Syndicated Bank Loan Market Summary – December 2025
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Syndicated Bank Loan Market Summary: December 2025
Our newsletter presents key trends derived from observable Syndicated Bank Loan pricing data over a monthly period.
New Issues
Loans issued during the month ending 12/31/25
| ISSUER | AMOUNT (MM) | LOAN TYPE | MATURITY | RATE |
|---|---|---|---|---|
| Africa Finance Corp. | – | Term Loan | 8/12/2028 | S+110 |
| Turk Ekonomi Bankasi AS | – | Term Loan | 11/15/2026 | E+85 |
| Action Nederland BV | – | Term Loan | 10/26/2032 | – |
| Anticimex Intl. | 600 | Term Loan | 11/30/2031 | – |
| Orpea | 2200 | Term Loan | 11/12/2031 | E+274 |
| Radiate Holdco LLC | – | Delayed-draw Term Loan | 6/26/2029 | – |
| Focus Financial Partners LLC | – | Term Loan | 9/15/2031 | – |
| Castle US Holding Corp. | – | Term Loan | 5/31/2030 | – |
| American Bath | 140 | Term Loan | 11/23/2027 | – |
| Covis Pharma BV | 595 | Term Loan | 2/18/2027 | – |
| Gulf Energy Maritime PJSC | 275 | Term Loan | 6/15/2024 | – |
| CPC Acquisition Corp. | 225 | Term Loan | 12/30/2028 | S+775 |
| Eroski Sociedad Cooperativa | 337 | Term Loan | 2/1/2028 | – |
| Highpeak Energy Inc. | – | Term Loan | 9/29/2028 | – |
| ITG Communications | – | Term Loan | 7/1/2031 | S+475 |
| Turkiye Garanti Bankasi AS | 143 | Term Loan | 12/6/2024 | E+325 |
| ISBANK | 331 | Term Loan | 11/19/2023 | E+400 |
| Arab Rep Egypt | 976 | Term Loan | 12/25/2027 | – |
| Denizbank AS | 134 | Term Loan | 11/30/2026 | E+125 |
| Al Rajhi Banking and Investment Corp. | 1430 | Term Loan | 8/25/2026 | – |
| Phenna Group | 890 | Term Loan | 6/19/2031 | E+325 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 12/1/25 – 12/31/25
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | 0.16% | 100.06 | 99.90 | 19 |
| 2 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | 5.39% | 92.51 | 87.78 | 13 |
| 3 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | 0.17% | 100.30 | 100.14 | 12 |
| 4 | 5,500 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | -0.75% | 99.62 | 100.38 | 19 |
| 5 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 11.26% | 100.44 | 90.28 | 18 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B3 S+425 4/20/2028 | -7.61% | 92.74 | 100.38 | 13 |
| 7 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.32% | 100.38 | 100.05 | 15 |
| 8 | 4,230 | TK ELEVATOR (US) NEWCO INC TL B | 0.07% | 100.63 | 100.56 | 16 |
| 9 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | 0.47% | 99.47 | 99.00 | 16 |
| 10 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | 0.26% | 100.25 | 99.99 | 10 |
| 11 | 4,001 | CITADEL (USD) TL B S+200 10/28/2031 | 0.36% | 100.48 | 100.13 | 15 |
| 12 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.18% | 100.53 | 100.35 | 12 |
| 13 | 3,914 | BROADSTREET PARTNERS INC (USD) TL B S+275 6/16/2031 | -0.15% | 100.27 | 100.41 | 17 |
| 14 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | -0.01% | 100.24 | 100.25 | 18 |
| 15 | 3,736 | UFC (USD) TL B5 S+200 11/21/2031 | 0.41% | 100.41 | 100.00 | 15 |
| 16 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.05% | 100.31 | 100.26 | 15 |
| 17 | 3,600 | GLOBAL MEDICAL RESPONSE INC (USD) TL S+350 9/10/2032 | 0.23% | 100.36 | 100.13 | 14 |
| 18 | 3,573 | CDK GLOBAL (USD) TL B S+325 7/6/2029 | -15.88% | 84.54 | 100.50 | 13 |
| 19 | 3,500 | MEDLINE BORROWER LP (USD) TL B S+200 10/21/2030 | 21.19% | 100.29 | 82.75 | 12 |
| 20 | 3,488 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | -0.10% | 99.96 | 100.06 | 18 |
| AVERAGE | 4,387 | 0.80% | 98.69 | 98.16 | 15.0 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 12/1/25 – 12/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | MAGNOLIA (USD) 2L TL S+775 2/1/2029 | 49.73% | 78.14 | 52.19 | 8 |
| 2 | PRETIUM PACKAGING (USD) 2ND OUT TL A1 S+460 10/2/2028 | 19.63% | 39.35 | 32.90 | 11 |
| 3 | LESLIE’S POOLMART (USD) TL B L+275 3/9/2028 | 10.45% | 45.39 | 41.10 | 12 |
| 4 | INTERNET BRANDS (USD) 2L TL L+625 2/23/2029 | 10.35% | 83.64 | 75.80 | 11 |
| 5 | INTERIOR LOGIC (USD) TL B L+350 4/3/2028 | 6.43% | 71.16 | 66.87 | 12 |
| 6 | HOUGHTON MIFFLIN (USD) TL B S+525 4/9/2029 | 5.76% | 87.83 | 83.05 | 10 |
| 7 | ASURION (USD) 2L TL B4 L+525 1/20/2029 | 4.93% | 98.02 | 93.41 | 10 |
| 8 | AMEDES GROUP (EUR) TL B E+375 10/12/2028 | 4.78% | 84.68 | 80.81 | 15 |
| 9 | APEX GROUP TRSY LLC (USD) TL B S+350 2/20/2032 | 4.54% | 93.81 | 89.74 | 6 |
| 10 | LABEYRIE (EUR) TL B E+500 7/31/2029 | 3.97% | 92.71 | 89.17 | 14 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 12/1/25 – 12/31/25
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | TORRID (USD) TL B L+550 6/14/2028 | -51.08% | 39.39 | 80.52 | 10 |
| 2 | SONICWALL (USD) TL B S+500 5/15/2028 | -26.33% | 64.30 | 87.28 | 11 |
| 3 | MHS HOLDINGS (USD) TL B S+550 6/12/2029 | -17.07% | 63.92 | 77.07 | 7 |
| 4 | OXEA (USD) PIK TL B2 4/8/2031 | -15.77% | 74.61 | 88.58 | 5 |
| 5 | EKATERRA (GBP) TL B SN+562.5 7/30/2029 | -14.34% | 72.24 | 84.33 | 11 |
| 6 | CAST & CREW (USD) TL S+375 12/29/2028 | -13.97% | 58.01 | 67.43 | 6 |
| 7 | SKILLSOFT (USD) TL B S+525 7/16/2028 | -13.07% | 70.89 | 81.55 | 8 |
| 8 | RACKSPACE TECH GLOBAL INC (USD) 2ND OUT TL B S+275 5/15/2028 | -11.65% | 36.01 | 40.76 | 13 |
| 9 | MONEYGRAM INTL INC (USD) TL B S+475 6/1/2030 | -9.92% | 65.63 | 72.85 | 8 |
| 10 | ENTERTAINMENT PARTNERS (USD) TL B S+450 11/6/2028 | -9.92% | 71.57 | 79.45 | 10 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 12/1/25 – 12/31/25 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 12/1/25 – 12/31/25
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 11/30/24 vs. the month ending 12/31/25
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 140 | 474 | 334 | 239% |
| 2 | SPECIALTY BLDG PRODUCTS HLDGS LLC (USD) TL B L+375 10/15/2028 | 178 | 419 | 241 | 135% |
| 3 | MADISON IAQ LLC (USD) TL S+275 11/8/2032 | 194 | 403 | 209 | 108% |
| 4 | UKG INC (USD) TL S+250 2/9/2031 | 328 | 520 | 192 | 59% |
| 5 | MADISON IAQ LLC (USD) TL B S+300 6/21/2028 | 234 | 407 | 173 | 74% |
| 6 | CIENA CORP (USD) TL B S+175 10/24/2030 | 16 | 184 | 168 | 1050% |
| 7 | UFC (USD) TL B5 S+200 11/21/2031 | 269 | 433 | 164 | 61% |
| 8 | QXO INC (USD) TL B S+200 4/30/2032 | 42 | 204 | 162 | 386% |
| 9 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 356 | 498 | 142 | 40% |
| 10 | REALPAGE INC (USD) TL B S+375 4/24/2028 | 319 | 453 | 134 | 42% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 12/1/25 – 12/31/25
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 20 |
| 2 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 20 |
| 3 | UKG INC (USD) TL S+250 2/9/2031 | 19 |
| 4 | EMRLD BORROWER LP (USD) TL B S+225 5/31/2030 | 19 |
| 5 | WHATABURGER (USD) TL B S+250 8/3/2028 | 19 |
| 6 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 19 |
| 7 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 18 |
| 8 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 18 |
| 9 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 18 |
| 10 | CULLIGAN (USD) TL B S+325 7/30/2028 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 12/1/25 – 12/31/25
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 12/1/25 – 12/31/25 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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