Leveraged loans tracked by the S&P European Leveraged Loan Index (ELLI) gained 1.18% (excluding currency) in April, the second-highest return since January 2013, after March’s 1.7% gain, according to LCD, an offering of S&P Global Market Intelligence.

The market-value component of the return was up 0.79% in April, the second-consecutive positive reading after a seven-month string of losses.

April’s gains put the Index further into the black — up 1.77% in the year to April 30 — but it is still lagging last year, when the ELLI gained 2.95% in the first four months (excluding currency). The difference stems from the market-value component, which has advanced by 0.19% so far in 2016, compared to 1.41% in the same period last year. – Staff reports

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