A leveraged loan arranged by an investment bank and syndicated to institutional investors (CLOs, loan mutual funds, hedge funds). Borrowers are typically larger (EBITDA > $250M), the documentation is standardized (LSTA-style), pricing is set by market clearing rather than bilateral negotiation, and the loans trade daily in a Level-2 secondary market. BSL coupons are typically 50–150 bps inside comparable middle-market direct loans (the illiquidity-and-size premium).