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Syndicated Bank Loan Market Summary:
June 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 6/1/21 – 6/30/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 0.07% 85.38 85.32 13
2 5,100 CHANGE HEALTHCARE TL B -0.04% 99.90 99.94 14
3 5,000 QWEST CORPORATION TL B -0.55% 98.52 99.07 10
4 5,000 UNITED CONTINENTAL TL B 0.43% 101.25 100.82 12
5 4,750 ZAYO TL -0.40% 98.85 99.24 16
6 4,700 CAESARS RESORT COLLECTION TL B -0.04% 99.14 99.18 14
7 4,565 BAUSCH HEALTH COMPANIES INC. TL B -0.02% 99.57 99.59 13
8 4,197 AKZONOBEL TL B 0.06% 99.17 99.11 10
9 3,582 MISYS TL B -0.32% 98.37 98.68 14
10 3,575 STARS GROUP TL B -0.30% 100.04 100.34 15
11 3,524 TRANSDIGM INC. TL F -0.20% 98.48 98.68 15
12 3,515 LIFEPOINT HOSPITALS TL B -0.25% 99.73 99.98 14
13 3,500 AMERICAN AIRLINES TL B 1.17% 104.20 103.00 10
14 3,338 ASURION TL B6 -0.31% 99.44 99.75 10
15 3,325 CINEWORLD TL B 1.26% 87.84 86.75 14
16 3,312 HUB INTL LTD TL B -0.12% 98.84 98.96 16
17 3,300 SINCLAIR BROADCAST GROUP INC. TL B -17.24% 59.21 71.55 11
18 3,300 NTL CABLE PLC TL N -0.27% 99.10 99.38 12
19 3,275 SCIENTIFIC GAMES TL B5 0.29% 99.26 98.97 13
20 3,165 MULTIPLAN TL B -0.18% 99.68 99.86 13
AVERAGE 3,974 -0.85% 96.30 96.91 13.0

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 6/1/21 – 6/30/21

RANK NAME CHANGE PX PX-1M
1 ALLIANCE HEALTH PIK 2ND LIEN TL 72.83% 88.89 51.43
2 LEARFIELD 2ND LIEN TL 62.71% 91.23 56.07
3 STEINHOFF FIN. HLDG GMBH PIK EUR TL A2 30.18% 71.60 55.00
4 EXELA TL B 25.48% 45.62 36.36
5 GLASS MOUNTAIN PIPELINE TL B 19.96% 27.67 23.07
6 FIELDWOOD ENERGY TL 19.52% 51.21 42.84
7 TORTOISE INVESTMENT TL 18.04% 74.97 63.51
8 DONCASTERS PIK TL 16.52% 93.66 80.38
9 LUMILEDS TL B 11.47% 83.66 75.05
10 OUTERSTUFF TL B 11.17% 70.90 63.78

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 6/1/21 – 6/30/21

RANK NAME CHANGE PX PX-1M
1 LIMETREE BAY TL B -20.52% 70.98 89.31
2 SINCLAIR BROADCAST GROUP INC. TL B -17.57% 59.21 71.83
3 SERTA SIMMONS TL -12.62% 67.46 77.20
4 GENON ENERGY INC TL B -10.15% 81.26 90.44
5 HERITAGE POWER TL B -5.80% 88.07 93.49
6 OREGON CLEAN ENERGY TL -5.32% 90.85 95.95
7 SAMARCO MINERACAO TL -5.30% 69.01 72.87
8 GTT COMMUNICATIONS EUR TL B -4.61% 82.21 86.18
9 LIGHTSTONE GENERATION LLC TL C -4.40% 76.45 79.97
10 STRIKE TL B -4.35% 85.52 89.41

Avg Bid PX by Sector

Displays the average loan bid price by sector between 6/1/21 – 6/30/21

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

Avg Bid Px by Sector - June 2021

Sentiment

Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 6/1/21 – 6/30/21

Sentiment - June 2021

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 5/31/21 vs. the month ending 6/30/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 INDEPENDENT VETCARE GBP TL B 36 260 224 622%
2 EOC GROUP TL 219 377 158 72%
3 WEBHELP EUR TL B 96 247 151 157%
4 SURGEY CENTER TL 238 388 150 63%
5 ELSAN GROUPE EXT EUR TL B 90 238 148 164%
6 FRONTIER DIP TL B 64 203 139 217%
7 HOWDEN TL B 77 215 138 179%
8 INDEPENDENT VETCARE EUR TL B2 140 268 128 91%
9 TMF GROUP HOLDING BV EUR TL B 120 238 118 98%
10 EASTERN POWER TL B 322 438 116 36%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 6/1/21 – 6/30/21

RANK TRANCHE DEALERS
1 LUMILEDS TL B 21
2 BIOGROUP DD EUR TL B 19
3 VERISURE EUR TL B 18
4 RACKSPACE HOSTING TL B 18
5 ELSAN GROUPE EXT EUR TL B 18
6 SYNLAB EUR TL B5 18
7 SIGMA BIDCO EUR TL B1 18
8 PLAYA RESORTS TL B 18
9 ZIGGO EUR TL H 18
10 TECHEM EUR TL B4 18

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 6/1/21 – 6/30/21

Bid Offer Volume - June 2021

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 6/1/21 – 6/30/21

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

Sector Bid Offer Spread - June 2021

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