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European Leveraged Loans Lose 0.74% in December, Gain 1.41% in 2018

Investors withdraw $350M from US leveraged loan funds as streak hits 31 weeks

Those $700B in US CLOs: Who holds them, what risk they pose?

Outflow streak hits 30 weeks as leveraged loan funds see $686M withdrawal

After Neiman Marcus downgrade, U.S. leveraged loan default rate climbs to 1.24%


European Leveraged Loans Lose 0.74% in December, Gain 1.41% in 2018

europe loan returns

The fourth quarter of 2018 ended on a much more sour note than it began, as European leveraged loan prices went from holding steady in October to taking a plunge in November, followed by an even bigger sell-off in December.

In the last month of the year the S&P European Leveraged Loan Index (ELLI) lost 0.74%, which is the worst monthly performance in almost three years, following a 0.52% loss in November and a coupon-clipping positive 0.33% return in October.

Despite this decidedly poor showing, the European loan segment outperformed its U.S. counterpart, which returned a scant 0.44% in 2018, after a brutal 2.54% slide in December, according to the S&P/LSTA Index.

European leveraged loans returned 1.41% in 2018, besting not only the U.S. loan segment, but significantly ahead of European high yield bond returns, and equities.

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