Syndicated Bank Loan Market Summary – July 2026
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Syndicated Bank Loan Market Summary: July 2026
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 7/31/26
| Issuer | Amount (MM) | Loan Type | Maturity | Rate |
| Iron Horse Midstream LLC | – | Term Loan | 9/27/2029 | – |
| QTS Realty Trust Inc | – | Term Loan | 3/22/2027 | – |
| Hornbeck Offshore Services Inc. | 38 | Delayed-draw Term Loan | 6/22/2025 | S+750 |
| SonicWALL Inc. | 152 | Term Loan | 4/26/2030 | S+550 |
| CDK Global Inc. | – | Term Loan | 7/5/2029 | S+325 |
| BCPE Empire Holdings Inc | 875 | Term Loan | 7/23/2033 | S+275 |
| Redstone Holdco 2 LP | 165 | Revolving Credit | 9/30/2030 | S+475 |
| Urbaser SA | 1500 | Term Loan | 7/1/2032 | E+275 |
| HMN Acquirer Corp | 136 | Term Loan | 11/5/2031 | S+375 |
| Yellowstone Buyer Acquisition LLC | 148 | Term Loan | 11/14/2028 | – |
| Cotiviti Corp. | 600 | Revolving Credit | 5/1/2029 | S+325 |
| Almaviva | 80 | Term Loan | 4/1/2031 | E+425 |
| Medical Solutions | 549 | Term Loan | 11/1/2030 | S+350 |
| Invent Farma S L | 200 | Term Loan | 12/17/2030 | E+350 |
| Blackfin Pipeline LLC | – | Term Loan | 9/29/2032 | S+225 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 7/1/26 – 7/31/26
| Rank | Size (MM) | Name | Change | PRC | PRC-1M | Dealers |
| 1 | 7,250 | HOLOGIC INC (USD) TL S+225 4/7/2033 | 4.62% | 98.34 | 93.99 | 14 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | -4.45% | 95.83 | 100.30 | 18 |
| 3 | 6,125 | ELECTRONIC ARTS INC (USD) TL B S+350 3/5/2033 | 2.04% | 100.55 | 98.54 | 12 |
| 4 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | -0.56% | 99.30 | 99.86 | 13 |
| 5 | 5,572 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 9.78% | 100.03 | 91.12 | 19 |
| 6 | 5,500 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 5.73% | 92.95 | 87.91 | 24 |
| 7 | 5,247 | MCAFEE CORP (USD) TL B S+300 3/1/2029 | -6.85% | 90.28 | 96.92 | 10 |
| 8 | 4,741 | INTERNET BRANDS (USD) TL B3 S+425 4/20/2028 | -2.89% | 96.87 | 99.75 | 12 |
| 9 | 4,700 | CITADEL SECS GLOBAL HLDGS LLC (USD) TL B S+200 10/5/2033 | 3.71% | 99.88 | 96.30 | 14 |
| 10 | 4,589 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 1.39% | 99.09 | 97.73 | 18 |
| 11 | 4,310 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 1.17% | 90.88 | 89.83 | 17 |
| 12 | 4,246 | BROADSTREET PARTNERS INC (USD) TL B S+250 6/16/2031 | 2.08% | 98.32 | 96.32 | 16 |
| 13 | 4,230 | TK ELEVATOR HOLDCO GMBH (USD) TL B S+325 4/11/2030 | -0.02% | 100.36 | 100.38 | 10 |
| 14 | 4,204 | JANE STREET GRP/JSG FIN (USD) TL B S+200 12/10/2031 | 0.56% | 99.60 | 99.05 | 16 |
| 15 | 4,184 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | -0.03% | 99.79 | 99.82 | 16 |
| AVERAGE | 4,851 | 0.85% | 98.13 | 97.38 | 14.7 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 7/1/26 – 7/31/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | STEINHOFF EUROPE (AT) AG (EUR) PIK 2L TL B2 E+1075 6/30/2026 | 19.42% | 41.77 | 34.98 | 8 |
| 2 | CLOUDERA (USD) TL B L+375 10/8/2028 | 14.36% | 88.44 | 77.34 | 12 |
| 3 | IDERA PHARMACEUTICALS INC (USD) TL B S+350 6/28/2028 | 11.96% | 86.37 | 77.14 | 14 |
| 4 | QLIK TECHNOLOGIES (USD) TL B S+325 10/26/2030 | 7.60% | 77.42 | 71.95 | 13 |
| 5 | GI REVELATION (USD) TL B S+375 5/14/2028 | 6.47% | 87.18 | 81.89 | 14 |
| 6 | INEOS FIN PLC (USD) TL B S+300 2/7/2031 | 5.10% | 93.04 | 88.53 | 11 |
| 7 | GFI INFORMATIQUE (EUR) TL B E+500 9/23/2028 | 5.00% | 75.38 | 71.79 | 8 |
| 8 | BMC SOFTWARE (USD) 2L TL S+600 7/7/2032 | 4.77% | 89.57 | 85.50 | 8 |
| 9 | ASPEN DENTAL (USD) TL B2 L+325 12/23/2027 | 4.59% | 93.21 | 89.12 | 8 |
| 10 | FINASTRA (USA) INC (USD) TL B S+400 9/15/2032 | 4.37% | 95.86 | 91.84 | 12 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 7/1/26 – 7/31/26
| Rank | Name | Change | PRC | PRC-1M | Dealers |
| 1 | HERTZ CORP (USD) TL B S+375 6/30/2028 | -20.80% | 54.90 | 69.32 | 10 |
| 2 | PERFORCE (USD) TL B S+475 7/1/2029 | -14.36% | 47.43 | 55.38 | 12 |
| 3 | MEGA BROADBAND (USD) TL B S+300 11/12/2027 | -12.42% | 66.03 | 75.39 | 12 |
| 4 | HOUGHTON MIFFLIN (USD) 2L TL 4/8/2030 | -11.82% | 59.96 | 68.00 | 9 |
| 5 | AD EDUCATION (EUR) TL B E+400 10/22/2031 | -11.64% | 56.60 | 64.06 | 13 |
| 6 | ALTICE FNCG SA (EUR) TL B E+500 10/2/2027 | -10.57% | 66.92 | 74.83 | 6 |
| 7 | GETTY IMAGES INC (EUR) TL B E+600 2/13/2030 | -10.56% | 76.62 | 85.67 | 13 |
| 8 | NOVAFR (EUR) TL B E+450 12/17/2028 | -9.87% | 31.83 | 35.32 | 11 |
| 9 | INEOS STYROLUTION GROUP GMBH (EUR) TL B E+425 10/7/2031 | -9.67% | 77.80 | 86.13 | 14 |
| 10 | AMERICAN TRAILER WORLD (USD) TL L+375 3/3/2028 | -8.65% | 61.31 | 67.12 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 7/1/26 – 7/31/26 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 7/1/26 – 7/31/26
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 6/30/26 vs. the month ending 7/31/26
| Rank | Tranche | Prior Month | This Month | Increase | % Increase |
| 1 | UFC (USD) TL B S+175 11/21/2031 | 284 | 438 | 154 | 54% |
| 2 | UPCB FIN VII LTD (USD) TL S+250 2/15/2032 | 0 | 135 | 135 | NA |
| 3 | APPLIED SYSTEMS (USD) TL B S+225 2/24/2031 | 76 | 200 | 124 | 163% |
| 4 | MISTER CAR WASH (USD) TL B S+300 3/27/2031 | 184 | 303 | 119 | 65% |
| 5 | DELEK (USD) TL B S+300 5/1/2033 | 68 | 184 | 116 | 171% |
| 6 | BRIGHTSPRING (USD) TL B S+225 2/21/2031 | 108 | 223 | 115 | 106% |
| 7 | WARNERMEDIA HLDGS INC (USD) TL B S+250 6/3/2033 | 94 | 206 | 112 | 119% |
| 8 | GRIFOLS SA (USD) TL B S+250 4/14/2033 | 110 | 220 | 110 | 100% |
| 9 | CSC SERVICEWORKS INC (USD) 2ND OUT TL B S+400 9/1/2030 | 78 | 186 | 108 | 138% |
| 10 | VICTORY CAPITAL (USD) TL B S+175 9/23/2032 | 90 | 197 | 107 | 119% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 7/1/26 – 7/31/26
| Rank | Tranche | Dealers |
| 1 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 24 |
| 2 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 19 |
| 3 | UKG INC (USD) TL S+250 2/9/2031 | 18 |
| 4 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 18 |
| 5 | CULLIGAN (USD) TL B S+250 7/1/2033 | 18 |
| 6 | WHATABURGER (USD) TL B S+250 8/3/2028 | 18 |
| 7 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 18 |
| 8 | ROCKET SOFTWARE INC (USD) TL B S+375 11/28/2028 | 18 |
| 9 | SIGNATURE AVIATION US HLDGS INC (USD) TL B1 S+250 7/1/2031 | 17 |
| 10 | TRANSDIGM INC (USD) TL M S+250 8/14/2032 | 17 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 7/1/26 – 7/31/26
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 7/1/26 – 7/31/26 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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