European leveraged loans largely ran in place in June, as the S&P European Leveraged Loan Index (ELLI) gained 0.33%, the lowest monthly return since the 0.21% loss in March (excluding currency fluctuations).
Aside from that loss at the end of the first quarter, European loans have been on a year-long positive streak, gaining an average of 0.53% per month. For reference, in June European loans underperformed the average monthly reading for the last 12 months, at 0.45%, and the longer term historical average of 0.47% that dates back to the start of 2010.
Despite the relatively tepid performance last month, the European leveraged loan market fared better than its U.S. counterpart, which lost 0.04% in June, the first negative reading for that market in 16 months, according to the S&P/LSTA Loan Index. – Staff reports
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