Syndicated Bank Loan Market Summary – March 2026
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Syndicated Bank Loan Market Summary: March 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 3/31/26
| 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 3/1/26 – 3/31/26
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,250 | HOLOGIC INC (USD) TL S+225 1/14/2033 | 4.07% | 98.72 | 94.85 | 11 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | -1.37% | 95.35 | 96.68 | 15 |
| 3 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | 7.07% | 98.05 | 91.58 | 10 |
| 4 | 5,500 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | -5.44% | 94.46 | 99.89 | 24 |
| 5 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 23.44% | 99.90 | 80.93 | 17 |
| 6 | 4,741 | INTERNET BRANDS (USD) TL B3 S+425 4/20/2028 | -13.30% | 85.46 | 98.57 | 15 |
| 7 | 4,589 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 14.79% | 99.21 | 86.43 | 17 |
| 8 | 4,395 | ENSEMBLE HEALTH (USD) TL B S+300 1/28/2033 | -1.27% | 98.81 | 100.09 | 11 |
| 9 | 4,300 | MASMOVIL IBERCOM SA (EUR) TL B E+275 3/20/2031 | 3.36% | 99.60 | 96.36 | 14 |
| 10 | 4,084 | INSPIRE BRANDS (USD) TL S+250 12/15/2030 | 0.10% | 99.66 | 99.56 | 13 |
| 11 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | -0.03% | 100.11 | 100.14 | 11 |
| 12 | 4,001 | CITADEL SECS GLOBAL HLDGS LLC (USD) TL B S+200 10/28/2031 | 0.45% | 100.04 | 99.58 | 13 |
| 13 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.43% | 99.58 | 99.15 | 12 |
| 14 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 1.56% | 99.11 | 97.59 | 17 |
| 15 | 3,736 | UFC (USD) TL B5 S+200 11/21/2031 | -0.20% | 99.80 | 100.00 | 14 |
| 16 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -0.03% | 99.95 | 99.97 | 16 |
| 17 | 3,600 | GLOBAL MEDICAL RESPONSE INC (USD) TL S+350 9/10/2032 | -0.37% | 99.54 | 99.91 | 13 |
| 18 | 3,573 | CENTRAL PARENT LLC (USD) TL B S+325 7/6/2029 | 12.73% | 71.02 | 63.00 | 16 |
| 19 | 3,500 | MEDLINE BORROWER LP (USD) TL B S+200 10/21/2030 | -0.03% | 100.10 | 100.13 | 10 |
| 20 | 3,488 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | -1.59% | 97.83 | 99.41 | 16 |
| AVERAGE | 4,460 | 2.22% | 96.81 | 95.19 | 14.3 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 3/1/26 – 3/31/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | CONAIR HLDGS LLC (USD) TL L+375 5/17/2028 | 28.91% | 69.02 | 53.54 | 9 |
| 2 | ENTERTAINMENT PARTNERS (USD) TL B S+450 11/6/2028 | 20.39% | 62.01 | 51.51 | 11 |
| 3 | ACCUVANT (USD) TL S+525 7/31/2026 | 13.37% | 65.40 | 57.68 | 11 |
| 4 | CENTRAL PARENT LLC (USD) TL B S+325 7/6/2029 | 12.73% | 71.02 | 63.00 | 16 |
| 5 | RACKSPACE TECH GLOBAL INC (USD) 2ND OUT TL B S+275 5/15/2028 | 12.15% | 45.78 | 40.82 | 16 |
| 6 | SOFTWARE AG (EUR) DD TL E+400 10/17/2030 | 9.20% | 95.05 | 87.05 | 9 |
| 7 | CVENT (USD) TL B S+275 6/15/2030 | 7.16% | 94.78 | 88.44 | 9 |
| 8 | TEAM.BLUE (EUR) TL B 9/28/2029 | 6.88% | 95.14 | 89.02 | 6 |
| 9 | OREGON TOOL LUX LP (USD) 2L TL B S+400 10/15/2029 | 6.86% | 70.87 | 66.32 | 12 |
| 10 | NAPA MANAGEMENT SERVICES (USD) TL B L+525 2/23/2029 | 6.28% | 62.75 | 59.04 | 11 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 3/1/26 – 3/31/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | NOVAFR (EUR) TL B E+450 12/17/2028 | -26.10% | 28.82 | 39.00 | 11 |
| 2 | CORNERSTONE BLDG BRANDS INC (USD) TL S+325 4/12/2028 | -23.47% | 56.43 | 73.74 | 18 |
| 3 | STARK GROUP (EUR) TL B E+500 5/4/2028 | -18.02% | 71.85 | 87.64 | 12 |
| 4 | AD EDUCATION (EUR) TL B E+400 10/22/2031 | -17.15% | 66.18 | 79.88 | 14 |
| 5 | CRH EUROPE (EUR) TL B E+475 12/28/2029 | -16.41% | 69.87 | 83.59 | 16 |
| 6 | HUWS GRAY (EUR) DD TL B E+400 11/1/2028 | -15.65% | 70.47 | 83.55 | 15 |
| 7 | VERACODE (USD) TL B S+475 5/2/2029 | -13.76% | 43.79 | 50.77 | 12 |
| 8 | SAPEC AGRO SA (EUR) TL B E+500 9/13/2030 | -12.26% | 87.08 | 99.24 | 13 |
| 9 | INTERIOR LOGIC (USD) TL B L+350 4/3/2028 | -10.69% | 65.19 | 73.00 | 14 |
| 10 | ESMALGLASS (EUR) TL B E+475 3/30/2029 | -10.03% | 86.67 | 96.33 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 3/1/26 – 3/31/26 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 3/1/26 – 3/31/26
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 2/28/26 vs. the month ending 3/31/26
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CREATIVE PLANNING LLC (USD) TL B S+200 5/10/2031 | 46 | 252 | 206 | 448% |
| 2 | INSPIRED FINCO HOLDINGS (EUR) TL B E+300 2/28/2031 | 79 | 236 | 157 | 199% |
| 3 | ROPER INDS INC NEW (USD) TL S+250 11/22/2029 | 48 | 198 | 150 | 313% |
| 4 | HOUGHTON MIFFLIN (USD) TL B S+525 4/9/2029 | 136 | 264 | 128 | 94% |
| 5 | ASTORIA ENERGY (USD) TL B S+225 6/23/2032 | 91 | 209 | 118 | 130% |
| 6 | AMEX GBT (USD) TL S+200 7/26/2031 | 88 | 206 | 118 | 134% |
| 7 | JOHNSTONE SUPPLY (USD) TL B S+225 6/8/2031 | 147 | 264 | 117 | 80% |
| 8 | ALPHA GENERATION LLC (USD) TL B S+175 9/30/2031 | 130 | 241 | 111 | 85% |
| 9 | BROADSTREET PARTNERS INC (USD) TL B S+250 6/16/2031 | 240 | 350 | 110 | 46% |
| 10 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 406 | 516 | 110 | 27% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 3/1/26 – 3/31/26
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | CREATIVE PLANNING LLC (USD) TL B S+200 5/10/2031 | 46 | 252 | 206 | 448% |
| 2 | INSPIRED FINCO HOLDINGS (EUR) TL B E+300 2/28/2031 | 79 | 236 | 157 | 199% |
| 3 | ROPER INDS INC NEW (USD) TL S+250 11/22/2029 | 48 | 198 | 150 | 313% |
| 4 | HOUGHTON MIFFLIN (USD) TL B S+525 4/9/2029 | 136 | 264 | 128 | 94% |
| 5 | ASTORIA ENERGY (USD) TL B S+225 6/23/2032 | 91 | 209 | 118 | 130% |
| 6 | AMEX GBT (USD) TL S+200 7/26/2031 | 88 | 206 | 118 | 134% |
| 7 | JOHNSTONE SUPPLY (USD) TL B S+225 6/8/2031 | 147 | 264 | 117 | 80% |
| 8 | ALPHA GENERATION LLC (USD) TL B S+175 9/30/2031 | 130 | 241 | 111 | 85% |
| 9 | BROADSTREET PARTNERS INC (USD) TL B S+250 6/16/2031 | 240 | 350 | 110 | 46% |
| 10 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 406 | 516 | 110 | 27% |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 3/1/26 – 3/31/26
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 3/1/26 – 3/31/26 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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