Syndicated Bank Loan Market Summary – Week Ending 3/21/25
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Syndicated Bank Loan Market Summary: Week Ending 3/21/25
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a weekly period.
New Issues
Loans issued during the week ending 3/21/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
forward calendar
Forward calendar during the week ending 3/21/25
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| CARDINAL (MIS ACQUISITION LLC) | $1.1B TLB(0.5% floor (B2/B2/B+) 101 SOFT 6m | BMO | Q1 2024 |
| CELSIUS HOLDINGS INC | $1B : 100MM REV and 900 MM TL (Ba3/BB) 101 SOFT 6m: | Q1 2024 | |
| TG COMMUNICATIONS LLC | $525MM (B2/B) ; 175MM RC,$700MM TLB | SAN | Q1 2024 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 3/14/25-3/21/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,631 | MEDLINE TL | -0.05% | 99.90 | 99.95 | 13 |
| 2 | 6,145 | MAGNOLIA TL | -0.40% | 89.62 | 89.98 | 12 |
| 3 | 4,750 | ZAYO TL | 0.00% | 93.30 | 93.30 | 13 |
| 4 | 4,741 | INTERNET BRANDS TL B | -0.18% | 94.08 | 94.25 | 13 |
| 5 | 4,525 | TRANSDIGM INC. TL I | 0.12% | 99.92 | 99.80 | 17 |
| 6 | 4,479 | TIBCO TL B | 0.23% | 99.23 | 99.00 | 15 |
| 7 | 4,226 | INSPIRE BRANDS TL B | -0.02% | 99.39 | 99.42 | 16 |
| 8 | 4,204 | JANE STREET TL B | 0.57% | 98.92 | 98.36 | 15 |
| 9 | 4,001 | CITADEL TL B | 0.05% | 99.92 | 99.88 | 14 |
| 10 | 3,935 | SS&C TECH TL B8 | 0.03% | 99.91 | 99.87 | 19 |
| 11 | 3,859 | ALLIANT HLDGS I INC TL B | 0.10% | 99.42 | 99.32 | 20 |
| 12 | 3,642 | MASMOVIL IBERCOM SA EUR TL B3 | 0.00% | 99.86 | 99.86 | 12 |
| 13 | 3,640 | TRANSDIGM INC. TL J | 0.09% | 99.48 | 99.40 | 17 |
| 14 | 3,573 | CDK GLOBAL TL B | -0.40% | 86.37 | 86.71 | 17 |
| 15 | 3,566 | AIR MEDICAL PIK TL B | 0.16% | 99.70 | 99.54 | 10 |
| 16 | 3,500 | AMERICAN AIRLINES TL B | 0.08% | 101.76 | 101.68 | 14 |
| 17 | 3,420 | RCN GRANDE TL | 0.72% | 84.46 | 83.86 | 14 |
| 18 | 3,380 | SOLERA TL B | -0.87% | 95.28 | 96.12 | 16 |
| 19 | 3,340 | PROOFPOINT TL B | 0.14% | 99.67 | 99.53 | 13 |
| 20 | 3,250 | CORELOGIC TL B | -0.94% | 97.55 | 98.48 | 11 |
| AVERAGE | 4,190 | -0.03% | 96.89 | 100.34 | 14.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 3/14/25-3/21/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | COX ENTERPRISES, INC. TL B | 4.10% | 93.42 | 89.74 | 12 |
| 2 | PODS TL B | 3.16% | 90.32 | 87.55 | 15 |
| 3 | VISTRA ENERGY TL B | 1.77% | 97.33 | 95.64 | 11 |
| 4 | XELLA INTERNATIONAL GMBH TL B4 | 1.76% | 96.40 | 94.74 | 13 |
| 5 | LIBERTY LATIN AMERICA TL B | 1.56% | 81.95 | 80.69 | 8 |
| 6 | DEXKO TL B | 1.22% | 93.07 | 91.95 | 17 |
| 7 | SYMPLR SOFTWARE TL B | 1.11% | 86.54 | 85.59 | 10 |
| 8 | GRAY TELEVISION TL B | 0.70% | 96.11 | 95.45 | 13 |
| 9 | CIRCET GROUPE EUR TL B | 0.66% | 99.52 | 98.87 | 13 |
| 10 | AHLSELL EUR TL B | 0.65% | 100.14 | 99.49 | 14 |
Bottom 10 Perfromers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 3/14/25-3/21/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | TROPICANA TL | -6.51% | 52.67 | 56.34 | 14 |
| 2 | LESLIE’S POOLMART TL B | -5.49% | 79.18 | 83.78 | 18 |
| 3 | LEAF HOME SOLUTIONS TL | -4.24% | 85.84 | 89.64 | 9 |
| 4 | INTERNET BRANDS 2ND LIEN TL | -3.54% | 92.78 | 96.19 | 8 |
| 5 | PLY GEM TL B | -3.47% | 85.46 | 88.54 | 13 |
| 6 | RACKSPACE HOSTING TL B | -3.09% | 48.96 | 50.52 | 13 |
| 7 | AMERICAN TRAILER WORLD TL | -2.99% | 80.49 | 82.97 | 18 |
| 8 | CORNERSTONE TL B | -2.32% | 87.48 | 89.56 | 9 |
| 9 | AMERICAN BATH TL | -2.28% | 89.96 | 92.06 | 14 |
| 10 | SPECIALTY BUILDING TL B | -2.08% | 95.45 | 97.47 | 15 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/14/25-3/21/25 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 3/14/25-3/21/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 3/14/25 vs. the week ending 3/21/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | TOPGOLF INTERNATIONAL TL | 17 | 45 | 28 | 165% |
| 2 | IDERA PHARMACEUTICALS INC TL B | 34 | 54 | 20 | 59% |
| 3 | ENSEMBLE HEALTH TL B | 68 | 88 | 20 | 29% |
| 4 | VERIFONE TL B | 44 | 64 | 20 | 45% |
| 5 | TELENET EUR TL | 40 | 60 | 20 | 50% |
| 6 | INEOS FIN EUR TL B | 16 | 36 | 20 | 125% |
| 7 | AI SIRONA LUXEMBOURG ACQUISITION SARL EUR TL B | 37 | 56 | 19 | 51% |
| 8 | ALBION ACQUISITIONS LTD EUR TL B | 27 | 46 | 19 | 70% |
| 9 | TK ELEVATOR TL B | 79 | 98 | 19 | 24% |
| 10 | REYNOLDS CONSUMER TL B | 28 | 46 | 18 | 64% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/14/25-3/21/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | ALLIANT HLDGS I INC TL B | 21 |
| 2 | WHITE CAP BUYER LLC TL B | 21 |
| 3 | HUB INTL LTD TL B | 20 |
| 4 | AMWINS TL B | 20 |
| 5 | SS&C TECH TL B8 | 19 |
| 6 | GOLDEN NUGGET INC TL B | 19 |
| 7 | WHATABURGER TL B | 19 |
| 8 | DAVITA TL B | 19 |
| 9 | GO DADDY TL B | 19 |
| 10 | BMC SOFTWARE TL B | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/14/25-3/21/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Stay up-to-date with weekly summaries.
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