Syndicated Bank Loan Market Summary – Week Ending 10/3/25
Weekly Syndicated Bank Loan Market Summary
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 10/3/25
| Issuer | Amount (MM) | Loan Type | Maturity | Rate |
| Diamond Sports Group, LLC | 228 | Revolving Credit | 5/25/2026 | S+300 |
| Avantor Performance Materials Inc. | 550 | Term Loan | 9/22/2032 | E+275 |
| Royal Caribbean Cruises LTD | 1600 | Revolving Credit | 10/4/2026 | S+130 |
| Reckitt Benckiser Group PLC | 1001 | Term Loan | 9/29/2032 | E+400 |
Forward Calendar
Forward calendar during the week ending 10/3/25
| Issuer | Deal Information | Banks | Expected Issue Date |
| Argus Media | $500MM TLB | JPM, CITI, ING, SMBC | Q4 2025 |
| Calabrio Inc. | $1.5B TL | SD | Q4 2025 |
| Openlane Inc. | $550MM TLB (B1/B) | JPM, BofA, GS, BMO, FT | Q4 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 9/26/25-10/3/25
| Rank | Size (MM) | Name | Change | PRC | PRC-1W | Dealers |
| 1 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | ▲ 0.03% | 99.88 | 99.85 | 16 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | ▼ -0.19% | 84.15 | 84.32 | 15 |
| 3 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | ▼ -0.03% | 99.84 | 99.88 | 12 |
| 4 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | ▼ -0.03% | 100.29 | 100.33 | 17 |
| 5 | 4,750 | ZAYO (USD) TL L+300 3/9/2027 | ▼ -0.08% | 98.42 | 98.50 | 13 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | ▼ -1.70% | 94.18 | 95.81 | 12 |
| 7 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | ▼ -0.10% | 100.17 | 100.26 | 14 |
| 8 | 4,525 | TRANSDIGM INC (USD) TL I S+275 8/24/2028 | 0.00% | 100.06 | 100.06 | 13 |
| 9 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | ▲ 0.06% | 80.46 | 80.42 | 10 |
| 10 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | ▼ -0.04% | 99.84 | 99.88 | 14 |
| 11 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.00% | 100.25 | 100.25 | 15 |
| 12 | 4,226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | ▼ -0.01% | 99.99 | 100.00 | 14 |
| 13 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | ▼ -0.63% | 99.10 | 99.72 | 18 |
| 14 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | ▲ 0.05% | 100.00 | 99.95 | 12 |
| 15 | 4,050 | TRANSDIGM INC (USD) TL F S+275 2/9/2030 | 0.00% | 100.06 | 100.06 | 13 |
| 16 | 3,975 | AVANTOR FUNDING INC (USD) TL B-1 S+275 3/31/2030 | 0.00% | 100.10 | 100.10 | 11 |
| 17 | 3,958 | REFINITIV US HOLDINGS (USD) TL B S+350 9/30/2028 | ▼ -0.13% | 97.92 | 98.05 | 10 |
| 18 | 3,956 | ZIGGO BOND CO BV (EUR) TL B E+275 1/15/2031 | 0.00% | 99.88 | 99.88 | 10 |
| 19 | 3,926 | ARCONIC ROLLED PRODUCTS (USD) TL B S+325 5/15/2030 | ▲ 0.03% | 99.93 | 99.90 | 9 |
| 20 | 3,910 | BMC SOFTWARE (USD) TL B S+350 10/15/2028 | ▼ -0.06% | 99.83 | 99.89 | 10 |
| Average | -0.17% | 97.85 | 97.92 | 13 | ||
Top 10 Performers
| Rank | Name | Change | PRC | PRC-1W | Dealers |
| 1 | XAI CORP (USD) TL B S+725 6/2/2030 | ▲ 6.04% | 102.22 | 96.40 | 8 |
| 2 | LOGOPLASTE (EUR) TL B E+375 7/7/2028 | ▲ 3.57% | 88.21 | 85.17 | 13 |
| 3 | CERBA HEALTHCARE (EUR) TL B E+375 5/24/2028 | ▲ 1.46% | 70.17 | 69.16 | 13 |
| 4 | MERLIN ENTERTAINMENTS (EUR) TL B E+375 11/9/2029 | ▲ 1.39% | 88.70 | 87.48 | 16 |
| 5 | SITEL LLC / SITEL FIN CORP (USD) TL B L+375 8/28/2028 | ▲ 1.23% | 50.35 | 49.74 | 15 |
| 6 | RED VENTURES (USD) TL B S+275 3/3/2030 | ▲ 0.82% | 93.79 | 93.03 | 12 |
| 7 | PETCO (USD) TL B L+325 3/3/2028 | ▲ 0.73% | 98.04 | 97.33 | 16 |
| 8 | ZIGGO (USD) TL I L+250 4/30/2028 | ▲ 0.56% | 99.87 | 99.31 | 17 |
| 9 | PODS (USD) TL B L+325 3/31/2028 | ▲ 0.53% | 97.98 | 97.46 | 13 |
| 10 | TWITTER INC (USD) TL B S+950 10/27/2029 | ▲ 0.39% | 100.18 | 99.79 | 7 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 9/26/25-10/3/25
| Rank | Name | Change | PRC | PRC-1W | Dealers |
| 1 | ATNAHS PHARMA UK LTD (EUR) TL B E+425 2/6/2030 | ▼ -13.59% | 56.08 | 64.90 | 13 |
| 2 | TRONOX INC (USD) TL B S+250 9/18/2031 | ▼ -8.26% | 79.85 | 87.03 | 15 |
| 3 | RACKSPACE FIN LLC (USD) TL B S+275 5/15/2028 | ▼ -4.77% | 43.28 | 45.45 | 14 |
| 4 | TECTUM HOLDINGS INC (USD) TL B S+500 1/31/2028 | ▼ -4.64% | 87.78 | 92.05 | 12 |
| 5 | VEONET (EUR) TL B E+475 4/8/2029 | ▼ -2.96% | 89.39 | 92.11 | 10 |
| 6 | CARDENAS MARKETS (USD) TL B S+675 8/1/2029 | ▼ -2.85% | 82.82 | 85.25 | 14 |
| 7 | EPIQ SYSTEMS (USD) TL S+425 4/26/2029 | ▼ -2.31% | 87.10 | 89.16 | 8 |
| 8 | MULTI-COLOR (USD) TL B L+500 10/29/2028 | ▼ -2.15% | 79.97 | 81.73 | 16 |
| 9 | CRH EUROPE (EUR) TL B E+475 12/28/2029 | ▼ -2.01% | 83.23 | 84.93 | 12 |
| 10 | INEOS FIN PLC (USD) TL B S+300 2/7/2031 | ▼ -1.90% | 89.49 | 91.22 | 12 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/26/25-10/3/25 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 9/26/25-10/3/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 9/26/25 vs. the week ending 10/3/25
| Rank | Tranche | Prior Week | This Week | Increase | % Increase |
| 1 | VMED O2 (UK) FNCG I PLC (USD) TL N S+250 1/31/2028 | 55 | 78 | 23 | ▲ 42% |
| 2 | RED VENTURES (USD) TL B S+275 3/3/2030 | 48 | 66 | 18 | ▲ 38% |
| 3 | BAY CLUBS COMPANY LLC (USD) TL B S+375 6/28/2031 | 26 | 42 | 16 | ▲ 62% |
| 4 | GENESEE & WYOMING INC (USD) TL B S+175 4/10/2031 | 66 | 82 | 16 | ▲ 24% |
| 5 | AMEX GBT (USD) TL B S+275 7/26/2031 | 54 | 70 | 16 | ▲ 30% |
| 6 | UNIVISION COMMS INC (USD) TL B S+350 1/23/2029 | 30 | 46 | 16 | ▲ 53% |
| 7 | CHARTER COMMUNICATIONS (USD) TL B4 S+200 12/2/2030 | 62 | 78 | 16 | ▲ 26% |
| 8 | HILTON GRAND VACATIONS BORROWER (USD) TL B S+200 1/17/2031 | 41 | 56 | 15 | ▲ 37% |
| 9 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 94 | 108 | 14 | ▲ 15% |
| 10 | CENGAGE (USD) TL B S+375 3/22/2031 | 44 | 58 | 14 | ▲ 32% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/26/25-10/3/25
| Rank | Tranche | Dealers |
| 1 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 20 |
| 2 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 20 |
| 3 | TENNECO INC (USD) TL B S+500 11/6/2028 | 19 |
| 4 | GO DADDY OPERATING CO LLC (USD) TL B S+175 11/10/2029 | 19 |
| 5 | TRONOX INC (USD) TL B S+250 4/4/2029 | 19 |
| 6 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 19 |
| 7 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 19 |
| 8 | NTL CABLE PLC (USD) TL B 3/31/2031 | 18 |
| 9 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 18 |
| 10 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/26/25-10/3/25
Sector Bid-Offer Spread
Results are based on 5 select industry sectors, however, we offer data across 36 sectors
Related Resources
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