Syndicated Bank Loans
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Syndicated Bank Loan Market Summary:
Week Ending 7/25/25
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 7/25/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
| Olympus Water US Holding Corp. | 800 | Term Loan | 7/24/2032 | S+325 |
| Sequa Corp. | 891 | Term Loan | 3/27/2031 | S+350 |
| Nuvei Technologies Corp. | 2643 | Term Loan | 11/15/2031 | S+275 |
| Rubix Group | 100 | Term Loan | 9/30/2028 | E+400 |
forward calendar
Forward calendar during the week ending 7/25/25
| Issuer | Deal Information | Banks | Expected Issue Date |
| Azorra | $461MM TLB | CITI | Q3 2025 |
| Berling Packaging | $2.064 TLB7 | GS | Q3 2025 |
| US LBM | $500MM TLB | BCLY, BofA | Q3 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/18/25-7/25/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | 7,631 | MEDLINE BORROWER LP (USD) TL S+225 10/21/2028 | -0.19% | 99.99 | 100.17 | 13 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 0.07% | 89.04 | 88.98 | 13 |
| 3 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | -0.82% | 95.04 | 95.83 | 14 |
| 4 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | -0.47% | 95.47 | 95.92 | 14 |
| 5 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | -0.25% | 100.35 | 100.59 | 11 |
| 6 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | -0.04% | 100.37 | 100.41 | 17 |
| 7 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.18% | 99.27 | 99.10 | 13 |
| 8 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | -0.11% | 100.54 | 100.65 | 16 |
| 9 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | -0.13% | 100.00 | 100.13 | 15 |
| 10 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.07% | 99.64 | 99.57 | 17 |
| 11 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | -0.05% | 100.25 | 100.30 | 10 |
| 12 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.12% | 100.39 | 100.51 | 14 |
| 13 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | -0.01% | 100.22 | 100.23 | 10 |
| 14 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.15% | 100.12 | 100.26 | 20 |
| 15 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -0.06% | 100.30 | 100.36 | 16 |
| 16 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 0.12% | 79.35 | 79.25 | 18 |
| 17 | 3,566 | AIR MEDICAL (USD) PIK TL B S+550 10/2/2028 | -0.10% | 100.08 | 100.18 | 11 |
| 18 | 3,515 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 0.05% | 100.16 | 100.12 | 21 |
| 19 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | -0.06% | 100.10 | 100.16 | 16 |
| 20 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | -0.24% | 100.00 | 100.25 | 12 |
| AVERAGE | 4,314 | -0.12% | 98.03 | 98.23 | 14.6 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/18/25-7/25/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | STEINHOFF EUROPE (AT) AG (EUR) PIK 2L TL B2 E+1075 12/31/2021 | 7.81% | 23.82 | 22.09 | 4 |
| 2 | LAKESHORE LEARNING MATERIALS LLC (USD) TL L+350 9/29/2028 | 3.93% | 81.33 | 78.26 | 6 |
| 3 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | 3.38% | 52.02 | 50.32 | 13 |
| 4 | VERIZON (USD) TL B1 L+550 9/1/2027 | 2.17% | 91.94 | 89.98 | 7 |
| 5 | XAI CORP (USD) TL B S+725 6/2/2030 | 1.91% | 96.30 | 94.50 | 8 |
| 6 | ALTICE (US) FIN I CORP (USD) TL B S+500 10/28/2027 | 1.60% | 87.85 | 86.47 | 11 |
| 7 | TRICO PRODUCTS (USD) TL S+500 3/30/2027 | 1.55% | 97.81 | 96.32 | 10 |
| 8 | HOUSE OF HR GROUP BV (EUR) TL B E+500 11/3/2029 | 1.28% | 96.28 | 95.07 | 13 |
| 9 | DUFF & PHELPS (USD) TL B S+375 4/9/2027 | 1.15% | 99.13 | 98.00 | 15 |
| 10 | GAINWELL (USD) TL B L+400 10/1/2027 | 1.03% | 98.90 | 97.89 | 4 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/18/25-7/25/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | AMEDES GROUP (EUR) TL B E+375 10/12/2028 | -7.76% | 81.13 | 87.95 | 10 |
| 2 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | -5.48% | 78.14 | 82.68 | 12 |
| 3 | GEON PERFORMANCE (USD) TL B S+425 8/18/2028 | -3.08% | 91.00 | 93.89 | 8 |
| 4 | MERLIN ENTERTAINMENTS (USD) TL B S+350 11/24/2029 | -2.62% | 93.52 | 96.04 | 9 |
| 5 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -2.16% | 66.14 | 67.60 | 12 |
| 6 | BUCCANEER (USD) TL B S+700 5/13/2027 | -2.15% | 91.98 | 93.99 | 9 |
| 7 | US LBM (USD) TL B S+375 5/29/2031 | -2.09% | 93.49 | 95.49 | 14 |
| 8 | HERENS HOLDCO SARL (USD) TL B L+400 7/3/2028 | -2.07% | 90.49 | 92.41 | 5 |
| 9 | INEOS FIN PLC (USD) TL B S+325 2/5/2030 | -1.69% | 95.00 | 96.63 | 8 |
| 10 | FNZ UK FINCO LTD (USD) TL B S+500 11/5/2031 | -1.68% | 80.94 | 82.33 | 6 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/18/25-7/25/25
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 7/18/25-7/25/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/18/25 vs. the week ending 7/25/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SIGNATURE AVIATION US HLDGS INC (USD) TL B S+275 7/1/2031 | 52 | 110 | 58 | 112% |
| 2 | FRONERI (EUR) TL B E+300 7/16/2032 | 14 | 64 | 50 | 357% |
| 3 | FRONERI (USD) TL B S+250 7/17/2032 | 30 | 74 | 44 | 147% |
| 4 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 16 | 46 | 30 | 188% |
| 5 | BCP V MODULAR SERVS FIN II PLC (EUR) TL B E+425.5 7/31/2031 | 36 | 56 | 20 | 56% |
| 6 | CHAMP ACQUISITION CORP (USD) TL S+400 11/25/2031 | 8 | 28 | 20 | 250% |
| 7 | RESONETICS (USD) TL B S+350 6/6/2031 | 26 | 46 | 20 | 77% |
| 8 | DAVITA INC (USD) TL B1 S+175 5/9/2031 | 10 | 29 | 19 | 190% |
| 9 | SUBCOM (USD) TL B S+350 1/30/2031 | 6 | 24 | 18 | 300% |
| 10 | SIVANTOS (EUR) TL B E+375 2/27/2029 | 32 | 50 | 18 | 56% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/18/25-7/25/25
| RANK | TRANCHE | DEALERS |
| 1 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 22 |
| 2 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 21 |
| 3 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 20 |
| 4 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 20 |
| 5 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 20 |
| 6 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 20 |
| 7 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 20 |
| 8 | HARBOR FREIGHT (USD) TL B S+250 6/5/2031 | 19 |
| 9 | WHATABURGER (USD) TL B S+250 8/3/2028 | 19 |
| 10 | ULTIMATE SOFTWARE (USD) TL B S+300 2/9/2031 | 19 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/18/25-7/25/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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