Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
April 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 4/1/20 – 4/30/20

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 3,300 BMC SOFTWARE TL B 2.24% 85.44 83.58 15
13 3,300 NTL CABLE PLC TL N 1.99% 94.41 92.56 11
14 3,275 SCIENTIFIC GAMES TL B5 4.75% 82.28 78.55 10
15 3,210 HUB INTL LTD TL B 1.45% 93.77 92.42 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 3,792 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 4/1/20 – 4/30/20

RANK NAME CHANGE PX PX-1M
1 LIGHTSQUARED EXIT PIK TL 91.01% 85.95 45.00
2 BCP RENAISSANCE TL B 40.46% 74.69 53.18
3 MCS TL B 40.39% 48.06 34.23
4 LIMETREE BAY TL B 39.23% 79.72 57.26
5 B&B HOTELS EUR TL B 36.29% 83.08 60.96
6 TRAVERSE MIDSTREAM TL B 33.38% 73.00 54.73
7 ULTRA PETROL CORP EXIT TL 33.03% 63.97 48.09
8 SECURUS TL 31.07% 82.05 62.60
9 FLINT GROUP TL C 30.95% 79.57 60.77
10 LABEYRIE EUR TL B1 30.73% 86.62 66.26

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/20 – 4/30/20

RANK NAME CHANGE PX PX-1M
1 MITEL NETWORKS 2ND LIEN TL -52.91% 27.86 59.15
2 NEW RUE21 EXIT TL -41.08% 52.82 89.65
3 CALIFORNIA PIZZA TL -40.57% 39.17 65.92
4 ANASTASIA BEVERLY HILLS TL B -31.81% 38.39 56.30
5 COLORADO BUYER 2ND LIEN TL -30.85% 24.54 35.48
6 ALORICA TL B -28.61% 57.18 80.10
7 FIELDWOOD ENERGY TL -26.99% 26.93 36.89
9 ASCENA RETAIL TL B -25.00% 22.15 29.53
10 ALLIANCE HEALTH TL B -23.60% 60.89 79.70
11 WINDSTREAM SERVICES LLC TL B7 -23.38% 49.02 63.97

Avg Bid PX by Sector

Displays the average loan bid price by sector between 4/1/20 – 4/30/20

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 4/1/20 – 4/30/20

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 3/31/20 vs. the month ending 4/30/20

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 STATION CASINO TL B 40 168 128 320%
2 SS&C TECH TL B5 94 188 94 100%
3 HUB INTL LTD TL B 199 289 90 45%
4 EPIQ SYSTEMS TL B 113 199 86 76%
5 QUIKRETE TL B 89 175 86 97%
6 GNC FLLO 20 103 83 415%
7 GNC EXT TL B 32 113 81 253%
8 AVAST SOFTWARE TL 131 211 80 61%
9 TECTUM HOLDINGS INC TL 151 229 78 52%
10 HOSTESS BRANDS TL 88 165 77 88%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 4/1/20 – 4/30/20

RANK TRANCHE DEALERS
1 VERISURE EUR TL B1 19
2 ENVISION HEALTHCARE TL B 16
3 EIRCOM FINCO SARL EUR TL B 15
4 TECHEM EUR TL B 15
5 CINEWORLD TL B 15
6 BMC SOFTWARE TL B 15
7 HILTON TL B 15
8 AMERICAN AIRLINES TL B 15
9 GTT COMMUNICATIONS TL B 15
10 TRANSDIGM INC. TL F 15

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 4/1/20 – 4/30/20

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 4/1/20 – 4/30/20

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

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