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Syndicated Bank Loan Market Summary:
August 2020

Our 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 8/1/20 – 8/31/20

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 10.38% 72.11 65.32 16
2 5,100 CHANGE HEALTHCARE TL B 0.41% 98.08 97.68 11
3 5,000 QWEST CORPORATION TL B 0.39% 96.59 96.22 11
4 4,750 ZAYO TL 0.33% 97.06 96.74 13
5 4,750 DELL TL B 0.67% 99.21 98.55 15
6 4,700 CAESARS RESORT COLLECTION TL 2.28% 93.81 91.72 10
7 4,250 BERRY PLASTICS TL X 0.78% 98.34 97.58 10
8 4,250 BERRY PLASTICS TL Y 0.02% 96.88 96.86 14
9 4,197 AKZONOBEL TL B 0.11% 96.94 96.83 10
10 4,000 T-MOBILE USA TL B -0.18% 100.14 100.33 15
11 3,861 PETSMART CONSENTED TL B2 0.12% 99.83 99.71 10
12 3,582 MISYS TL B 1.93% 94.08 92.30 12
13 3,575 STARS GROUP TL B 0.11% 100.00 99.88 13
14 3,524 TRANSDIGM INC. TL F 1.26% 94.64 93.46 14
15 3,325 CINEWORLD TL B 21.75% 76.56 62.88 12
16 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B 0.40% 98.43 98.03 10
17 3,312 HUB INTL LTD TL B 0.13% 97.13 97.01 10
18 3,300 BMC SOFTWARE TL B 1.66% 98.04 96.44 15
19 3,300 NTL CABLE PLC TL N 0.34% 97.14 96.81 11
20 3,275 SCIENTIFIC GAMES TL B5 2.37% 93.09 90.93 12
AVERAGE 4,041 2.26% 94.90 93.26 12.2

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 8/1/20 – 8/31/20

RANK NAME CHANGE PX PX-1M
1 PARTY CITY TL B 33.14% 69.30 52.05
2 CHESAPEAKE ENERGY FLLO 31.71% 64.44 48.92
3 COLORADO BUYER 2ND LIEN TL 29.87% 46.38 35.71
4 NAVICO TL B 23.36% 75.16 60.93
5 CINEWORLD TL B 21.83% 76.36 62.68
6 NPC TL 21.63% 71.68 58.93
7 LIFESCAN 2ND LIEN TL 20.51% 84.00 69.70
8 PURESTAR TL 19.83% 61.03 50.93
9 PROGREXION TL 15.44% 75.04 65.00
10 RODAN & FIELDS TL B 15.07% 62.83 54.60

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/1/20 – 8/31/20

RANK NAME CHANGE PX PX-1M
1 PEABODY ENERGY TL B -34.27% 34.18 52.01
2 MCS TL B -13.89% 39.30 45.65
3 CIBT HOLDINGS TL -10.42% 63.59 70.98
4 BELK TL B -9.76% 37.11 41.13
5 AKORN TL B -8.61% 88.40 96.73
6 FITNESS & SPORT CLUBS TL B -6.81% 56.77 60.92
7 AKORN TL B -6.13% 89.30 95.13
9 EIF VAN HOOK HOLDINGS TL B -5.79% 56.03 59.48
10 KUONI REISEN EUR TL B -5.37% 85.42 90.26
11 CLARION EVENTS TL -4.41% 76.33 79.85

Avg Bid PX by Sector

Displays the average loan bid price by sector between 8/1/20 – 8/31/20

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 8/1/20 – 8/31/20

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 7/31/20 vs. the month ending 8/31/20

RANK TRANCHE PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 FINANCIERE CEP EUR TL B 10 91 81 810%
2 COTY EUR TL B 40 120 80 200%
3 ULTIMATE SOFTWARE TL 170 250 80 47%
4 TECH DATA TL 38 117 79 208%
5 ASURION TL B6 174 247 73 42%
6 UNIVISION EXT TL B 44 115 71 161%
7 CHANGE HEALTHCARE TL B 151 221 70 46%
8 INTERNET BRANDS TL 2 72 70 3500%
9 MENS WEARHOUSE TL B2 2 71 69 3450%
10 GARRETT MOTION TL B 1 70 69 6900%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 8/1/20 – 8/31/20

RANK TRANCHE DEALERS
1 ACTION NEDERLAND EUR TL B 20
2 AMC ENTERTAINMENT TL B1 19
3 GTT COMMUNICATIONS TL B 17
4 TELENET EUR TL A 17
5 EIRCOM FINCO SARL EUR TL B 16
6 IFCO EUR TL B 16
7 TECHEM EUR TL B 16
8 AKZONOBEL EUR TL B 16
9 ENVISION HEALTHCARE TL B 16
10 VERISURE EUR TL B 15

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 8/1/20 – 8/31/20

Bid Offer Volume

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 8/1/20 – 8/31/20

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

Sector Bid Offer Spread

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