Sectors with exposure to oil & gas see prices fall in secondary market
Source: Debtwire Par, Markit
Since the Russian invasion of Ukraine started on 24 February, average bids on term loans have slumped more than 2 points, as high fuel costs paired with record inflation eat into the post-pandemic economic recovery. After reaching a recent high of 98.11 in January, loan bids have fallen to an average of 95.13, with the share of loans trading in the par-plus range plunging in tandem to only 1% of the market from a peak of 45% in January.