PitchBook：12月总结：尽管今年形势动荡，但欧洲贷款仍将在2025年稳定结束报告（英文版）

European leveraged loans closed out 2025 on firm ground, following a volatile year for risk markets. The Morningstar European Leveraged Loan Index (ELLI) returned 4.28% (excluding currency) in 2025, marking the third straight positive annual performance for the asset class. Once again, income generated from interest carry bolstered returns, and provided an ample cushion against credit losses. In the primary market, gross loan activity driven by repricings, refinancings and extensions topped €