Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
Week Ending 1/7/22

Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.

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Largest Loans
Top 10 Winners
Top 10 Losers
Average Bid Price
Market Sentiment
Top Movers
Most Quoted Loans
Bid & Offer Volume
Bid Offer Spread

Largest Loans

Highlights the weekly price movements and quote depth for the 20 largest bank loans between 12/31/21 – 1/7/22

RANK SIZE (MM) NAME CHANGE PX PX-1W DEALERS
1 7,270 MEDLINE TL B 0.13% 100.11 99.98 11
2 5,450 ENVISION HEALTHCARE TL B 0.36% 80.42 80.13 15
3 5,100 CHANGE HEALTHCARE TL B 0.12% 99.99 99.88 10
4 5,000 UNITED CONTINENTAL TL B 0.57% 100.69 100.12 11
5 4,750 ZAYO TL 0.40% 98.92 98.52 16
6 4,700 CAESARS RESORT COLLECTION TL B 0.19% 99.58 99.39 13
7 4,565 BAUSCH HEALTH COMPANIES INC. TL B 0.19% 99.78 99.59 10
8 4,197 AKZONOBEL TL B 0.28% 99.83 99.55 10
9 3,900 DIRECTV TL 0.16% 100.20 100.03 12
10 3,582 MISYS TL B 0.29% 99.83 99.54 15
11 3,524 TRANSDIGM INC. TL F 0.45% 98.98 98.54 14
12 3,515 LIFEPOINT HOSPITALS TL B 0.20% 100.06 99.85 13
13 3,380 SOLERA TL B 0.27% 100.23 99.96 14
14 3,325 CINEWORLD TL B 0.56% 77.56 77.13 14
15 3,312 HUB INTL LTD TL B 0.72% 99.48 98.77 16
16 3,300 NTL CABLE PLC TL N 0.35% 99.38 99.03 11
17 3,100 JAZZ PHARMA TL B 0.07% 100.43 100.36 11
18 3,000 DELTA SKYMILES TL B 0.35% 106.01 105.64 12
19 3,000 WESTINGHOUSE TL B 0.28% 99.49 99.21 15
20 2,985 HARBOR FREIGHT TL B 0.15% 99.91 99.76 13
AVERAGE 4,048 0.30% 98.04 97.75 12.8

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 12/31/21 – 1/7/22

RANK NAME CHANGE PX PX-1M
1 ELECTRONICS FOR IMAGING 2ND LIEN TL 4.37% 94.70 90.73
2 GTT COMMUNICATIONS EUR TL B 4.29% 92.41 88.61
3 SIGMA BIDCO PLN TL B3 3.99% 96.06 92.38
4 EPIC CRUDE TL B 3.07% 80.18 77.80
5 REVLON TL B 2.69% 57.95 56.43
6 ENVISION HEALTHCARE PIK  TL B 2.68% 77.47 75.45
7 ACETOW GMBH EUR TL 2.13% 92.39 90.46
8 AUDIO VISUAL TL B 2.01% 92.91 91.08
9 TRAVEL LEADERS TL 1.79% 93.28 91.63
10 SPRING EDUCATION TL 1.62% 97.90 96.34

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 12/31/21 – 1/7/22

RANK NAME CHANGE PX PX-1M
1 EXELA TL B -5.07% 77.84 82.00
2 RSA SECURITY LLC 2ND LIEN TL -2.71% 90.14 92.66
3 HERITAGE POWER TL B -2.48% 78.21 80.20
4 MONITRONICS EXIT TL -2.17% 92.43 94.48
5 EQUINOX HLDGS INC 2ND LIEN TL -1.04% 88.87 89.81
6 SHUTTERFLY TL B -1.02% 97.39 98.39
7 CPM HOLDINGS TL -0.64% 98.48 99.11
8 CLARION EVENTS GBP TL -0.48% 92.10 92.55
9 ATKINS TL B -0.34% 100.38 100.72
10 UNIT 4 AGRESSO NV EUR TL B -0.31% 99.69 100.00

Avg Bid PX by Sector

Displays the average loan bid price by sector between 12/31/21 – 1/7/22

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 12/31/21 – 1/7/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the loans with the largest increase in quote volume for the week ending 12/31/21 vs. the week ending 1/7/22

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 ZAYO TL 62 138 76 123%
2 UBER TECHNOLOGIES TL B 42 106 64 152%
3 UBER TECHNOLOGIES TL B 38 101 63 166%
4 HUB INTL LTD TL B 56 119 63 113%
5 BMC SOFTWARE TL B 50 111 61 122%
6 EPICOR SOFTWARE TL 72 132 60 83%
7 MISYS TL B 51 110 59 116%
8 AMERICAN AIRLINES TL B 32 90 58 181%
9 ENVISION HEALTHCARE TL B 48 106 58 121%
10 CHARTER COMMUNICATIONS TL B2 32 90 58 181%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 12/31/21 – 1/7/22

RANK TRANCHE DEALERS
1 LUMILEDS TL B 18
2 CINEWORLD TL B 18
3 DAE AVIATION TL 18
4 LIGHTSTONE GENERATION LLC TL B 17
5 IFCO EUR TL B 17
6 SYNLAB EUR TL B5 16
7 HUB INTL LTD TL B 16
8 ENVISION HEALTHCARE TL B 16
9 ZAYO TL 16
10 EPICOR SOFTWARE TL 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 12/31/21 – 1/7/22

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 12/31/21 – 1/7/22

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

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