The lagging 12-month default rate by principal amount for the S&P European Leveraged Loan Index (ELLI) was unchanged in December, at 2.1%. The measure stood at 1.4% in October, and is now at the highest level since July 2015, when it was 2.4%.

In 2015 the ELLI tracked €2 billion of institutional loan defaults and restructurings, down from €5 billion during the prior year. – Staff reports

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