Syndicated Bank Loans

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Syndicated Bank Loan Market Summary:
December 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 12/1/21 – 12/31/21

RANK SIZE (MM) NAME CHANGE PX PX-1M DEALERS
1 7,270 MEDLINE TL B 0.33% 99.98 99.66 11
2 5,450 ENVISION HEALTHCARE TL B 7.01% 80.13 74.88 14
3 5,000 UNITED CONTINENTAL TL B 0.56% 100.12 99.56 11
4 4,750 ZAYO TL 0.80% 98.52 97.74 15
5 4,700 CAESARS RESORT COLLECTION TL B 0.53% 99.39 98.87 13
6 4,565 BAUSCH HEALTH COMPANIES INC. TL B 0.60% 99.59 99.00 10
7 3,900 DIRECTV TL 0.27% 100.03 99.77 12
8 3,582 MISYS TL B 0.64% 99.54 98.91 14
9 3,524 TRANSDIGM INC. TL F 0.62% 98.54 97.93 13
10 3,515 LIFEPOINT HOSPITALS TL B 0.78% 99.85 99.08 13
11 3,380 SOLERA TL B 0.36% 99.96 99.61 14
12 3,325 CINEWORLD TL B -4.20% 77.13 80.51 14
13 3,312 HUB INTL LTD TL B 0.54% 98.77 98.24 16
14 3,100 JAZZ PHARMA TL B 0.65% 100.36 99.72 11
15 3,000 DELTA SKYMILES TL B 0.62% 105.64 104.99 11
16 3,000 WESTINGHOUSE TL B 0.66% 99.21 98.56 14
17 2,985 HARBOR FREIGHT TL B 0.70% 99.76 99.07 14
18 2,884 BMC SOFTWARE TL B 0.67% 99.56 98.90 16
19 2,853 VERTICAL MIDCO GMBH TL B 0.42% 100.00 99.58 10
20 2,825 BRAND ENERGY TL -0.71% 97.65 98.35 14
AVERAGE 3,846 0.59% 97.69 97.15 13.0

Top 10 Winners

Showcases the top 10 loan “winners” based on the largest bid price increases between 12/1/21 – 12/31/21

RANK NAME CHANGE PX PX-1M
1 IMAGINA MEDIA AUDIOVISUAL SL 2ND LIEN EUR TL 17.98% 74.80 63.40
2 AMEX GBT TL B 8.38% 96.32 88.87
3 ENVISION HEALTHCARE TL B 7.01% 80.13 74.88
4 GTT COMMUNICATIONS EUR TL B 5.79% 88.61 83.76
5 GENON ENERGY INC TL B 4.99% 91.34 86.99
6 YAK MAT TL B 3.58% 89.05 85.98
7 COLE HAAN TL B1 3.35% 93.83 90.79
8 ANASTASIA BEVERLY HILLS TL B 3.30% 89.08 86.24
9 BORR DRILLING LTD TL A 2.65% 83.07 80.93
10 MULTIPLAN TL B 2.56% 97.53 95.10

Top 10 Losers

Showcases the top 10 loan “losers” based on the largest bid price decreases between 12/1/21 – 12/31/21

RANK NAME CHANGE PX PX-1M
1 NSO GROUP TL -19.53% 56.19 69.82
2 RODAN & FIELDS TL B -11.29% 54.70 61.66
3 REVERE POWER TL B -10.64% 83.12 93.02
4 EASTERN POWER TL B -8.57% 77.02 84.24
5 HOUSTON FOODS INC TL B -7.43% 90.95 98.25
6 CHECKERS TL -7.16% 85.73 92.34
7 HERITAGE POWER TL B -6.94% 80.20 86.18
8 CINEWORLD EUR TL B -5.89% 76.60 81.40
9 WORLD KITCHEN TL -5.28% 92.00 97.13
10 PLUSSERVER EUR TL B -4.53% 37.57 39.35

Avg Bid PX by Sector

Displays the average loan bid price by sector between 12/1/21 – 12/31/21

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 12/1/21 – 12/31/21

Top Quote Volume Movers: This Month vs Last Month

Exhibits the loans with the largest increase in quote volume for the month ending 11/30/21 vs. the month ending 12/31/21

RANK TRANCHE PRIOR MONTH THIS MONTH INCREASE % INCREASE
1 CERBA HEALTHCARE EUR TL B 38 142 104 274%
2 NEP TL B 40 118 78 195%
3 CAST & CREW TL 178 255 77 43%
4 SMARTBEAR TL 72 136 64 89%
5 HYPERION EUR TL B 3 66 63 2100%
6 INEOS FIN TL B 299 359 60 20%
7 GENESIS CARE EUR TL B2 64 124 60 94%
8 COMPASS POWER TL B 209 265 56 27%
9 SPIRIT AEROSYSTEMS TL B 158 213 55 35%
10 SONICWALL TL 218 272 54 25%

Most Quoted Loans

Ranks the loans that were quoted by the highest number of dealers between 12/1/21 – 12/31/21

RANK TRANCHE DEALERS
1 LUMILEDS TL B 18
2 IFCO EUR TL B 18
3 DAE AVIATION TL 18
4 CINEWORLD TL B 17
5 ACTION NEDERLAND EUR TL B 16
6 STARK GROUP EUR TL B 16
7 SYNLAB EUR TL B5 16
8 FONCIA GROUPE EUR TL B 16
9 MEHILAINEN EUR TL B2 16
10 HUB INTL LTD TL B 16

Bid and Offer Volume

Reveals the total number of quotes by bid and offer between 12/1/21 – 12/31/21

Sector Bid-Offer Spread

Displays the bid-offer spread by sector between 12/1/21 – 12/31/21

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

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