Syndicated Bank Loan Market Summary – May 2026
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Syndicated Bank Loan Market Summary: May 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 5/31/26
| 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 5/1/26 – 5/31/26
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
| 1 | 7,250 | HOLOGIC INC (USD) TL S+225 4/7/2033 | 4.33% | 99.48 | 95.35 | 13 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | -3.04% | 96.42 | 99.44 | 17 |
| 3 | 6,125 | ELECTRONIC ARTS INC (USD) TL B S+350 3/5/2033 | 2.15% | 100.16 | 98.05 | 11 |
| 4 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | 5.03% | 99.21 | 94.46 | 11 |
| 5 | 5,500 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | -5.75% | 94.15 | 99.90 | 21 |
| 6 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 17.28% | 100.23 | 85.46 | 18 |
| 7 | 4,741 | INTERNET BRANDS (USD) TL B3 S+425 4/20/2028 | -4.48% | 91.84 | 96.15 | 14 |
| 8 | 4,589 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 12.40% | 99.91 | 88.89 | 17 |
| 9 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | -5.83% | 93.79 | 99.60 | 10 |
| 10 | 4,204 | JANE STREET GRP/JSG FIN (USD) TL B S+200 12/10/2031 | 1.81% | 99.84 | 98.07 | 14 |
| 11 | 4,084 | INSPIRE BRANDS (USD) TL S+250 12/15/2030 | 0.54% | 100.21 | 99.66 | 13 |
| 12 | 4,074 | MEDLINE BORROWER LP (USD) TL B S+200 10/23/2028 | 0.24% | 100.36 | 100.11 | 11 |
| 13 | 4,001 | CITADEL SECS GLOBAL HLDGS LLC (USD) TL B S+200 10/28/2031 | 0.32% | 100.36 | 100.04 | 12 |
| 14 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | 0.43% | 100.00 | 99.58 | 14 |
| 15 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 0.67% | 99.77 | 99.11 | 16 |
| 16 | 3,736 | UFC (USD) TL B5 S+200 11/21/2031 | 0.40% | 100.20 | 99.80 | 16 |
| 17 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | 0.20% | 100.14 | 99.95 | 16 |
| 18 | 3,600 | GLOBAL MEDICAL RESPONSE INC (USD) TL S+350 9/10/2032 | 0.82% | 100.35 | 99.54 | 14 |
| 19 | 3,573 | CENTRAL PARENT LLC (USD) TL B S+325 7/6/2029 | -35.51% | 45.80 | 71.02 | 17 |
| 20 | 3,488 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | 1.21% | 99.01 | 97.83 | 14 |
| AVERAGE | 4,593 | -0.34% | 96.06 | 96.10 | 14.5 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 5/1/26 – 5/31/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | RACKSPACE TECH GLOBAL INC (USD) 2ND OUT TL B S+275 5/15/2028 | 73.02% | 86.52 | 50.01 | 17 |
| 2 | TROPICANA (USD) 3RD OUT TL S+1100 1/24/2030 | 56.00% | 32.07 | 20.56 | 9 |
| 3 | CAST & CREW (USD) TL B S+375 12/30/2028 | 32.09% | 57.61 | 43.61 | 7 |
| 4 | AMH HLDGS INC (USD) TL B S+600 3/9/2029 | 21.24% | 86.25 | 71.14 | 9 |
| 5 | VACO (USD) TL B L+500 1/21/2029 | 19.64% | 79.09 | 66.10 | 9 |
| 6 | KRONOS ACQUISITION HLDGS INC (USD) TL B S+400 6/26/2031 | 17.98% | 70.34 | 59.62 | 8 |
| 7 | CONAIR HLDGS LLC (USD) TL L+375 5/17/2028 | 17.90% | 82.00 | 69.55 | 9 |
| 8 | RENAISSANCE LEARNING (USD) TL B S+400 4/7/2030 | 16.01% | 78.07 | 67.30 | 15 |
| 9 | PATHWAY PARTNERS VET MANAGEMENT (USD) PIK 2ND OUT TL S+700 6/30/2028 | 13.74% | 74.57 | 65.56 | 9 |
| 10 | MAGNOLIA (USD) 2L TL S+775 2/1/2029 | 12.25% | 65.51 | 58.36 | 10 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 5/1/26 – 5/31/26
| Rank | Name | Change | PRC | PRC-1M | Dealers |
| 1 | LANDESK (USD) 2ND OUT TL S+475 6/1/2029 | -39.17% | 40.00 | 65.76 | 8 |
| 2 | EMBECTA (USD) TL B S+300 1/27/2029 | -21.61% | 78.47 | 100.11 | 16 |
| 3 | MEGA BROADBAND (USD) TL B S+300 11/12/2027 | -16.84% | 80.22 | 96.46 | 10 |
| 4 | CORNERSTONE (USD) TL B S+375 10/16/2028 | -16.50% | 58.00 | 69.45 | 13 |
| 5 | HUWS GRAY (GBP) DD TL B 10/15/2028 | -12.73% | 60.76 | 69.62 | 8 |
| 6 | PERFORCE (USD) TL B S+475 7/1/2029 | -11.06% | 57.06 | 64.16 | 10 |
| 7 | AMMERAAL BELTECH (EUR) TL B3 E+475 12/30/2028 | -10.64% | 76.40 | 85.49 | 10 |
| 8 | OSCAR ACQUISITIONCO LLC (USD) TL B S+425 4/29/2029 | -9.98% | 63.11 | 70.11 | 16 |
| 9 | QLIK TECHNOLOGIES (USD) TL B S+325 10/26/2030 | -8.94% | 72.88 | 80.03 | 14 |
| 10 | DELL SOFTWARE GROUP (USD) 2ND OUT TL S+425 2/1/2029 | -8.80% | 62.64 | 68.68 | 9 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 5/1/26 – 5/31/26 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 5/1/26 – 5/31/26
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 4/30/26 vs. the month ending 5/31/26
| Rank | Tranche | Prior Month | This Month | Increase | % Increase |
| 1 | BANIJAY ENTERTAINMENT SAS (USD) TL B S+300 1/20/2032 | 26 | 176 | 150 | 577% |
| 2 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 328 | 450 | 122 | 37% |
| 3 | NUVEI (USD) TL S+275 11/17/2031 | 136 | 246 | 110 | 81% |
| 4 | UKG INC (USD) TL S+250 2/9/2031 | 428 | 538 | 110 | 26% |
| 5 | EPICOR SOFTWARE CORP (USD) TL B S+275 5/30/2031 | 328 | 436 | 108 | 33% |
| 6 | WILSONART LLC (USD) TL B S+375 7/24/2031 | 152 | 256 | 104 | 68% |
| 7 | GENESYS TELECOM (USD) TL B S+250 1/23/2032 | 202 | 297 | 95 | 47% |
| 8 | CAMPING WORLD (USD) TL B L+275 6/3/2028 | 210 | 300 | 90 | 43% |
| 9 | SPECIALTY BLDG PRODUCTS HLDGS LLC (USD) TL B L+375 10/15/2028 | 146 | 232 | 86 | 59% |
| 10 | ARDONAGH FINCO LTD (USD) TL B S+300 2/18/2031 | 52 | 136 | 84 | 162% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 5/1/26 – 5/31/26
| Rank | Tranche | Dealers |
| 1 | WHATABURGER (USD) TL B S+250 8/3/2028 | 20 |
| 2 | ROCKET SOFTWARE INC (USD) TL B S+375 11/28/2028 | 20 |
| 3 | UKG INC (USD) TL S+250 2/9/2031 | 19 |
| 4 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 19 |
| 5 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 19 |
| 6 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 19 |
| 7 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 18 |
| 8 | ALERA GROUP (USD) TL B S+300 5/30/2032 | 18 |
| 9 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 18 |
| 10 | MAVIS TIRE EXPRESS SERVS TOPCO CORP (USD) TL B S+300 5/4/2028 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 5/1/26 – 5/31/26
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 5/1/26 – 5/31/26 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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