Syndicated Bank Loan Market Summary – September 2026
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Syndicated Bank Loan Market Summary: September 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 9/30/26
| Issuer | Amount (MM) | Loan Type | Maturity | Rate |
| Africa Finance Corp. | – | Term Loan | 8/12/28 | S+110 |
| Turk Ekonomi Bankasi AS | – | Term Loan | 11/15/26 | E+85 |
| Action Nederland BV | – | Term Loan | 10/26/32 | – |
| Anticimex Intl. | 600 | Term Loan | 11/30/31 | – |
| Orpea | 2200 | Term Loan | 11/12/31 | E+274 |
| Radiate Holdco LLC | – | Delayed-draw Term Loan | 6/26/29 | – |
| Focus Financial Partners LLC | – | Term Loan | 9/15/31 | – |
| Castle US Holding Corp. | – | Term Loan | 5/31/30 | – |
| American Bath | 140 | Term Loan | 11/23/27 | – |
| Covis Pharma BV | 595 | Term Loan | 2/18/27 | – |
| Gulf Energy Maritime PJSC | 275 | Term Loan | 6/15/24 | – |
| CPC Acquisition Corp. | 225 | Term Loan | 12/30/28 | S+775 |
| Eroski Sociedad Cooperativa | 337 | Term Loan | 2/1/28 | – |
| Highpeak Energy Inc. | – | Term Loan | 9/29/28 | – |
| ITG Communications | – | Term Loan | 7/1/31 | S+475 |
Largest Loans
Highlights the monthly price movements and quote depth for the 20 largest bank loans between 9/1/26 – 9/30/26
| Rank | Size (MM) | Name | Change | PRC | PRC-1M | Dealers |
| 1 | 7,250 | HOLOGIC INC (USD) TL S+225 4/7/2033 | 1.33% | 98.39 | 97.09 | 18 |
| 2 | 6,272 | UKG INC (USD) TL S+250 2/9/2031 | -4.06% | 96.89 | 100.99 | 18 |
| 3 | 6,125 | ELECTRONIC ARTS INC (USD) TL B S+350 8/4/2033 | 0.73% | 100.66 | 99.93 | 12 |
| 4 | 5,621 | SOLAREDGE TECHS INC (USD) TL B S+250 7/31/2031 | -0.81% | 99.43 | 100.23 | 14 |
| 5 | 5,572 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 0.01% | 99.91 | 99.90 | 18 |
| 6 | 5,505 | MAVIS TIRE EXPRESS SERVS TOPCO CORP (USD) TL B S+325 5/6/2033 | 2.43% | 98.92 | 96.57 | 18 |
| 7 | 5,500 | DAYFORCE INC (USD) TL B S+300 2/4/2033 | -4.01% | 96.36 | 100.38 | 10 |
| 8 | 5,080 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | -0.06% | 100.08 | 100.15 | 19 |
| 9 | 4,700 | CITADEL SECS GLOBAL HLDGS LLC (USD) TL B S+200 10/5/2033 | 1.30% | 100.10 | 98.81 | 14 |
| 10 | 4,664 | PROOFPOINT (USD) TL B S+300 8/31/2028 | 0.30% | 100.03 | 99.73 | 11 |
| 11 | 4,589 | AMWINS GROUP INC (USD) TL B S+200 1/30/2032 | -0.36% | 98.62 | 98.98 | 17 |
| 12 | 4,511 | RADIATE HOLDCO LLC (USD) 1ST OUT TL S+500 9/25/2029 | 1.21% | 88.94 | 87.88 | 13 |
| 13 | 4,385 | FOCUS FNCL PARTNERS LLC (USD) TL C S+250 9/15/2031 | -0.84% | 97.92 | 98.75 | 13 |
| 14 | 4,310 | BMC SOFTWARE (USD) TL B S+325 7/30/2031 | -0.76% | 94.08 | 94.80 | 15 |
| 15 | 4,246 | BROADSTREET PARTNERS INC (USD) TL B S+250 6/16/2031 | -0.59% | 97.88 | 98.46 | 16 |
| 16 | 4,222 | TK ELEVATOR HOLDCO GMBH (USD) TL B S+300 4/30/2030 | -0.20% | 100.28 | 100.48 | 10 |
| 17 | 4,184 | WHITE CAP BUYER LLC (USD) TL B S+325 10/19/2029 | -0.82% | 99.18 | 100.00 | 15 |
| 18 | 4,150 | HUDSON RIVER (USD) TL B S+250 3/18/2030 | -0.03% | 99.75 | 99.78 | 15 |
| 19 | 4,125 | CULLIGAN (USD) TL B S+250 7/1/2033 | -0.53% | 99.81 | 100.34 | 18 |
| 20 | 4,084 | INSPIRE BRANDS (USD) TL S+250 12/15/2030 | -0.48% | 99.84 | 100.31 | 13 |
| AVERAGE | 4,955 | -0.31% | 98.35 | 98.68 | 14.9 |
Top 10 Outperformers
Showcases the top 10 loan “outperformers” based on the largest bid price increases between 9/1/26 – 9/30/26
| RANK | NAME | CHANGE | PRC | PRC-1M | DEALERS |
|---|---|---|---|---|---|
| 1 | PROCESS SOLUTIONS (USD) TL L+475 2/12/2028 | 24.78% | 74.88 | 60.01 | 13 |
| 2 | KASEYA (USD) TL B S+350 3/22/2032 | 9.52% | 82.92 | 75.71 | 11 |
| 3 | VIBRANTZ TECHS INC (USD) 2ND OUT TL B1 S+425 4/30/2030 | 8.31% | 62.60 | 57.80 | 10 |
| 4 | ENTERTAINMENT PARTNERS (USD) TL B S+450 11/6/2028 | 8.20% | 74.63 | 68.98 | 9 |
| 5 | PERFICIENT INC (USD) TL B S+400 8/1/2031 | 7.78% | 86.29 | 80.07 | 4 |
| 6 | TROPICANA (USD) 2ND OUT TL S+325 1/24/2029 | 7.46% | 75.28 | 70.05 | 15 |
| 7 | DODGE DATA (USD) TL S+475 2/28/2029 | 7.34% | 84.86 | 79.06 | 9 |
| 8 | SOLARWINDS (USD) TL S+400 4/16/2032 | 6.94% | 89.78 | 83.95 | 5 |
| 9 | TRICORBRAUN (USD) TL B S+325 3/3/2031 | 5.80% | 95.27 | 90.04 | 13 |
| 10 | HERTZ CORP (USD) TL B S+375 6/30/2028 | 5.48% | 58.60 | 55.55 | 8 |
Top 10 Underperformers
Showcases the top 10 loan “underperformers” based on the largest bid price decreases between 9/1/26 – 9/30/26
| Rank | Name | Change | PRC | PRC-1M | Dealers |
| 1 | CAST & CREW (USD) TL B S+375 12/30/2028 | -29.51% | 27.99 | 39.72 | 9 |
| 2 | MEGA BROADBAND (USD) TL B S+300 11/12/2027 | -27.23% | 47.45 | 65.21 | 15 |
| 3 | CONNECT HLDG II LLC (USD) PIK 2ND OUT TL S+575 10/31/2031 | -24.97% | 43.26 | 57.66 | 15 |
| 4 | DAVE & BUSTER’S (USD) TL B S+325 9/26/2031 | -24.38% | 58.62 | 77.52 | 15 |
| 5 | AMERICAN TRAILER WORLD (USD) TL S+375 3/3/2028 | -17.79% | 46.99 | 57.15 | 16 |
| 6 | CORNERSTONE BLDG BRANDS INC (USD) TL S+325 4/12/2028 | -14.73% | 41.03 | 48.13 | 11 |
| 7 | MOTION BONDCO DAC (EUR) TL B E+375 11/9/2029 | -14.06% | 67.97 | 79.09 | 15 |
| 8 | GUGGENHEIM (USD) TL B S+250 11/21/2031 | -11.52% | 72.89 | 82.38 | 17 |
| 9 | POWER BUYER (USD) TL S+450 2/7/2031 | -10.06% | 75.13 | 83.53 | 13 |
| 10 | ACPRODUCTS HLDGS INC (USD) 2ND OUT TL S+550 11/14/2031 | -9.43% | 76.84 | 84.84 | 16 |
Avg Bid PX by Sector
Displays the average loan bid price by sector between 9/1/26 – 9/30/26 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 9/1/26 – 9/30/26
Top Quote Volume Movers: This Month vs Last Month
Exhibits the loans with the largest increase in quote volume for the month ending 8/31/26 vs. the month ending 9/30/26
| Rank | Tranche | Prior Month | This Month | Increase | % Increase |
| 1 | WHATABURGER (USD) TL B S+300 7/30/2033 | 194 | 342 | 148 | 76% |
| 2 | MATTERHORN TELECOM SA (EUR) TL B E+225 1/30/2032 | 87 | 225 | 138 | 159% |
| 3 | KAMAN DISTRIBUTION (USD) TL B S+200 2/26/2032 | 101 | 239 | 138 | 137% |
| 4 | SGG (EUR) TL B E+350 7/18/2033 | 60 | 179 | 119 | 198% |
| 5 | ODIDO HLDG BV (EUR) TL B E+300 3/30/2032 | 76 | 192 | 116 | 153% |
| 6 | BUSY BEES (EUR) TL B E+325 2/29/2032 | 76 | 191 | 115 | 151% |
| 7 | ZELIS / REDCARD (USD) TL B S+325 10/25/2031 | 251 | 362 | 111 | 44% |
| 8 | TENNECO INC (USD) TL A S+475 11/17/2028 | 171 | 278 | 107 | 63% |
| 9 | BERLIN PACKAGING LLC (USD) TL B7 S+325 6/7/2031 | 290 | 392 | 102 | 35% |
| 10 | HOLOGIC INC (USD) TL S+225 4/7/2033 | 274 | 373 | 99 | 36% |
Most Quoted Loans
Ranks the loans that were quoted by the highest number of dealers between 9/1/26 – 9/30/26
| Rank | Tranche | Dealers |
| 1 | ALLIED UNIVERSAL HOLDCO LLC (USD) TL B S+325 8/5/2032 | 19 |
| 2 | DAYFORCE INC (USD) TL B S+300 2/4/2033 | 19 |
| 3 | UKG INC (USD) TL S+250 2/9/2031 | 18 |
| 4 | ALLIANT HLDGS INTERMEDIATE LLC (USD) TL B S+250 9/19/2031 | 18 |
| 5 | TRANSDIGM INC (USD) TL M S+250 8/14/2032 | 18 |
| 6 | TRANSDIGM INC (USD) TL K S+225 3/22/2030 | 18 |
| 7 | WHATABURGER (USD) TL B S+300 7/30/2033 | 18 |
| 8 | TRANSDIGM INC (USD) TL L S+250 1/3/2032 | 18 |
| 9 | HUB INTL LTD (USD) TL B S+250 6/20/2030 | 18 |
| 10 | HOLOGIC INC (USD) TL S+225 4/7/2033 | 18 |
Bid and Offer Volume
Reveals the total number of quotes by bid and offer between 9/1/26 – 9/30/26
Sector Bid-Offer Spread
Displays the bid-offer spread by sector between 9/1/26 – 9/30/26 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
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