Traditionally the names making up BWICs are more arcane and illiquid, and as such rarely move the market much on some of the most liquid loans/bonds, but on occasion you would find a bid list (Highland's Credit Opportunity Fund liquidation would be a great case in point) full of juicy, liquid names.
The list marketed currently is made up of 74 different loans, with the largest notional on offer being Medial Media Holdings 1st Lien Term Loan at roughly $10 million, and some of the other larger issues contained being BioTech Research Labs TL B, US Cable Coast TL B, DR Horton Revolver, Attachmate Corporation TL and Triumph Healthcare 1st Lien TL (by the preponderance of health-related names this was likely a healthcare hybrid hedge fund). Some of the more popular names contained are Tenneco Tranche B1, American Airlines B2, Movie Gallery TL and CIT revolver.
With all claims that the deleveraging of the market may be over, the quantity of BWICs is actually the best indicator of whether or not this is true. If the market today is any indication stay tuned for a lot more BWICs hitting the tape soon.Sphere: Related Content Print this post