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Syndicated Bank Loan Market Summary:
July 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 7/1/21 – 7/31/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 0.65% 85.34 84.79 13
2 5,100 CHANGE HEALTHCARE TL B -0.11% 99.74 99.85 13
3 5,000 QWEST CORPORATION TL B -0.18% 98.27 98.45 10
4 5,000 UNITED CONTINENTAL TL B -0.38% 100.06 100.44 13
5 4,750 ZAYO TL -0.32% 98.32 98.63 14
6 4,700 CAESARS RESORT COLLECTION TL B -0.21% 98.75 98.96 14
7 4,565 BAUSCH HEALTH COMPANIES INC. TL B -0.19% 99.27 99.46 12
8 4,197 AKZONOBEL TL B -0.02% 98.75 98.77 10
9 3,900 DIRECTV TL -0.52% 99.75 100.28 12
10 3,582 MISYS TL B -0.05% 98.27 98.32 14
11 3,575 STARS GROUP TL B -0.55% 99.24 99.78 14
12 3,524 TRANSDIGM INC. TL F -0.26% 98.17 98.43 14
13 3,515 LIFEPOINT HOSPITALS TL B -0.51% 99.08 99.59 14
14 3,500 AMERICAN AIRLINES TL B -0.98% 102.61 103.62 12
15 3,380 SOLERA TL B -0.16% 99.83 99.99 14
16 3,325 CINEWORLD TL B -0.46% 81.13 81.51 11
17 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B -0.15% 99.57 99.72 10
18 3,312 HUB INTL LTD TL B -0.16% 98.42 98.58 15
19 3,300 SINCLAIR BROADCAST GROUP INC. TL B -0.88% 54.54 55.02 11
20 3,300 NTL CABLE PLC TL N -0.29% 98.43 98.72 12
AVERAGE 4,014 -0.29% 95.38 95.65 12.6

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 7/1/21 – 7/31/21

RANK NAME CHANGE PX PX-1M
1 EXELA TL B 55.56% 70.97 45.62
2 BIOPLAN 2ND LIEN TL 20.00% 70.49 58.74
3 PEABODY ENERGY TL B 14.53% 72.88 63.63
4 WORLDSTRIDES PIK HOLDCO TL 12.32% 61.39 54.66
5 MITEL NETWORKS 2ND LIEN TL 10.06% 63.00 57.24
6 EUROPEAN CAMPING GBP TL B1 5.76% 97.86 92.53
7 CONTURA ENERGY INC TL 4.67% 91.96 87.86
8 CIBT HOLDINGS TL 4.28% 88.75 85.11
9 PREIT ASSOCIATES EXIT 2ND LIEN TL 4.23% 44.16 42.37
10 JILL TL B 4.17% 72.40 69.50

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 7/1/21 – 7/31/21

RANK NAME CHANGE PX PX-1M
1 SERTA SIMMONS 2ND LIEN TL -12.69% 59.94 68.65
2 CINEWORLD EUR TL B -8.95% 79.91 87.77
3 SINCLAIR BROADCAST GROUP INC. TL B -7.88% 54.54 59.21
4 PREMIERE GLOBAL TL -7.28% 38.48 41.51
5 TRAVELPORT TL B -6.67% 84.85 90.91
6 AMC ENTERTAINMENT TL B1 -5.06% 88.76 93.48
7 LUMILEDS TL B -4.72% 79.70 83.66
8 AMEX GBT TL B -4.11% 91.35 95.27
9 EQUINOX HLDGS INC 2ND LIEN TL -3.73% 86.56 89.91
10 STADIUM MANAGEMENT TL -3.47% 93.22 96.57

Avg Bid PX by Sector

Displays the average loan bid price by sector between 7/1/21 – 7/31/21

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 7/1/21 – 7/31/21

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 6/30/21 vs. the month ending 7/31/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 SINCLAIR BROADCAST GROUP INC. TL B1 4 198 194 4850%
2 KANTAR EUR TL B 24 204 180 750%
3 BURLINGTON COAT FACTORY TL B 10 160 150 1500%
4 AUDIO VISUAL 2ND LIEN TL 90 213 123 137%
5 NATIONAL MENTOR TL C 20 138 118 590%
6 UNIVERSAL SERVICES EUR TL B 98 210 112 114%
7 TORY BURCH LLC TL B 200 300 100 50%
8 SOCOTEC EUR TL B 14 108 94 671%
9 84 LUMBER CO TL B 132 226 94 71%
10 DOUGLAS HOLDING EUR TL B 182 275 93 51%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 7/1/21 – 7/31/21

RANK TRANCHE DEALERS
1 LUMILEDS TL B 22
2 ELSAN GROUPE EXT EUR TL B 19
3 SYNLAB EUR TL B5 19
4 BIOGROUP DD EUR TL B 19
5 WEBHELP EUR TL B 18
6 DORNA SPORTS EUR TL B 18
7 VERISURE EUR TL B 18
8 AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B 18
9 CERBA HEALTHCARE EUR TL B 18
10 CEVA SANTE ANIMALE EUR TL B 18

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 7/1/21 – 7/31/21

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 7/1/21 – 7/31/21

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

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