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Syndicated Bank Loan Market Summary:
April 2020

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

Avg Bid PX by Sector

Sentiment

Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 4/1/20 – 4/30/20

Market Sentiment - Advancers vs. Decliners

Top Quote Volume Movers: This Week vs Last Week

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 WEEK THIS WEEK 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

Bid Offer Volume

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

Sector Bid Offer Spread

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