Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
August 2021
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 8/1/21 – 8/31/21
| RANK | SIZE (MM) | NAME | CHANGE | PX | PX-1M | DEALERS |
| 1 | 5,450 | ENVISION HEALTHCARE TL B | 2.12% | 87.15 | 85.34 | 15 |
| 2 | 5,100 | CHANGE HEALTHCARE TL B | 0.03% | 99.77 | 99.74 | 11 |
| 3 | 5,000 | QWEST CORPORATION TL B | 0.41% | 98.68 | 98.27 | 10 |
| 4 | 5,000 | UNITED CONTINENTAL TL B | 0.11% | 100.18 | 100.06 | 14 |
| 5 | 4,750 | ZAYO TL | 0.38% | 98.69 | 98.32 | 15 |
| 6 | 4,700 | CAESARS RESORT COLLECTION TL B | 0.39% | 99.14 | 98.75 | 15 |
| 7 | 4,565 | BAUSCH HEALTH COMPANIES INC. TL B | 0.41% | 99.68 | 99.27 | 12 |
| 8 | 3,972 | POWER SOLUTIONS TL B | -0.28% | 98.84 | 99.12 | 10 |
| 9 | 3,900 | DIRECTV TL | 0.23% | 99.98 | 99.75 | 12 |
| 10 | 3,582 | MISYS TL B | 0.48% | 98.74 | 98.27 | 15 |
| 11 | 3,524 | TRANSDIGM INC. TL F | 0.20% | 98.37 | 98.17 | 13 |
| 12 | 3,515 | LIFEPOINT HOSPITALS TL B | 0.19% | 99.27 | 99.08 | 13 |
| 13 | 3,380 | SOLERA TL B | 0.12% | 99.95 | 99.83 | 15 |
| 14 | 3,338 | ASURION TL B6 | 0.07% | 98.88 | 98.81 | 11 |
| 15 | 3,325 | CINEWORLD TL B | -4.31% | 77.64 | 81.13 | 11 |
| 16 | 3,312 | HUB INTL LTD TL B | 0.43% | 98.85 | 98.42 | 15 |
| 17 | 3,300 | SINCLAIR BROADCAST GROUP INC. TL B | 13.53% | 61.92 | 54.54 | 13 |
| 18 | 3,300 | NTL CABLE PLC TL N | 0.54% | 98.97 | 98.43 | 11 |
| 19 | 3,275 | SCIENTIFIC GAMES TL B5 | 0.72% | 99.10 | 98.40 | 13 |
| 20 | 3,165 | MULTIPLAN TL B | 0.31% | 99.61 | 99.30 | 13 |
| AVERAGE | 3,973 | 0.80% | 95.67 | 95.15 | 12.9 |
Top 10 Winners
Showcases the top 10 loan “winners” based on the largest bid price increases between 8/1/21 – 8/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | PREIT ASSOCIATES EXIT 2ND LIEN TL | 27.66% | 56.38 | 44.16 |
| 2 | SINCLAIR BROADCAST GROUP INC. TL B | 13.53% | 61.92 | 54.54 |
| 3 | LIMETREE BAY TL B | 11.22% | 81.57 | 73.33 |
| 4 | STRIKE TL B | 10.11% | 95.56 | 86.78 |
| 5 | STEINHOFF FIN. HLDG GMBH PIK EUR TL A1 | 8.82% | 91.36 | 83.95 |
| 6 | APPLE LEISURE TL | 8.65% | 99.62 | 91.69 |
| 7 | ENVISION HEALTHCARE PIK TL B | 5.33% | 83.99 | 79.74 |
| 8 | PRAESIDIAD EUR TL B | 4.73% | 86.00 | 82.11 |
| 9 | CONTURA ENERGY INC TL | 4.39% | 96.00 | 91.96 |
| 10 | EXELA TL B | 3.49% | 73.44 | 70.97 |
Top 10 Losers
Showcases the top 10 loan “losers” based on the largest bid price decreases between 8/1/21 – 8/31/21
| RANK | NAME | CHANGE | PX | PX-1M |
| 1 | AMERIFORGE EXIT TL A | -22.74% | 49.13 | 63.60 |
| 2 | YAK MAT 2ND LIEN TL B | -8.17% | 77.00 | 83.85 |
| 3 | RODAN & FIELDS TL B | -7.29% | 73.14 | 78.89 |
| 4 | RIVERBED TL B | -5.54% | 88.96 | 94.18 |
| 5 | NBG HOME TL | -4.29% | 85.96 | 89.80 |
| 6 | NATIONAL CINEMEDIA TL B | -3.38% | 87.47 | 90.54 |
| 7 | AUDIO VISUAL TL B | -3.36% | 86.97 | 89.99 |
| 8 | AREAS DD EUR TL | -3.34% | 81.43 | 84.24 |
| 9 | PREMIERE GLOBAL TL | -3.22% | 37.24 | 38.48 |
| 10 | STAPLES TL B1 | -2.40% | 94.56 | 96.89 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/1/21 – 8/31/21
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 8/1/21 – 8/31/21
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 7/31/21 vs. the month ending 8/31/21
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
| 1 | NAVITAS MIDSTREAM TL B | 22 | 172 | 150 | 682% |
| 2 | HEALTHPORT TL | 58 | 178 | 120 | 207% |
| 3 | EVERI PAYMENTS INC TL B | 29 | 135 | 106 | 366% |
| 4 | CHARTER NEX TL B | 240 | 343 | 103 | 43% |
| 5 | STYROLUTION TL B | 136 | 239 | 103 | 76% |
| 6 | BROADSTREET PARTNERS TL B | 119 | 218 | 99 | 83% |
| 7 | HARBOR FREIGHT TL B | 362 | 457 | 95 | 26% |
| 8 | SABRE TL B2 | 160 | 254 | 94 | 59% |
| 9 | VISUAL COMFORT TL | 108 | 196 | 88 | 81% |
| 10 | SABRE TL B | 168 | 254 | 86 | 51% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/1/21 – 8/31/21
| RANK | TRANCHE | DEALERS |
| 1 | LUMILEDS TL B | 19 |
| 2 | ELSAN GROUPE EXT EUR TL B | 18 |
| 3 | SYNLAB EUR TL B5 | 18 |
| 4 | ZIGGO EUR TL H | 18 |
| 5 | RACKSPACE HOSTING TL B | 17 |
| 6 | MITEL NETWORKS TL | 17 |
| 7 | CEVA SANTE ANIMALE EUR TL B | 17 |
| 8 | IFCO EUR TL B | 17 |
| 9 | CHEPLAPHARM ARZNEIMITTEL EUR TL B4 | 17 |
| 10 | TECHEM EUR TL B4 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/1/21 – 8/31/21
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 8/1/21 – 8/31/21
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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