Syndicated Bank Loan Market Summary – September 2020
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Syndicated Bank Loan Market Summary: September 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 9/1/20 – 9/30/20
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,451 | REFINITV TL B | -0.12% | 98.93 | 99.05 | 10 |
| 2 | 5,450 | ENVISION HEALTHCARE TL B | 0.18% | 72.24 | 72.11 | 15 |
| 3 | 5,100 | CHANGE HEALTHCARE TL B | -0.32% | 97.77 | 98.08 | 11 |
| 4 | 5,000 | QWEST CORPORATION TL B | -0.79% | 95.83 | 96.59 | 11 |
| 5 | 4,750 | DELL TL B | 0.21% | 99.41 | 99.21 | 14 |
| 6 | 4,750 | ZAYO TL | -0.15% | 96.91 | 97.06 | 14 |
| 7 | 4,700 | CAESARS RESORT COLLECTION TL | -0.30% | 93.53 | 93.81 | 11 |
| 8 | 4,250 | BERRY PLASTICS TL Y | 0.03% | 96.91 | 96.88 | 12 |
| 9 | 4,197 | AKZONOBEL TL B | -0.02% | 96.92 | 96.94 | 12 |
| 10 | 4,000 | T-MOBILE USA TL B | -0.25% | 99.90 | 100.14 | 15 |
| 11 | 3,861 | PETSMART CONSENTED TL B2 | -0.07% | 99.76 | 99.83 | 12 |
| 12 | 3,582 | MISYS TL B | -0.67% | 93.45 | 94.08 | 13 |
| 13 | 3,575 | STARS GROUP TL B | -0.01% | 99.99 | 100.00 | 14 |
| 14 | 3,524 | TRANSDIGM INC. TL F | -0.43% | 94.23 | 94.64 | 12 |
| 15 | 3,325 | CINEWORLD TL B | -12.94% | 66.65 | 76.56 | 12 |
| 16 | 3,312 | HUB INTL LTD TL B | -0.80% | 96.35 | 97.13 | 10 |
| 17 | 3,300 | BMC SOFTWARE TL B | -0.98% | 97.08 | 98.04 | 16 |
| 18 | 3,300 | DIAMOND SPORTS TL B | -7.99% | 79.36 | 86.25 | 10 |
| 19 | 3,300 | NTL CABLE PLC TL N | -0.14% | 97.00 | 97.14 | 12 |
| 20 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.92% | 93.94 | 93.09 | 13 |
| AVERAGE | 4,150 | -1.23% | 93.31 | 94.33 | 12.5 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 9/1/20 – 9/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | TRAVELPORT 2ND LIEN TL | 46.40% | 38.85 | 26.53 |
| 2 | ISAGENIX TL | 26.33% | 50.00 | 39.58 |
| 3 | PIER 1 TL B | 25.26% | 37.56 | 29.99 |
| 4 | JO-ANN STORES 2ND LIEN TL | 23.44% | 71.34 | 57.79 |
| 5 | PEABODY ENERGY TL B | 22.27% | 41.80 | 34.18 |
| 6 | CHECKERS TL | 22.15% | 66.33 | 54.30 |
| 7 | PEAK 10 2ND LIEN TL | 20.54% | 59.43 | 49.30 |
| 8 | MEDICAL DEPOT TL | 18.58% | 72.00 | 60.72 |
| 9 | INTERNATIONAL TEXTILE GROUP TL | 17.47% | 79.69 | 67.84 |
| 10 | A WIRELESS TL | 17.36% | 96.25 | 82.01 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/1/20 – 9/30/20
| RANK | NAME | CHANGE | PX | PX-1M |
|---|---|---|---|---|
| 1 | FRONTERA TL B | -40.80% | 32.68 | 55.21 |
| 2 | MCS TL B | -31.37% | 26.98 | 39.30 |
| 3 | TRIMARK TL | -27.41% | 56.89 | 78.37 |
| 4 | COMDATA SPA EUR TL B | -19.84% | 50.51 | 63.01 |
| 5 | JC PENNEY TL B | -18.43% | 31.00 | 38.01 |
| 6 | AMC ENTERTAINMENT TL B1 | -16.10% | 64.04 | 76.33 |
| 7 | CINEWORLD TL B | -13.89% | 65.76 | 76.36 |
| 9 | 24 HOUR FITNESS DIP TL | -12.28% | 83.33 | 94.99 |
| 10 | EPIC CRUDE TL B | -9.18% | 71.86 | 79.12 |
| 11 | DIAMOND SPORTS TL B | -7.99% | 79.36 | 86.25 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/20 – 9/30/20 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 9/1/20 – 9/30/20
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/20 vs. the month ending 9/30/20
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | AREAS EUR TL B1 | 126 | 214 | 88 | 70% |
| 2 | TECHEM EUR TL B | 97 | 178 | 81 | 84% |
| 3 | OBERTHUR TECHNOLOGIES SA EUR TL B1 | 40 | 118 | 78 | 195% |
| 4 | CERBA HEALTHCARE EUR TL B | 66 | 133 | 67 | 102% |
| 5 | TEMPO ACQUISITION TL B | 13 | 78 | 65 | 500% |
| 6 | UNILABS EUR TL B3 | 40 | 102 | 62 | 155% |
| 7 | HOTELBEDS EUR TL C | 4 | 66 | 62 | 1550% |
| 8 | GARDNER DENVER EXT TL B | 88 | 148 | 60 | 68% |
| 9 | LOGMEIN TL B | 51 | 111 | 60 | 118% |
| 10 | COBHAM TL B | 65 | 125 | 60 | 92% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/20 – 9/30/20
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HARLAND CLARKE TL B7 | 17 |
| 2 | AMC ENTERTAINMENT TL B1 | 17 |
| 3 | ELSAN GROUPE EUR TL B | 17 |
| 4 | TELENET EUR TL A | 17 |
| 5 | TECHEM EUR TL B | 17 |
| 6 | VERISURE EUR TL B1 | 17 |
| 7 | GTT COMMUNICATIONS TL B | 17 |
| 8 | EIRCOM FINCO SARL EUR TL B | 17 |
| 9 | ZIGGO EUR TL H | 16 |
| 10 | AMERICAN AIRLINES TL B | 16 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/1/20 – 9/30/20
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/20 – 9/30/20 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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