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Syndicated Bank Loan Market Summary:
March 2021

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 3/1/21 – 3/31/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 0.75% 85.92 85.29 16
2 5,100 CHANGE HEALTHCARE TL B -0.28% 99.84 100.13 13
3 5,000 QWEST CORPORATION TL B -0.80% 98.79 99.59 11
4 4,750 ZAYO TL -0.70% 99.10 99.80 17
5 4,700 CAESARS RESORT COLLECTION TL B -0.06% 98.37 98.44 15
6 4,565 BAUSCH HEALTH COMPANIES INC. TL B -0.50% 99.60 100.11 13
7 4,475 UNIVISION TL C5 -0.67% 99.23 99.90 12
8 4,197 AKZONOBEL TL B -1.29% 98.42 99.71 10
9 3,582 MISYS TL B -0.89% 97.95 98.82 15
10 3,575 STARS GROUP TL B -0.30% 100.07 100.37 16
11 3,524 TRANSDIGM INC. TL F -0.78% 97.85 98.62 14
12 3,515 LIFEPOINT HOSPITALS TL B -0.44% 99.67 100.11 13
13 3,338 ASURION TL B6 -0.19% 99.67 99.86 10
14 3,325 CINEWORLD TL B -1.38% 85.15 86.33 15
15 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B -0.08% 99.65 99.73 10
16 3,312 HUB INTL LTD TL B -0.35% 98.54 98.88 18
17 3,300 SINCLAIR BROADCAST GROUP INC. TL B -8.77% 70.81 77.61 12
18 3,300 NTL CABLE PLC TL N -0.69% 99.01 99.69 13
19 3,275 SCIENTIFIC GAMES TL B5 -0.51% 97.93 98.43 14
20 3,165 MULTIPLAN TL B -0.49% 99.38 99.88 12
AVERAGE 3,938 -0.92% 96.25 97.06 13.5

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 3/1/21 – 3/31/21

RANK NAME CHANGE PX PX-1M
1 BUCCANEER 2ND LIEN TL 53.62% 97.17 63.25
2 FIELDWOOD ENERGY TL 43.60% 36.91 25.70
3 WORLDSTRIDES PIK HOLDCO TL 34.16% 46.80 34.88
4 TRIMARK TL 20.55% 60.82 50.45
5 CATALINA MARKETING EXIT PIK TL 18.09% 41.29 34.97
6 ISAGENIX TL 17.99% 74.85 63.43
7 YAK MAT 2ND LIEN TL B 15.56% 80.89 70.00
8 SERTA SIMMONS TL 14.05% 64.50 56.56
9 AUDIO VISUAL 2ND LIEN TL 13.13% 74.59 65.93
10 BIOPLAN TL 12.47% 83.47 74.22

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 3/1/21 – 3/31/21

RANK NAME CHANGE PX PX-1M
1 GLASS MOUNTAIN PIPELINE TL B -39.45% 25.78 42.57
2 MITEL NETWORKS 2ND LIEN TL -10.58% 48.81 54.58
3 GOPHER RESOURCE TL -10.47% 89.40 99.86
4 MCDERMOTT EXIT TL -9.74% 58.48 64.79
5 PEABODY ENERGY TL B -8.89% 39.91 43.81
6 LIGHTSTONE GENERATION LLC TL B -8.78% 78.34 85.88
7 SINCLAIR BROADCAST GROUP INC. TL B -8.77% 70.81 77.61
8 HARLAND CLARKE TL B7 -7.43% 88.22 95.30
9 AT&T COLOCATION TL -6.42% 90.39 96.59
10 CARECENTRIX TL B -4.71% 93.33 97.94

Avg Bid PX by Sector

Displays the average loan bid price by sector between 3/1/21 – 3/31/21

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 3/1/21 – 3/31/21

Market Sentiment - Advancers vs. Decliners

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 2/28/21 vs. the month ending 3/31/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 ULTIMATE SOFTWARE TL 54 346 292 541%
2 HUB INTL LTD TL B 230 512 282 123%
3 CALPINE CORP TL B9 40 305 265 663%
4 HUB INTL LTD TL B2 176 402 226 128%
5 ZAYO TL 327 535 208 64%
6 EPICOR SOFTWARE TL 202 395 193 96%
7 BAUSCH HEALTH COMPANIES INC. TL B 148 337 189 128%
8 QUIKRETE TL B 291 477 186 64%
9 RCN GRANDE TL B 264 450 186 70%
10 SCIENTIFIC GAMES TL B5 137 322 185 135%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 3/1/21 – 3/31/21

RANK TRANCHE DEALERS
1 SIGMA BIDCO EUR TL B1 19
2 TELENET EUR TL 19
3 GTT COMMUNICATIONS TL B 19
4 BIOGROUP DD EUR TL B 19
5 TECHEM EUR TL B4 18
6 BANIJAY GROUP EUR TL B 18
7 LUMILEDS TL B 18
8 ZIGGO EUR TL H 18
9 ELSAN GROUPE EUR TL B 18
10 HUB INTL LTD TL B 18

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 3/1/21 – 3/31/21

Bid Offer Volume

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 3/1/21 – 3/31/21

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

Sector Bid Offer Spread

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