Syndicated Bank Loan Market Summary – Week Ending 8/15/25
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Syndicated Bank Loan Market Summary: Week Ending 8/15/25
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 8/15/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Fiserv Inc. | 8000 | Term Loan | 8/12/2030 | – |
| Apollo Debt Solutions BDC | 3453 | Term Loan | 8/12/2030 | – |
| TransDigm Group Inc. | 2500 | Term Loan | 8/1/2032 | S+250 |
| TransDigm Group Inc. | 2500 | Term Loan | 8/1/2032 | – |
| Instructure Inc. | 1681 | Term Loan | 11/13/2031 | S+275 |
| Sabre Industries Inc. | 1260 | Term Loan | 8/11/2032 | S+250 |
forward calendar
Forward calendar during the week ending 8/15/25
| Issuer | Deal Information | Banks | Expected Issue Date |
|---|---|---|---|
| Alaska Air | $744MM TLB | BofA | Q3 2025 |
| Garrett Motion Inc. | $690MM TL | JPM | Q3 2025 |
| Pushpay USA Inc. | $408MM TL | JEFF | Q3 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 8/8/25-8/15/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,631 | MEDLINE BORROWER LP (USD) TL S+225 10/21/2028 | 0.06% | 99.99 | 99.94 | 10 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | -0.06% | 99.85 | 99.91 | 13 |
| 3 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 0.02% | 85.92 | 85.90 | 11 |
| 4 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | -0.04% | 99.95 | 99.99 | 11 |
| 5 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | 2.41% | 97.24 | 94.95 | 14 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | -0.75% | 92.94 | 93.64 | 13 |
| 7 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | -0.06% | 100.00 | 100.06 | 13 |
| 8 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | -0.15% | 100.06 | 100.22 | 17 |
| 9 | 4,479 | CLOUD SOFTWARE GROUP INC (USD) TL B S+350 3/30/2029 | -0.04% | 100.03 | 100.06 | 10 |
| 10 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.04% | 99.79 | 99.75 | 12 |
| 11 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | -0.08% | 100.34 | 100.42 | 14 |
| 12 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | -0.02% | 99.90 | 99.91 | 14 |
| 13 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.03% | 99.61 | 99.58 | 17 |
| 14 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | -0.06% | 100.15 | 100.21 | 10 |
| 15 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.11% | 100.17 | 100.28 | 15 |
| 16 | 3,914 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | -0.04% | 99.86 | 99.90 | 17 |
| 17 | 3,900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | -0.09% | 100.04 | 100.13 | 10 |
| 18 | 3,859 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | -0.16% | 99.75 | 99.91 | 19 |
| 19 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | -0.11% | 99.72 | 99.83 | 16 |
| 20 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -0.21% | 99.88 | 100.09 | 17 |
| AVERAGE | 4,643 | 0.03% | 98.76 | 82.75 | 13.7 |
Top 10 Performers
Showcases the top 10 loan performers based on the largest bid price increases between 8/8/25-8/15/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | WIDEOPENWEST (USD) TL B L+300 12/20/2028 | 7.37% | 91.53 | 85.24 | 7 |
| 2 | ADVANTAGE SALES (USD) TL B S+425 10/28/2027 | 4.31% | 83.91 | 80.45 | 12 |
| 3 | PLY GEM (USD) TL B S+475 5/2/2031 | 2.27% | 87.86 | 85.91 | 10 |
| 4 | BRAND INDL SERVS INC (USD) TL B S+450 8/1/2030 | 2.11% | 84.73 | 82.98 | 15 |
| 5 | MICHAELS STORES (USD) TL L+425 4/15/2028 | 1.81% | 84.37 | 82.87 | 12 |
| 6 | S4 CAPITAL PLC (EUR) TL B E+375 8/9/2028 | 1.78% | 94.04 | 92.40 | 12 |
| 7 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | 1.62% | 84.08 | 82.75 | 17 |
| 8 | HEXION INC (USD) TL B S+400 3/15/2029 | 1.24% | 99.61 | 98.39 | 12 |
| 9 | OSMOSE (USD) TL L+325 6/23/2028 | 1.09% | 97.57 | 96.52 | 9 |
| 10 | BUCCANEER (USD) TL B S+700 5/13/2027 | 1.04% | 92.82 | 91.87 | 9 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 8/8/25-8/15/25
| RANK | NAME | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|
| 1 | MULTI-COLOR (EUR) TL B E+500 10/29/2028 | -6.54% | 78.67 | 84.18 | 11 |
| 2 | LIBERTY LATIN AMERICA (USD) TL B L+375 10/16/2028 | -4.36% | 64.01 | 66.93 | 6 |
| 3 | INOVIE (EUR) TL B E+400 3/8/2028 | -4.19% | 88.48 | 92.35 | 11 |
| 4 | HERENS HOLDCO SARL (EUR) TL B E+400 4/30/2028 | -3.68% | 87.64 | 90.99 | 12 |
| 5 | VET INTERMEDIATE (USD) TL B S+500 9/19/2029 | -3.51% | 86.39 | 89.53 | 8 |
| 6 | SOLERA (USD) TL B L+400 6/2/2028 | -3.30% | 94.45 | 97.67 | 16 |
| 7 | RENAISSANCE LEARNING (USD) TL B S+400 4/7/2030 | -2.32% | 87.96 | 90.05 | 11 |
| 8 | TRAEGER (USD) TL L+350 6/29/2028 | -2.28% | 88.16 | 90.22 | 13 |
| 9 | SYNCSORT (USD) 2L TL L+725 4/23/2029 | -2.21% | 90.95 | 93.00 | 6 |
| 10 | GI REVELATION (USD) TL B S+375 5/14/2028 | -1.58% | 96.92 | 98.48 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 8/8/25-8/15/25 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 8/8/25-8/15/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 8/8/25 vs. the week ending 8/15/25
| RANK | TRANCHE | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | EMRLD BORROWER LP (USD) TL B2 S+225 8/2/2031 | 45 | 80 | 35 | 78% |
| 2 | EMRLD BORROWER LP (USD) TL B S+225 5/31/2030 | 52 | 86 | 34 | 65% |
| 3 | MEDLINE BORROWER LP (USD) TL B S+200 10/21/2030 | 22 | 52 | 30 | 136% |
| 4 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 87 | 112 | 25 | 29% |
| 5 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 78 | 102 | 24 | 31% |
| 6 | BUSY BEES (GBP) TL B SN+475 2/17/2032 | 26 | 48 | 22 | 85% |
| 7 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | 36 | 56 | 20 | 56% |
| 8 | MITER BRANDS (USD) TL B S+275 3/28/2031 | 53 | 72 | 19 | 36% |
| 9 | IMAGEFIRST (USD) TL B S+325 3/7/2032 | 0 | 18 | 18 | NA |
| 10 | HYPERION (USD) TL B S+275 2/15/2031 | 16 | 34 | 18 | 113% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 8/8/25-8/15/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 20 |
| 2 | GOLDEN NUGGET INC (USD) TL B S+350 1/27/2029 | 20 |
| 3 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 19 |
| 4 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 19 |
| 5 | ALLIANT HLDGS I INC (USD) TL B S+325 9/12/2031 | 19 |
| 6 | INTL GAME TECH PLC (USD) TL B S+475 7/1/2032 | 18 |
| 7 | TRANSDIGM INC (USD) TL K S+275 2/22/2030 | 18 |
| 8 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 9 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 18 |
| 10 | EMERSON ELECTRIC CO (USD) TL B S+250 6/18/2031 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 8/8/25-8/15/25
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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