---
title: Monthly Syndicated Bank Loan Market Summary - March 2020
description: Solve's Bank Loan Market Summary provides insight into trends within the overall market as well as certain sectors, ranks loan winners and losers, & more!
image: https://blog.solvefixedincome.com/hubfs/Loan%20Summaries/Monthly/2020%20-%20February/Avg%20Bid%20PX%20by%20Sector%20-%20February%202020.png
---

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# Solve Advisors Syndicated Bank Loan Market Summaries

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# Monthly Syndicated Bank Loan Market Summary - March 2020

[Michael Pellerito](https://www.linkedin.com/in/michael-pellerito/), April 06, 2020

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---

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

1. [Top 20 Largest Loans](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#LargestLoans)
2. [Top 20 Loan Price Losers](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#Top20Losers)
3. [Average Bid Price](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#AvBidPX) (By industry sector)
4. [Market Sentiment](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#Sentiment)
5. [Top Quote Volume Movers](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#Movers)
6. [Most Quoted Loans](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#MostQuoted)
7. [Bid and Offer Volume](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#BidOfferVolume)
8. [Bid Offer Spread ](https://blog.solvefixedincome.com/syndicated-bank-loan-market-summary/monthly-april-6-2020#Spread) (By industry sector)

 

| **LARGEST LOANS** |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| **Rank** | **Size (MM)** | **Name** | **Chg** | **Price** | **Price - 1W** | ** Dealers** |
| **1** | **4,197** | **AKZONOBEL TL B** | **-12.08%** | **87.31** | **99.31** | ** 13** |
| **2** | **3,843** | **CHANGE HEALTHCARE TL B** | **-7.61%** | **91.54** | **99.08** | ** 11** |
| **3** | **3,415** | **ENDO HEALTH TL B** | **-9.77%** | **87.06** | **96.50** | ** 12** |
| **4** | **3,325** | **CINEWORLD TL B** | **-30.23%** | **64.40** | **92.30** | ** 19** |
| **5** | **3,300** | **BMC SOFTWARE TL B** | **-14.22%** | **83.31** | **97.12** | ** 16** |
| **6** | **3,210** | **HUB INTL LTD TL B** | **-6.13%** | **93.04** | **99.12** | ** 11** |
| **7** | **2,525** | **VODAFONE TL** | **-5.47%** | **91.97** | **97.29** | ** 14** |
| **8** | **2,250** | **ZIGGO EUR TL H** | **-9.68%** | **89.78** | **99.40** | ** 11** |
| **9** | **2,210** | **TRANSDIGM INC. TL E** | **-6.22%** | **91.49** | **97.56** | ** 15** |
| **10** | **2,180** | **FRONERI EUR TL B** | **-7.92%** | **91.69** | **99.57** | ** 14** |
| **11** | **2,105** | **STADA ARZNEIMITTEL EUR TL F** | **-13.14%** | **86.10** | **99.12** | ** 11** |
| **12** | **2,101** | **IHEART TL B** | **-16.63%** | **83.40** | **100.03** | ** 10** |
| **13** | **2,000** | **CEVA SANTE ANIMALE EUR TL B** | **-13.05%** | **87.07** | **100.14** | ** 13** |
| **14** | **1,955** | **POWER SOLUTIONS EUR TL B** | **-14.34%** | **85.47** | **99.77** | ** 11** |
| **15** | **1,900** | **TDC EUR TL B** | **-8.85%** | **90.26** | **99.02** | ** 11** |
| **16** | **1,900** | **GARDNER DENVER TL B** | **-12.30%** | **87.31** | **99.55** | ** 12** |
| **17** | **1,860** | **NETS HOLDINGS EUR TL B1** | **-12.83%** | **86.74** | **99.51** | ** 12** |
| **18** | **1,800** | **UNITED NATURAL FOODS TL B** | **-5.35%** | **82.87** | **87.56** | ** 13** |
| **19** | **1,778** | **TRANSDIGM INC. TL G** | **-6.20%** | **91.57** | **97.62** | ** 16** |
| **20** | **1,702** | **BUCCANEER TL** | **-31.33%** | **62.91** | **91.61** | ** 12** |
| **AVERAGE** | **2,478** |   | **-12.17%** | **85.76** | **97.56** | ** 12.9** |

- Highlights the weekly price movements and quote depth for the 20 largest bank loans

| **TOP 20 LOSERS** |  |  |  |  |
| --- | --- | --- | --- | --- |
| **Rank** | **Loan** | **Chg** | **Price** | **Price - 1M** |
| **1** | **24 HOUR FITNESS TL B** | **-72.39%** | **20.05** | **72.63** |
| **2** | **CALIFORNIA RESOURCES TL** | **-68.00%** | **28.18** | **88.05** |
| **3** | **UTEX TL B** | **-63.10%** | **30.63** | **83.01** |
| **4** | **CHESAPEAKE ENERGY TL** | **-60.26%** | **38.65** | **97.23** |
| **5** | **TRAVELPORT 2ND LIEN TL** | **-56.63%** | **35.35** | **81.50** |
| **6** | **FIELDWOOD ENERGY TL** | **-55.13%** | **36.89** | **82.21** |
| **7** | **ASCENA RETAIL TL B** | **-55.00%** | **29.54** | **65.64** |
| **8** | **CIRQUE DE SOLEIL TL B** | **-46.48%** | **50.29** | **93.96** |
| **9** | **INTERNAP PIK TL B** | **-52.98%** | **25.38** | **53.98** |
| **10** | **JC PENNEY TL B** | **-52.92%** | **41.50** | **88.15** |
| **11** | **CRESTWOOD MIDSTREAM TL B** | **-52.00%** | **45.17** | **94.10** |
| **12** | **JASON INC 2ND LIEN TL** | **-51.39%** | **30.00** | **61.71** |
| **13** | **STETSON MIDSTREAM TL B** | **-51.30%** | **44.44** | **91.25** |
| **14** | **MENS WEARHOUSE TL B** | **-51.06%** | **36.67** | **74.92** |
| **15** | **JO-ANN STORES TL B** | **-51.15%** | **35.21** | **72.07** |
| **16** | **NEIMAN MARCUS TL** | **-48.67%** | **41.73** | **81.31** |
| **17** | **KCA DEUTAG TL B** | **-48.42%** | **35.44** | **68.71** |
| **18** | **EAGLECLAW TL B** | **-48.24%** | **46.15** | **89.17** |
| **19** | **TALLGRASS TL B** | **-48.13%** | **51.12** | **98.54** |
| **20** | **TNT CRANE 2ND LIEN TL** | **-47.97%** | **30.15** | **57.94** |

- Showcases the top 20 loan "losers" based on the largest bid price decreases for the period between 3/1/20 - 3/31/20

 

 ![Avg Bid PX by Sector](https://blog.solvefixedincome.com/hs-fs/hubfs/Loan%20Summaries/Monthly/2020-March/Avg%20Bid%20PX%20by%20Sector%20-%20March%202020.png?width=640&name=Avg%20Bid%20PX%20by%20Sector%20-%20March%202020.png)

 

- Displays the average loan bid price by sector for the period between 3/1/20 - 3/31/20 
    - Results are based on 5 select industry sectors, however, we offer data across 36 sectors

  

![Market Sentiment - Advancers vs. Decliners](https://blog.solvefixedincome.com/hs-fs/hubfs/Loan%20Summaries/Monthly/2020-March/Sentiment%20-%20March%202020.png?width=640&name=Sentiment%20-%20March%202020.png)

- Reveals the percent of loans increasing in price *(advancers)* vs. loans decreasing in price *(decliners)* for the period between 3/1/20 - 3/31/20

| **TOP QUOTE VOLUME MOVERS: THIS MONTH vs LAST MONTH** |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| **RANK** | **TRANCHE** | **PRIOR MONTH** | **THIS MONTH** | **INCREASE** | **% INCREASE** |
| **1** | **TRANSDIGM INC. TL F** | **112** | **238** | **126** | **113%** |
| **2** | **CALPINE CORP TL B9** | **66** | **164** | **98** | **148%** |
| **3** | **INTEGER TL B** | **0** | **89** | **89** | **N/A** |
| **4** | **FIRST EAGLE TL B** | **73** | **154** | **81** | **111%** |
| **5** | **TRANSDIGM INC. TL G** | **161** | **237** | **76** | **47%** |
| **6** | **TRANSDIGM INC. TL E** | **165** | **239** | **74** | **45%** |
| **7** | **DAVITA TL B** | **148** | **214** | **66** | **45%** |
| **8** | **PETSMART CONSENTED TL B2** | **58** | **121** | **63** | **109%** |
| **9** | **FRONERI TL B** | **40** | **100** | **60** | **150%** |
| **10** | **AVIS BUDGET TL B** | **10** | **66** | **56** | **560%** |

- Exhibits the loans with the largest increase in quote volume for the month ending 2/29/20 vs. the month ending 3/31/20
- Includes only loans outstanding

| **MOST QUOTED LOANS** |  |  |
| --- | --- | --- |
| **RANK** | **TRANCHE** | **DEALERS** |
| **1** | **CASINO GUICHARD EUR TL B** | **15** |
| **2** | **TECHEM EUR TL B** | **15** |
| **3** | **KLOECKNER EUR TL B** | **12** |
| **4** | **VERISURE EUR TL B** | **12** |
| **5** | **SANDY CREEK TL B** | **12** |
| **6** | **CERAMTEC EUR TL B** | **12** |
| **7** | **NESTLE SKIN HEALTH EUR TL B** | **12** |
| **8** | **MASMOVIL IBERCOM SA EUR TL B** | **12** |
| **7** | **DORNA SPORTS EUR TL B** | **12** |
| **10** | **WEBHELP EUR TL B** | **12** |

- Ranks the loans that were quoted by the highest number of dealers for the period between 3/1/20 - 3/31/20

 

 ![Bid and Offer Volume](https://blog.solvefixedincome.com/hs-fs/hubfs/Loan%20Summaries/Monthly/2020-March/Bid%20and%20Offer%20Volume%20-%20March%202020V2.png?width=640&name=Bid%20and%20Offer%20Volume%20-%20March%202020V2.png)

- Reveals the total number of quotes by bid and offer for the period between 3/1/20 - 3/31/20

 

![Sector Bid Offer Spread](https://blog.solvefixedincome.com/hs-fs/hubfs/Loan%20Summaries/Monthly/2020-March/Sector%20Bid%20Offer%20Spread%20-%20March%202020.png?width=640&name=Sector%20Bid%20Offer%20Spread%20-%20March%202020.png)

- Displays the bid-offer spread by sector between 3/1/20 - 3/31/20 
    - Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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