Syndicated Bank Loan Market Summary – Week Ending 7/18/25
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Syndicated Bank Loan Market Summary: Week Ending 7/18/25
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 7/18/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| ILC Dover LP | 240 | Term Loan | 2/2/2026 | L+550 |
| Hyland Software Inc. | 3250 | Term Loan | 9/19/2030 | S+600 |
| Quest Software US Holdings Inc | 1741 | Term Loan | 2/1/2029 | S+425 |
| Areas SA | 1130 | Term Loan | 12/29/2029 | E+500 |
forward calendar
Forward calendar during the week ending 7/18/25
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Acuren Corp. | $850MM TL | JEFF | Q3 2025 |
| Alterra Mountain Co. | $716MM TLB | JPM | Q3 2025 |
| Solenis | $800MM TLB | GS | Q3 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 7/11/25-7/18/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,631 | MEDLINE BORROWER LP (USD) TL S+225 10/21/2028 | -0.17% | 100.17 | 100.34 | 13 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | -0.14% | 88.98 | 89.10 | 13 |
| 3 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 1.17% | 95.83 | 94.72 | 14 |
| 4 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | 0.30% | 95.92 | 95.64 | 14 |
| 5 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.07% | 100.59 | 100.52 | 11 |
| 6 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.03% | 100.41 | 100.38 | 18 |
| 7 | 4,479 | CLOUD SOFTWARE GROUP INC (USD) TL B S+350 3/30/2029 | -0.01% | 100.34 | 100.35 | 10 |
| 8 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | -0.01% | 99.10 | 99.11 | 14 |
| 9 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.12% | 100.65 | 100.53 | 16 |
| 10 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | 0.03% | 100.13 | 100.11 | 15 |
| 11 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.03% | 99.57 | 99.55 | 17 |
| 12 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.02% | 100.30 | 100.28 | 10 |
| 13 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.02% | 100.51 | 100.53 | 15 |
| 14 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.06% | 100.26 | 100.33 | 20 |
| 15 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.04% | 100.36 | 100.31 | 17 |
| 16 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -2.40% | 79.25 | 81.20 | 18 |
| 17 | 3,566 | AIR MEDICAL (USD) PIK TL B S+550 10/2/2028 | -0.04% | 100.18 | 100.22 | 11 |
| 18 | 3,491 | WESTINGHOUSE (USD) TL B S+250 1/5/2031 | 0.08% | 100.16 | 100.09 | 17 |
| 19 | 3,420 | RCN GRANDE (USD) TL L+325 9/25/2026 | 0.53% | 86.04 | 85.58 | 11 |
| 20 | 3,393 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | -0.01% | 100.25 | 100.25 | 12 |
| AVERAGE | 4,339 | -0.02% | 97.45 | 97.89 | 14.3 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 7/11/25-7/18/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | WEST DEPTFORD ENERGY (USD) TL B L+375 8/3/2026 | 4.81% | 98.69 | 94.17 | 10 |
| 2 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | 3.31% | 50.32 | 48.71 | 12 |
| 3 | FLEETPRIDE (USD) TL B S+450 9/4/2028 | 3.30% | 94.42 | 91.40 | 10 |
| 4 | ALTICE FNCG SA (EUR) TL B S+500 10/2/2027 | 3.29% | 82.77 | 80.13 | 7 |
| 5 | VERIFONE (USD) TL S+575 8/20/2028 | 2.17% | 96.89 | 94.83 | 12 |
| 6 | XAI CORP (USD) TL B S+725 6/2/2030 | 1.94% | 94.50 | 92.70 | 7 |
| 7 | INMARSAT (USD) TL B S+450 9/13/2029 | 1.86% | 98.90 | 97.10 | 10 |
| 8 | LANDESK (USD) 2ND OUT TL S+475 6/1/2029 | 1.72% | 83.05 | 81.65 | 7 |
| 9 | STUBHUB (USD) TL B S+475 3/12/2030 | 1.67% | 99.09 | 97.46 | 5 |
| 10 | MICHAELS STORES (USD) TL L+425 4/15/2028 | 1.63% | 83.39 | 82.05 | 12 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 7/11/25-7/18/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | NAPA MANAGEMENT SERVICES (USD) TL B L+525 2/23/2029 | -4.50% | 75.27 | 78.82 | 8 |
| 2 | CERBA HEALTHCARE (EUR) TL D E+500 2/16/2029 | -3.11% | 73.19 | 75.54 | 13 |
| 3 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -2.40% | 79.25 | 81.20 | 18 |
| 4 | COLISEE PATRIMOINE (EUR) TL B E+375 11/30/2027 | -2.19% | 55.26 | 56.50 | 14 |
| 5 | KIK CUSTOM (USD) TL B S+400 6/26/2031 | -1.59% | 87.45 | 88.86 | 13 |
| 6 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | -1.52% | 67.60 | 68.64 | 12 |
| 7 | EKATERRA (EUR) TL B E+475 7/30/2029 | -1.26% | 83.46 | 84.53 | 11 |
| 8 | STARK GROUP (EUR) TL B E+500 5/4/2028 | -0.86% | 95.60 | 96.44 | 13 |
| 9 | ORBITER GROUP (EUR) TL B E+400 10/18/2028 | -0.52% | 89.29 | 89.76 | 14 |
| 10 | CERAMTEC (EUR) TL B E+425 3/16/2029 | -0.49% | 96.28 | 96.75 | 14 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/11/25-7/18/25 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 7/11/25-7/18/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 7/11/25 vs. the week ending 7/18/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | ENVESTNET (USD) TL B S+300 11/25/2031 | 2 | 38 | 36 | 1800% |
| 2 | SIGNATURE AVIATION US HLDGS INC (USD) TL B S+275 7/1/2031 | 76 | 110 | 34 | 45% |
| 3 | ASTORIA ENERGY (USD) TL B S+300 6/12/2032 | 36 | 62 | 26 | 72% |
| 4 | VERISURE HLDG AB (EUR) TL B E+350 3/15/2028 | 40 | 64 | 24 | 60% |
| 5 | SGG (EUR) TL B E+400 7/19/2028 | 60 | 83 | 23 | 38% |
| 6 | CINEWORLD (USD) TL B S+450 12/2/2031 | 26 | 49 | 23 | 88% |
| 7 | VERISURE HLDG AB (EUR) TL B E+375 5/30/2030 | 48 | 70 | 22 | 46% |
| 8 | ALTER DOMUS (EUR) TL B E+375 10/30/2031 | 38 | 60 | 22 | 58% |
| 9 | RACKSPACE FIN LLC (USD) TL B S+625 5/15/2028 | 16 | 38 | 22 | 138% |
| 10 | ROPER INDS INC NEW (USD) TL B S+275 11/22/2029 | 40 | 62 | 22 | 55% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/11/25-7/18/25
| 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 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 20 |
| 7 | WHATABURGER (USD) TL B S+250 8/3/2028 | 20 |
| 8 | TRICORBRAUN (USD) TL B L+325 3/3/2028 | 19 |
| 9 | ULTIMATE SOFTWARE (USD) TL B S+300 2/9/2031 | 19 |
| 10 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B L+375 5/12/2028 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/11/25-7/18/25
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.
Related Resources
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