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Syndicated Bank Loan Market Summary:
September 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 9/1/21 – 9/30/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 5,450 ENVISION HEALTHCARE TL B 1.85% 88.76 87.15 12
2 5,100 CHANGE HEALTHCARE TL B 0.13% 99.90 99.77 10
3 5,000 QWEST CORPORATION TL B 0.15% 98.83 98.68 10
4 5,000 UNITED CONTINENTAL TL B 0.47% 100.64 100.18 13
5 4,750 ZAYO TL 0.36% 99.05 98.69 16
6 4,700 CAESARS RESORT COLLECTION TL B 0.23% 99.36 99.14 14
7 4,565 BAUSCH HEALTH COMPANIES INC. TL B 0.18% 99.85 99.68 13
8 4,475 UNIVISION TL C5 0.26% 99.88 99.61 10
9 3,900 DIRECTV TL 0.03% 100.01 99.98 13
10 3,582 MISYS TL B 0.45% 99.19 98.74 15
11 3,524 TRANSDIGM INC. TL F 0.37% 98.74 98.37 13
12 3,515 LIFEPOINT HOSPITALS TL B 0.58% 99.85 99.27 14
13 3,380 SOLERA TL B 0.22% 100.17 99.95 15
14 3,338 ASURION TL B6 0.53% 99.41 98.88 10
15 3,325 CINEWORLD TL B 5.83% 82.17 77.64 11
16 3,315 REYNOLDS GROUP HOLDINGS LIMITED TL B 0.41% 99.83 99.42 10
17 3,312 HUB INTL LTD TL B 0.17% 99.01 98.85 13
18 3,300 NTL CABLE PLC TL N 0.34% 99.31 98.97 11
19 3,300 SINCLAIR BROADCAST GROUP INC. TL B 0.60% 62.29 61.92 11
20 3,275 SCIENTIFIC GAMES TL B5 0.46% 99.55 99.10 11
AVERAGE 4,005 0.68% 96.29 95.70 12.3

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 9/1/21 – 9/30/21

RANK NAME CHANGE PX PX-1M
1 CHRIST JUWELIERE UND UHRMAC EUR TL B 14.47% 83.19 72.68
2 GULF FINANCE TL B 13.58% 95.96 84.49
3 LIGHTSTONE GENERATION LLC TL C 13.05% 82.61 73.07
4 FLINT GROUP PIK 2ND LIEN TL 12.70% 99.18 88.01
5 PEABODY ENERGY TL B 10.97% 81.04 73.02
6 GENUINE FINANCIAL 2ND LIEN TL 10.95% 95.57 86.13
7 GTT COMMUNICATIONS TL B 7.80% 84.59 78.47
8 GLOBAL TELESYSTEMS 2ND LIEN TL 6.23% 90.15 84.86
9 TRANSCENDIA TL B 5.89% 88.51 83.59
10 CINEWORLD TL B 5.83% 82.17 77.64

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 9/1/21 – 9/30/21

RANK NAME CHANGE PX PX-1M
1 PLUSSERVER EUR TL -17.05% 55.86 67.34
2 CONSTELLIS HOLDINGS LLC PIK 2ND LIEN TL -13.78% 72.64 84.26
3 ALSTOM SA EUR TL B -10.71% 72.98 81.74
4 YAK MAT 2ND LIEN TL B -10.67% 68.79 77.00
5 CELSA GROUP 2ND LIEN EUR TL -10.62% 21.36 23.90
6 US TELEPACIFIC TL B -8.96% 81.98 90.05
7 DUNN PAPER 2ND LIEN TL -8.13% 85.00 92.53
8 CATALINA MARKETING EXIT PIK TL -4.27% 50.46 52.72
9 JORDAN HEALTH TL -2.94% 87.62 90.27
10 SAVE A LOT TL A -2.74% 101.64 104.50

Avg Bid PX by Sector

Displays the average loan bid price by sector between 9/1/21 – 9/30/21

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 9/1/21 – 9/30/21

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 8/31/21 vs. the month ending 9/30/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 ASSUREDPARTNERS TL B 64 286 222 347%
2 BRIGHTSPRING TL B 111 305 194 175%
3 STARS GROUP TL B 291 474 183 63%
4 FINTRAX EUR TL B 0 160 160 N/A
5 THINK CELL SALES GMBH EUR TL B 32 172 140 438%
6 VISUAL COMFORT TL 196 331 135 69%
7 US RENAL CARE TL 138 253 115 83%
8 LIFEPOINT HOSPITALS TL B 386 492 106 27%
9 SURF HOLDINGS TL B 295 400 105 36%
10 KNOWLTON PACKAGING INC TL 134 236 102 76%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 9/1/21 – 9/30/21

RANK TRANCHE DEALERS
1 LUMILEDS TL B 18
2 IFCO EUR TL B 18
3 ZIGGO EUR TL H 18
4 BANIJAY GROUP EUR TL B 18
5 VERISURE EUR TL B 18
6 TMF GROUP HOLDING BV EUR TL B 18
7 CERBA HEALTHCARE EUR TL B 18
8 NTL CABLE PLC EUR TL R 17
9 SYNLAB EUR TL B5 17
10 BRAND ENERGY TL 17

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 9/1/21 – 9/30/21

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 9/1/21 – 9/30/21

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

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