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Syndicated Bank Loan Market Summary:
April 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 4/1/21 – 4/30/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B -2.50% 83.78 85.92 16
2 5,100 CHANGE HEALTHCARE TL B 0.03% 99.88 99.84 13
3 5,000 QWEST CORPORATION TL B -0.07% 98.72 98.79 11
4 4,750 ZAYO TL -0.15% 98.95 99.10 15
5 4,700 CAESARS RESORT COLLECTION TL B 0.51% 98.87 98.37 14
6 4,565 BAUSCH HEALTH COMPANIES INC. TL B 0.23% 99.83 99.60 13
7 4,475 UNIVISION TL C5 0.49% 99.71 99.23 11
8 4,197 AKZONOBEL TL B 0.32% 98.73 98.42 10
9 3,582 MISYS TL B 0.28% 98.22 97.95 15
10 3,575 STARS GROUP TL B 0.23% 100.30 100.07 16
11 3,524 TRANSDIGM INC. TL F 0.88% 98.71 97.85 14
12 3,515 LIFEPOINT HOSPITALS TL B -0.07% 99.60 99.67 13
13 3,338 ASURION TL B6 0.03% 99.70 99.67 11
14 3,325 CINEWORLD TL B 0.64% 85.69 85.15 14
15 3,312 HUB INTL LTD TL B 0.10% 98.64 98.54 18
16 3,300 NTL CABLE PLC TL N 0.15% 99.16 99.01 12
17 3,275 SCIENTIFIC GAMES TL B5 0.57% 98.49 97.93 12
18 3,165 MULTIPLAN TL B 0.07% 99.46 99.38 13
19 3,100 COLORADO BUYER 2ND LIEN TL -0.34% 98.61 98.95 13
20 3,100 ASURION TL B8 -0.05% 99.29 99.34 11
AVERAGE 3,917 0.07% 97.72 97.64 13.3

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 4/1/21 – 4/30/21

RANK NAME CHANGE PX PX-1M
1 SERTA SIMMONS 2ND LIEN TL 25.14% 63.72 50.92
2 COLOUR BIDCO GBP TL 22.52% 95.15 77.66
3 TRIMARK TL 19.52% 72.69 60.82
4 HARVEY GULF EXIT TL 18.41% 67.36 56.89
5 EIF VAN HOOK HOLDINGS TL B 17.85% 81.70 69.33
6 CATALINA MARKETING EXIT PIK TL 10.21% 45.51 41.29
7 QUIKSILVER TL B 10.16% 45.95 41.71
8 WORLDSTRIDES PIK HOLDCO TL 10.14% 51.55 46.80
9 ENCINO ACQUISITION PARTNERS 2ND LIEN TL 9.59% 100.86 92.04
10 ARRAY CANADA TL B 9.02% 62.24 57.09

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 4/1/21 – 4/30/21

RANK NAME CHANGE PX PX-1M
1 UNIVERSAL FIBERS 2ND LIEN TL -20.25% 40.62 50.94
2 MCDERMOTT EXIT TL -19.90% 46.84 58.48
3 PEABODY ENERGY TL B -17.00% 33.13 39.91
4 GLASS MOUNTAIN PIPELINE TL B -11.08% 22.92 25.78
5 LIMETREE BAY TL B -6.99% 90.52 97.32
6 GOPHER RESOURCE TL -6.27% 83.80 89.40
7 CENVEO EXIT TL -5.29% 93.21 98.41
8 UNITED ROAD SERVICES TL -4.34% 88.14 92.15
9 CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL -2.94% 87.15 89.79
10 ENVISION HEALTHCARE TL B -2.50% 83.78 85.92

Avg Bid PX by Sector

Displays the average loan bid price by sector between 4/1/21 – 4/30/21

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 4/1/21 – 4/30/21

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 3/31/21 vs. the month ending 4/30/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 EVERI PAYMENTS INC TL B 42 307 265 631%
2 RECIPHARM EUR TL 4 212 208 5200%
3 CSC SERVICEWORKS INC TL 124 325 201 162%
4 CALPINE CORP TL B5 304 500 196 64%
5 CALPINE CORP TL B10 295 483 188 64%
6 CALPINE CORP TL B9 305 487 182 60%
7 GRAHAM PACKAGING TL B 222 380 158 71%
8 HILLMAN GROUP TL B 97 252 155 160%
9 HELIX GENERATION TL B 259 412 153 59%
10 SEDGWICK TL B2 297 449 152 51%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 4/1/21 – 4/30/21

RANK TRANCHE DEALERS
1 TELENET EUR TL 19
2 HUB INTL LTD TL B 18
3 BIOGROUP DD EUR TL B 18
4 GEO GROUP TL B 18
5 LUMILEDS TL B 17
6 SIGMA BIDCO EUR TL B1 17
7 VERISURE EUR TL B 17
8 RACKSPACE HOSTING TL B 17
9 ELSAN GROUPE EUR TL B 17
10 SYNLAB EUR TL B5 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 4/1/21 – 4/30/21

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 4/1/21 – 4/30/21

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

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