Solve Advisors Blog & Syndicated Bank Loan Market Summaries

  

Monthly Syndicated Bank Loan Market Summary - March 2019

Michael Pellerito, April 01, 2019

Solve Advisor's monthly loan newsletter highlights trends in the Syndicated Bank Loan market.

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Solve has aggregated and organized key trends derived from observable loan price data for the month of March 2019 versus February 2019.  In the tables and charts below, you'll find:

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

 

TOP 10 WINNERS
Rank Loan Chg Price Price - 1M
1 SGB-SMIT EUR TL B 17.44% 85.25 72.59
2 BLUESTEM EXT TL B 11.07% 70.89 63.82
3 CPI CARD GROUP TL B 7.77% 66.95 62.13
4 WINDSTREAM SERVICES LLC TL B7 5.78% 98.46 93.08
5 FIELDWOOD ENERGY TL 5.64% 95.66 90.55
6 PETSMART TL B 5.40% 89.65 85.06
7 COMMUNICATIONS S&L TL B 5.37% 97.46 92.49
8 SPENCER SPIRIT 2ND LIEN TL 3.65% 94.80 91.47
9 SAVERS TL C 3.49% 99.11 95.77
10 MATTRESS FIRM EXIT PIK TL 3.29% 101.22 97.99
  • Showcases the top 10 loan "winners" based on the largest bid price increases for the period between 3/1/19 - 3/31/19
TOP 10 LOSERS
Rank Loan Chg Price Price - 1M
1 IPC SYSTEMS 2ND LIEN TL -46.49% 30.00 56.07
2 DEOLEO EUR TL B -29.92% 30.00 42.18
3 SERTA SIMMONS 2ND LIEN TL -27.02% 48.84 66.92
4 GOLD STANDARD BAKING TL -20.27% 44.60 55.94
5 SYNCREON GROUP BV TL B -17.42% 64.39 77.79
6 ACCURIDE TL B -9.43% 82.67 91.27
7 JCREW TL B -9.11% 66.47 73.13
8 MACDONALD DETTWILER TL B -8.68% 77.67 85.06
9 ACOSTA TL B -7.67% 46.19 50.03
10 SKILLSOFT EXT 2ND LIEN TL -7.59% 37.44 40.52
  • Showcases the top 10 loan "losers" based on the largest bid price decreases for the period between 3/1/19 - 3/31/19
 
 Avg Bid PX by Sector
 
  • Displays the average loan bid price by sector for the period between 3/1/19 - 3/31/19
    • 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) for the period between 3/1/19 - 3/31/19
TOP QUOTE VOLUME MOVERS: THIS MONTH vs LAST MONTH
RANK TRANCHE

PRIOR MONTH

THIS MONTH

INCREASE % INCREASE
1 HOLLAND & BARRETT EUR TL B 4 130 126 3150%
2 HOLLAND & BARRETT GBP TL B 63 180 117 186%
3 INEOS FIN TL B 120 234 114 95%
4 STAPLES TL 148 261 113 76%
5 SERTA SIMMONS TL 102 188 86 84%
6 HARBOR FREIGHT TL B 176 259 83 47%
7 HILTON TL B2 176 256 80 45%
8 PACIFIC GAS AND ELECTRIC COMPANY DIP REV 12 86 74 617%
9 PENN NATIONAL GAMING TL B 116 185 69 59%
10 DIGICEL TL 90 157 67 74%
  • Exhibits the loans with the largest increase in quote volume for the month ending 2/28/19 vs. the month ending 3/31/19
  • Includes only loans outstanding
MOST QUOTED LOANS
RANK TRANCHE DEALERS
1 JCREW TL B 14
2 NEIMAN MARCUS TL B 13
3 MURRAY ENERGY TL B2 12
4 MONITRONICS TL 11
5 REVLON TL B 11
6 COMMUNICATIONS S&L TL B 11
7 CAESARS RESORT COLLECTION TL 10
8 ENDO HEALTH TL B 10
7 GLOBAL BLUE EUR TL B 10
10 CALPINE CORP TL B8 10
  • Ranks the loans that were quoted by the highest number of dealers for the period between 3/1/19 - 3/31/19

 

 Bid and Offer Volume

  • Reveals the total number of quotes by bid and offer for the period between 3/1/19 - 3/31/19

 

Sector Bid Offer Spread

  • Displays the bid-offer spread by sector between 3/1/19 - 3/31/19
    • Results are based on 5 select industry sectors, however, we offer data across 36 sectors

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If you would like to see additional information, or if you have any feedback or questions, please feel free to reach out to us at info@solveadvisors.com or 646-699-5041.