DISTRESSED DAILY: 2022 Starts With Just $62 Billion of Distress

Happy New Year, distressed investors. Good luck finding much to buy.

A quick recap for those back at their desks after time away: the year ended with around $62 billion of distressed bonds and loans outstanding, down substantially from nearly $150 billion at the end of 2020, according to data compiled by Bloomberg.

Diamond Sports Group LLC and Ligado Networks have the most actively traded distressed debt outstanding, with piles of around $8 billion and $4.5 billion, respectively. And despite help from higher oil prices, Transocean Ltd. still has nearly $3 billion in troubled obligations.

Among bonds that have spent ...