13% 99.90 99.77 10
3 5,000 QWEST CORPORATION TL B 0.15% 98.83 98.68 10
4 5,000 UNITED CONTINENTAL TL B 0.47% 100.64 100.18 13
5 4,750 ZAYO TL 0.36% 99.05 98.69 16
6 4,700 CAESARS RESORT COLLECTION TL B 0.23% 99.36 99.14 14
7 4,565 BAUSCH HEALTH COMPANIES INC. TL B 0.18% 99.85 99.68 13
8 4,475 UNIVISION TL C5 0.26% 99.88 99.61 10
9 4,197 AKZONOBEL TL B 0.47% 99.28 98.81 10
10 3,900 DIRECTV TL 0.03% 100.01 99.98 13
11 3,582 MISYS TL B 0.45% 99.19 98.74 15
12 3,524 TRANSDIGM INC. TL F 0.37% 98.74 98.37 13
13 3,515 LIFEPOINT HOSPITALS TL B 0.58% 99.85 99.27 14
14 3,380 SOLERA TL B 0.22% 100.17 99.95 15
15 3,338 ASURION TL B6 0.53% 99.41 98.88 10
16 3,325 CINEWORLD TL B 5.83% 82.17 77.64 11
17 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B 0.41% 99.83 99.42 10
18 3,312 HUB INTL LTD TL B 0.17% 99.01 98.85 13
19 3,300 NTL CABLE PLC TL N 0.34% 99.31 98.97 11
20 3,300 SINCLAIR BROADCAST GROUP INC. TL B 0.60% 62.29 61.92 12
AVERAGE 4,051 0.68% 96.28 95.68 12.3

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 10/1/21 – 10/31/21

RANK NAME CHANGE PX PX-1W
1 PREIT ASSOCIATES EXIT 2ND LIEN TL 11.17% 62.91 56.59
2 HARVEY GULF EXIT TL 10.46% 75.41 68.27
3 PEABODY ENERGY TL B 6.90% 86.63 81.04
4 EXELA TL B 6.80% 82.13 76.90
5 NINE WEST GROUP INC EXIT TL 6.60% 76.75 72.00
6 ALTISOURCE TL B 6.12% 87.98 82.90
7 MCDERMOTT EXIT TL 6.08% 46.38 43.72
8 LIGHTSTONE GENERATION LLC TL B 5.95% 86.83 81.96
9 YAK MAT TL B 5.77% 84.03 79.44
10 CELSA GROUP 2ND LIEN EUR TL 5.53% 22.54 21.36

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 10/1/21 – 10/31/21

RANK NAME CHANGE PX PX-1W
1 RIVERBED PIK 2ND LIEN TL -63.56% 25.92 71.13
2 PLUSSERVER EUR TL B -16.92% 46.41 55.86
3 SINCLAIR BROADCAST GROUP INC. TL B -15.20% 52.82 62.29
4 24 HOUR FITNESS EXIT TL -14.69% 73.68 86.36
5 US TELEPACIFIC TL B -9.24% 74.40 81.98
6 ENVISION HEALTHCARE TL B -7.01% 82.54 88.76
7 JORDAN HEALTH TL -6.15% 75.28 80.22
8 ISAGENIX TL -5.83% 77.61 82.42
9 COMEXPOSIUM SA EUR TL B -5.09% 76.45 80.55
10 PREMIERE GLOBAL TL -4.98% 35.63 37.50

Avg Bid PX by Sector

Displays the average loan bid price by sector between 10/1/21 – 10/31/21

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 10/1/21 – 10/31/21

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 9/30/21 vs. the month ending 10/31/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 HERENS HOLDCO SARL TL B 148 337 189 128%
2 TEMPO ACQUISITION TL B 32 200 168 525%
3 LAKESHORE RECYCLING TL B 49 136 87 178%
4 UNIMIN CORP EXIT PIK TL 198 284 86 43%
5 CABLE & WIRELESS TL B5 306 388 82 27%
6 UBER TECHNOLOGIES TL B 283 362 79 28%
7 KODIAK TL B 109 188 79 72%
8 BIOGROUP EUR TL B 0 78 78 N/A
9 HOUSE OF HR EUR TL B 96 173 77 80%
10 INFINITAS EUR TL B 37 110 73 197%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 10/1/21 – 10/31/21

RANK TRANCHE DEALERS
1 LUMILEDS TL B 20
2 DAE AVIATION TL 19
3 US TELEPACIFIC TL B 18
4 ACTION NEDERLAND EUR TL B 18
5 DOUGLAS HOLDING EUR TL B 18
6 ZIGGO EUR TL H 17
7 IFCO EUR TL B 17
8 FRONERI EUR TL B 17
9 ZAYO TL 17
10 BELLIS ACQUISITION CO PLC EUR TL B 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 10/1/21 – 10/31/21

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 10/1/21 – 10/31/21

Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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