Secondary market oil and gas loan prices have continued to climb recently in tandem with higher oil prices. Oil and gas loans are now up over 16 points from their February low, though their average bid is still a relatively low 70 cents on the dollar. There is also a wide variation in prices across credits, with 22% of oil and gas loans bid below 50, while 32% are bid above 90. 
Within the sector, the upstream and services subsectors are bid much lower on average than midstream and downstream credits. Looking across industries, transportation, construction, and hotel & gaming credits are bid highest on average, while oil & gas and mining are the lowest. In the broader loan market, loan bids have also continued to climb, with institutional term loans now at 94.30 and the flow name SMi100 at 98.51. Since hitting their February bottom, loans are up nearly 400 bps on average. Notably, the par-plus share of loans has increased to 23%, the highest level since 3Q15.
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