Solve Advisors Syndicated Bank Loan Market Summaries

  

Syndicated Bank Loan Market Summary - Week Ending 3/27/20

Michael Pellerito, March 30, 2020

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Our weekly newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.

  1. Top 20 Largest Loans
  2. Top 10 Loan Price Winners
  3. Top 10 Loan Price Losers
  4. Average Bid Price (By industry sector)
  5. Market Sentiment
  6. Top Quote Volume Movers
  7. Most Quoted Loans
  8. Bid and Offer Volume
  9. Bid Offer Spread (By industry sector)

 

LARGEST LOANS
Rank Size (MM) Name Chg Price Price - 1W
1 4,197 AKZONOBEL TL B 15.48% 85.34 73.90
2 3,843 CHANGE HEALTHCARE TL B 9.55% 89.46 81.66
3 3,415 ENDO HEALTH TL B 7.43% 87.27 81.23
4 3,338 ASURION TL B6 5.67% 88.98 84.20
5 2,380 VERISURE EUR TL B1 8.43% 89.92 82.93
6 2,260  MCDERMOTT TL B  -6.42% 32.37  34.59 
7 2,250 BUCKEYE TL B 2.44% 85.04 83.01
8 2,250 ZIGGO EUR TL H 9.41% 88.37 85.60
9 2,180 FRONERI EUR TL B 2.04% 87.35 85.60
10 2,150 NUMERICABLE TL B12 10.25% 87.25 79.14
11 2,105 STADA ARZNEIMITTEL EUR TL F 1.28% 83.80 82.74
12 2,060 INEOS FIN EUR TL B 6.17% 85.02 80.08
13 2,000 MACDONALD DETTWILER TL B -8.54% 81.53 89.14
14 2,000 CEVA SANTE ANIMALE EUR TL B 5.94% 84.35 79.62
15 1,955 POWER SOLUTIONS EUR TL B -0.04% 79.48 79.51
16 1,955 WESTJET TL 5.02% 71.24 67.84
17 1,900 TDC EUR TL B 10.69% 89.49 80.84
18 1,900 GARDNER DENVER TL B -8.13% 81.51 88.72
19 1,880 ALTRAN TECHNOLOGIES EUR TL B 2.01% 90.20 88.42
20 1,860 NETS HOLDINGS EUR TL B1 -12.10% 79.73 90.71
AVERAGE 2,394   3.33% 82.38 79.73
  • Highlights the weekly price movements and quote depth for the 20 largest bank loans
TOP 10 WINNERS
Rank Loan Chg Price Price - 1W
1 MERLIN ENTERTAINMENTS EUR TL 18.13% 87.98 74.48
2 FORMULA ONE TL B 16.91% 89.47 76.53
3 CAESARS RESORT COLLECTION TL 15.62% 78.79 68.14
4 TRAVELPORT TL B 15.52% 59.62 51.61
5 AKZONOBEL TL B 15.48% 85.34 73.90
6 ARAMARK SERVICES, INC. TL B3 15.20% 90.60 78.65
7 NTL CABLE PLC EUR TL O 14.97% 92.24 80.22
8 ALCOA INC TL B 14.42% 88.20 77.08
9 AMNEAL PHARMACEUTIAL TL B 14.30% 79.70 69.72
10 NTL CABLE PLC GBP TL L 14.20% 91.14 79.80
  • Showcases the top 10 loan "winners" based on the largest bid price increases between 3/20/20 - 3/27/20
TOP 10 LOSERS
Rank Loan Chg Price Price - 1W
INTERNAP PIK TL B -46.51% 25.52 47.71
2 24 HOUR FITNESS TL B -46.26% 21.98 40.90
CALIFORNIA PIZZA 2ND LIEN TL -41.03% 36.07 61.16
ASCENA RETAIL TL B -38.17% 29.35 47.47
STEINHOFF INTERNATIONAL TL B2 -33.84% 40.96 61.90
UTEX TL B -33.08% 32.70 48.86
NEIMAN MARCUS TL -32.13% 41.62 61.33
B&B HOTELS EUR TL B -30.74% 59.18 85.45
JC PENNEY TL B -28.42% 55.42 77.43
10  DIVERSEY EUR TL -28.35% 67.00 93.51
  • Showcases the top 10 loan "losers" based on the largest bid price decreases between 3/20/20 - 3/27/20
 
 Avg Bid PX by Sector
  • Displays the average loan bid price by sector between 3/20/20 - 3/27/20
    • Results are based on 5 select industry sectors, however, we offer data across 36 sectors
  
Market Sentiment - Advancers vs. Decliners
  • Reveals the percent of loans increasing in price (advancers) vs. loans decreasing in price (decliners) between 3/20/20 - 3/27/20
TOP QUOTE VOLUME MOVERS: THIS WEEK vs LAST WEEK
RANK TRANCHE

PRIOR WEEK

THIS WEEK

INCREASE % INCREASE
1 INTEL TL 40 58 18 45%
2 MEREDITH CO TL B 8 26 18 225%
3 STATS LLC TL B 0 18 18 N/A
4 SBA COMMUNICATIONS CORP TL B 41 58 17 41%
5 HUB INTL LTD TL B 40 57 17 43%
6 IHEART TL B 20 36 16 80%
7 INMARSAT TL B 12 28 16 133%
8 KLOECKNER TL B 12 28 16 133%
9 TECTUM HOLDINGS INC TL 23 39 16 70%
10 TELENET TL 37 53 16 43%
  • Exhibits the loans with the largest increase in quote volume for the week ending 3/20/20 vs. the week ending 3/27/20
MOST QUOTED LOANS
RANK TRANCHE DEALERS
1 ACTION NEDERLAND EUR TL B 18
2 PARTY CITY TL B 17
3 GATES GLOBAL TL B 15
4 VERISURE EUR TL B1 14
5 NESTLE SKIN HEALTH EUR TL B 14
6 SIGMA BIDCO EUR TL B 13
7 HOTELBEDS EUR TL B 13
8 HARLAND CLARKE TL B7 13
9 ELSAN GROUPE EUR TL B 13
10 CASINO GUICHARD EUR TL B 13
  • Ranks the loans that were quoted by the highest number of dealers between 3/20/20 - 3/27/20

 

 Bid and Offer Volume

  • Reveals the total number of quotes by bid and offer between 3/20/20 - 3/27/20

 

 Sector Bid Offer Spread

  • Displays the bid-offer spread by sector between 3/20/20 - 3/27/20
    • Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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