The leveraged loan market in Europe hit a milestone last month.
The volume of institutional loans outstanding in S&P’s European Leveraged Loan Index (ELLI) has risen to €150 billion, the largest figure on record.
At this level, the volume of institutional loans in the ELLI in March 2018 outstripped the prior high of €148 billion, seen in October 2008. The current ELLI also contains the highest number of issuers on record, at 269, topping the 261 seen last year.
The ELLI has seen a sustained period of growth since 2016, with the volume of new issues in the market hitting a post-crisis high last year, with some €100.7 billion of institutional activity. This rate of activity has continued into 2018, with institutional new-issue volume in the first three months of the year already outstripping the amounts seen in some full years in the aftermath of the crisis. –
Through the first three months of the year the European Leveraged Loan Index has returned 0.73%, after a lacklustre March, when it returned a slim 0.06%. – Nina Flitman
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