Syndicated Bank Loan Market Summary – February 2026
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Syndicated Bank Loan Market Summary: February 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 2/28/26
| 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 2/1/26 – 2/28/26
| RANK | SIZE (MM) | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|---|
| 1 | 7,250 | HOLOGIC INC (USD) TL S+225 1/14/2033 | -0.84% | 99.22 | 100.06 | 11 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | 4.73% | 96.89 | 92.51 | 18 |
| 3 | 6,145 | MAGNOLIA (USD) TL L+375 2/1/2028 | -7.90% | 92.38 | 100.30 | 12 |
| 4 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | -0.18% | 99.44 | 99.62 | 11 |
| 5 | 5,500 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | -3.73% | 96.70 | 100.44 | 21 |
| 6 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 7.75% | 99.93 | 92.74 | 16 |
| 7 | 4,741 | INTERNET BRANDS (USD) TL B3 S+425 4/20/2028 | -9.74% | 90.60 | 100.38 | 14 |
| 8 | 4,589 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 30.01% | 99.70 | 76.69 | 17 |
| 9 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | -10.57% | 89.53 | 100.11 | 10 |
| 10 | 4,230 | TK ELEVATOR HOLDCO GMBH (USD) TL B S+325 4/11/2030 | -0.45% | 100.17 | 100.63 | 14 |
| 11 | 4,204 | JANE STREET (USD) TL B S+200 12/10/2031 | -0.33% | 99.14 | 99.47 | 15 |
| 12 | 4,084 | INSPIRE BRANDS (USD) TL S+250 12/15/2030 | -0.41% | 99.81 | 100.22 | 14 |
| 13 | 4,001 | CITADEL SECS GLOBAL HLDGS LLC (USD) TL B S+200 10/28/2031 | -0.51% | 99.97 | 100.48 | 13 |
| 14 | 3,935 | SS&C TECHS INC (USD) TL B8 S+200 5/2/2031 | -0.58% | 99.95 | 100.53 | 13 |
| 15 | 3,830 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | -0.74% | 99.50 | 100.24 | 16 |
| 16 | 3,736 | UFC (USD) TL B5 S+200 11/21/2031 | -0.31% | 100.10 | 100.41 | 15 |
| 17 | 3,640 | TRANSDIGM INC (USD) TL J S+250 2/12/2031 | -0.43% | 99.88 | 100.31 | 14 |
| 18 | 3,600 | GLOBAL MEDICAL RESPONSE INC (USD) TL S+350 9/10/2032 | -0.18% | 100.18 | 100.36 | 12 |
| 19 | 3,573 | CENTRAL PARENT LLC (USD) TL B S+325 7/6/2029 | -9.40% | 76.59 | 84.54 | 14 |
| 20 | 3,488 | FERTITTA ENTERTAINMENT LLC (USD) TL B S+325 1/27/2029 | -0.33% | 99.63 | 99.96 | 18 |
| AVERAGE | 4,602 | -0.21% | 96.97 | 97.50 | 14.4 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 2/1/26 – 2/28/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | RACKSPACE TECH GLOBAL INC (USD) 2ND OUT TL B S+275 5/15/2028 | 54.18% | 40.82 | 26.47 | 14 |
| 2 | INEOS STYROLUTION GROUP GMBH (EUR) TL B E+425 10/7/2031 | 14.89% | 78.43 | 68.26 | 14 |
| 3 | AMERICAN ROCK SALT (USD) TL B S+400 6/9/2028 | 7.47% | 89.79 | 83.55 | 9 |
| 4 | AXILONE (EUR) TL B E+475 1/8/2028 | 6.46% | 97.95 | 92.01 | 7 |
| 5 | LEARNING CARE (USD) TL B S+400 8/9/2028 | 5.56% | 78.00 | 73.89 | 8 |
| 6 | HERENS HOLDCO SARL (USD) TL B S+400 7/3/2028 | 4.40% | 89.03 | 85.28 | 9 |
| 7 | EDUCATION GROUP (EUR) TL B E+375 9/30/2028 | 4.14% | 97.81 | 93.92 | 11 |
| 8 | BRIGHTSPEED (USD) TL B S+500 10/30/2029 | 3.39% | 71.80 | 69.44 | 8 |
| 9 | CONSOLIDATED ENERGY FIN SA (USD) TL B S+450 11/8/2030 | 2.82% | 89.22 | 86.78 | 7 |
| 10 | TEKNI-PLEX (USD) TL B6 S+375 9/17/2028 | 2.34% | 96.46 | 94.25 | 13 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 2/1/26 – 2/28/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | SONICWALL (USD) TL B S+500 5/15/2028 | -39.75% | 30.00 | 49.79 | 14 |
| 2 | SKILLSOFT (USD) TL B S+525 7/16/2028 | -22.84% | 48.15 | 62.40 | 10 |
| 3 | HERTZ CORP (USD) TL B S+375 6/30/2028 | -19.12% | 76.51 | 94.60 | 8 |
| 4 | ACCUVANT (USD) TL S+525 7/31/2026 | -18.19% | 57.68 | 70.51 | 9 |
| 5 | CENTRAL PARENT LLC (USD) TL B S+325 7/6/2029 | -17.75% | 63.00 | 76.59 | 15 |
| 6 | INTERNET BRANDS (USD) TL B4 S+425 12/11/2031 | -16.26% | 68.67 | 82.01 | 12 |
| 7 | MAGENTA BUYER LLC (USD) SO 2ND OUT TL S+700 7/27/2028 | -15.47% | 40.04 | 47.36 | 8 |
| 8 | ENTERTAINMENT PARTNERS (USD) TL B S+450 11/6/2028 | -15.41% | 51.51 | 60.89 | 12 |
| 9 | LBM ACQUISITION LLC (USD) TL B S+375 5/29/2031 | -13.44% | 82.98 | 95.86 | 17 |
| 10 | QLIK TECHNOLOGIES (USD) TL B S+325 10/26/2030 | -11.72% | 81.51 | 92.34 | 13 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 2/1/26 – 2/28/26 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 2/1/26 – 2/28/26
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 1/31/26 vs. the month ending 2/28/26
| RANK | TRANCHE | PRIOR MONTH | THIS MONTH | INCREASE | % INCREASE |
|---|---|---|---|---|---|
| 1 | BMC SOFTWARE (EUR) TL B E+350 7/30/2031 | 70 | 176 | 106 | 151% |
| 2 | NEW FORTRESS ENERGY INC (USD) TL B S+550 10/30/2028 | 7 | 91 | 84 | 1200% |
| 3 | EXACT HOLDING (EUR) TL B6 E+325 11/17/2030 | 120 | 198 | 78 | 65% |
| 4 | P&I PERSONAL & INFORMATIK (EUR) TL B E+375 5/20/2032 | 80 | 155 | 75 | 94% |
| 5 | ALTICE (FR) SA (USD) TL B5 S+250 4/15/2027 | 52 | 123 | 71 | 137% |
| 6 | NOVAFR (EUR) TL B E+450 12/17/2028 | 20 | 82 | 62 | 310% |
| 7 | GHD GESUNDHEITS (EUR) TL B E+400 8/15/2026 | 6 | 64 | 58 | 967% |
| 8 | ETRAVELI (EUR) TL B E+375 11/2/2031 | 118 | 176 | 58 | 49% |
| 9 | CERBA HEALTHCARE (EUR) TL B E+375 5/24/2028 | 64 | 120 | 56 | 88% |
| 10 | HOTELBEDS (EUR) TL B E+275 3/25/2032 | 34 | 89 | 55 | 162% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 2/1/26 – 2/28/26
| RANK | TRANCHE | DEALERS |
|---|---|---|
| 1 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 21 |
| 2 | CD&R FIREFLY BIDCO PLC (EUR) TL B E+325 4/29/2029 | 20 |
| 3 | UKG INC (USD) TL S+250 2/9/2031 | 19 |
| 4 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | 19 |
| 5 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 19 |
| 6 | MICHAELS STORES (USD) TL L+425 4/15/2028 | 19 |
| 7 | DAYFORCE INC (USD) TL B S+300 10/7/2032 | 19 |
| 8 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | 18 |
| 9 | MAVIS TIRE EXPRESS SERVS TOPCO CORP (USD) TL B S+300 5/4/2028 | 18 |
| 10 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 2/1/26 – 2/28/26
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 2/1/26 – 2/28/26 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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