Syndicated Bank Loan Market Summary – Week Ending 11/7/25
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 11/7/25
| Issuer | Amount (MM) | Loan Type | Maturity | Rate |
| Ohio Power Co. | 325 | Term Loan | 10/28/2032 | S+275 |
| Cano Health LLC | 44 | Delayed-draw Term Loan | 6/28/2029 | S+950 |
| DigiCert Inc. | 1,319 | Term Loan | 7/10/2030 | S+575 |
| Forming Machining Industries | 281 | Term Loan | 1/2/2026 | S+625 |
Forward Calendar
Forward calendar during the week ending 11/7/25
| Issuer | Deal Information | Banks | Expected Issue Date |
| Darktrace PLC | $750MM TL | GS | Q4 2025 |
| Equiniti | $1.5B TLB | GS | Q4 2025 |
| HNI Corp. | $500MM TLB (Ba1/BBB-) | JPM, WF, USB | Q4 2025 |
Largest Loans
Highlights the weekly price movements and quote depth for the 20 largest bank loans between 10/31/25-11/7/25
| Rank | Size (MM) | Name | Change | PRC | PRC-1W | Dealers |
| 1 | 6272 | UKG INC (USD) TL S+250 2/9/2031 | 0.00% | 99.85 | 99.935 | 14 |
| 2 | 6145.2 | MAGNOLIA (USD) TL L+375 2/1/2028 | ▼ 0.01% | 85.59 | 86.099 | 13 |
| 3 | 5621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | 0.00% | 100.20 | 100.00 | 11 |
| 4 | 5080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 0.00% | 100.40 | 100.359 | 16 |
| 5 | 4741 | INTERNET BRANDS (USD) TL B S+425 4/20/2028 | ▼ 0.01% | 89.63 | 90.519 | 12 |
| 6 | 4664.41 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.00% | 100.46 | 100.360 | 15 |
| 7 | 4300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 0.00% | 99.93 | 99.923 | 14 |
| 8 | 4230 | TK ELEVATOR (US) NEWCO INC TL B | 0.00% | 100.64 | 100.578 | 14 |
| 9 | 4226 | INSPIRE BRANDS (USD) TL B S+250 12/15/2027 | 0.00% | 100.00 | 100.125 | 12 |
| 10 | 4204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.00% | 98.87 | 98.979 | 16 |
| 11 | 4073.83 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | 0.00% | 100.08 | 100.086 | 11 |
| 12 | 4001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.00% | 100.38 | 100.326 | 14 |
| 13 | 3935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.00% | 100.31 | 100.192 | 15 |
| 14 | 3914 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | 0.00% | 100.33 | 100.223 | 17 |
| 15 | 3900 | DIRECTV FNCG LLC (USD) TL L+500 8/2/2027 | 0.00% | 100.00 | 100.00 | 11 |
| 16 | 3830.35 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 0.00% | 99.97 | 99.890 | 18 |
| 17 | 3640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.00% | 100.10 | 100.125 | 15 |
| 18 | 3600 | GLOBAL MEDICAL RESPONSE INC (USD) TL S+350 9/10/2032 | 0.00% | 100.54 | 100.414 | 11 |
| 19 | 3573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | ▲ 0.01% | 82.91 | 82.155 | 16 |
| 20 | 3500 | MEDLINE BORROWER LP (USD) TL B S+200 10/21/2030 | 0.00% | 100.00 | 100.009 | 11 |
| Average | 4372.54 | 0.00% | 98.01 | 100.20 | 13.8 |
Top 10 Performers
| Rank | Name | Change | PRC | PRC-1W | Dealers |
| 1 | ARCHROMA / SK SPICE (USD) TL B S+550 6/30/2027 | ▲ 7.09% | 83.62 | 78.08 | 8 |
| 2 | CRH EUROPE (EUR) TL B E+475 12/28/2029 | ▲ 5.10% | 82.40 | 78.40 | 15 |
| 3 | BCP V MODULAR SERVS FIN II PLC (EUR) TL B E+425.5 7/31/2031 | ▲ 2.70% | 93.60 | 91.14 | 15 |
| 4 | QUIRCH FOODS (USD) TL B L+450 10/27/2027 | ▲ 2.63% | 99.40 | 96.86 | 9 |
| 5 | L&W GROUP (USD) TL B S+450 4/6/2028 | ▲ 2.31% | 98.24 | 96.02 | 10 |
| 6 | WELD NORTH (USD) TL B S+350 12/15/2029 | ▲ 2.24% | 93.77 | 91.72 | 11 |
| 7 | FLORA FOOD MGT BV (EUR) TL B13 E+400 1/2/2028 | ▲ 1.98% | 95.89 | 94.03 | 14 |
| 8 | EKATERRA (EUR) TL B E+475 7/30/2029 | ▲ 1.97% | 80.78 | 79.22 | 14 |
| 9 | OMNI LOGISTICS (USD) TL B S+400 9/20/2030 | ▲ 1.80% | 98.53 | 96.79 | 13 |
| 10 | INOVIE (EUR) TL B E+500 3/3/2028 | ▲ 1.64% | 88.10 | 86.68 | 15 |
Bottom 10 Performers
Showcases the bottom 10 loan performers based on the largest bid price decreases between 10/31/25-11/7/25
| Rank | Name | Change | PRC | PRC-1W | Dealers |
| 1 | CAST & CREW (USD) TL B S+375 12/30/2028 | ▼ 13.12% | 70.84 | 81.54 | 5 |
| 2 | INTERNET BRANDS (USD) 2L TL L+625 2/23/2029 | ▼ 8.84% | 69.94 | 76.73 | 8 |
| 3 | INEOS FIN PLC (USD) TL B S+325 2/5/2030 | ▼ 5.76% | 80.92 | 85.87 | 7 |
| 4 | CORNERSTONE BLDG BRANDS INC (USD) TL L+325 4/12/2028 | ▼ 5.61% | 86.57 | 91.71 | 13 |
| 5 | MULTI-COLOR (USD) TL B L+500 10/29/2028 | ▼ 5.60% | 73.45 | 77.81 | 16 |
| 6 | JELD-WEN (USD) TL B S+200 7/28/2028 | ▼ 5.27% | 89.80 | 94.79 | 11 |
| 7 | MAGNOLIA (USD) 2L TL S+775 2/1/2029 | ▼ 3.76% | 48.36 | 50.25 | 11 |
| 8 | TRONOX INC (USD) TL B S+250 4/4/2029 | ▼ 2.87% | 75.21 | 77.43 | 18 |
| 9 | AMMERAAL BELTECH (EUR) TL B2 E+500 12/19/2028 | ▼ 2.21% | 88.39 | 90.39 | 11 |
| 10 | HERENS HOLDCO SARL (USD) TL B S+400 7/3/2028 | ▼ 2.09% | 87.01 | 88.87 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 10/31/25-11/7/25 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 10/31/25-11/7/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the loans with the largest increase in quote volume for the week ending 10/31/25 vs. the week ending 11/7/25
| Rank | Tranche | Prior Week | This Week | Increase | % Increase |
| 1 | MULTI-COLOR (USD) TL B L+500 10/29/2028 | 14 | 52 | 38 | ▲ 271% |
| 2 | ZIGGO (USD) TL I L+250 4/30/2028 | 58 | 82 | 24 | ▲ 41% |
| 3 | PLY GEM (USD) TL B S+475 5/2/2031 | 24 | 47 | 23 | ▲ 96% |
| 4 | ALERA GROUP (USD) TL S+350 5/14/2032 | 76 | 98 | 22 | ▲ 29% |
| 5 | MEHILAINEN (EUR) TL B7 7/3/2031 | 37 | 59 | 22 | ▲ 59% |
| 6 | ZYWAVE (USD) TL L+450 11/12/2027 | 0 | 22 | 22 | ▲ NA |
| 7 | ACUREN (USD) TL S+275 7/30/2031 | 42 | 62 | 20 | ▲ 48% |
| 8 | NORD ANGLIA (EUR) TL B E+325 1/31/2032 | 41 | 59 | 18 | ▲ 44% |
| 9 | BROOKS AUTOMATION (USD) TL B L+335 2/1/2029 | 36 | 54 | 18 | ▲ 50% |
| 10 | CUBIC CORP (USD) TL B L+425 5/25/2028 | 4 | 22 | 18 | ▲ 450% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 10/31/25-11/7/25
| Rank | Tranche | Dealers |
| 1 | AMWINS GROUP INC (USD) TL B S+225 1/23/2032 | 19 |
| 2 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 19 |
| 3 | INTL GAME TECH PLC (USD) TL B S+475 7/1/2032 | 18 |
| 4 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 18 |
| 5 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 18 |
| 6 | TRICORBRAUN (USD) TL B S+325 3/6/2031 | 18 |
| 7 | WHATABURGER (USD) TL B S+250 8/3/2028 | 18 |
| 8 | TRONOX INC (USD) TL B S+250 4/4/2029 | 18 |
| 9 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 10 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 10/31/25-11/7/25
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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