PitchBook：2025年欧洲杠杆贷款指数月度总结报告（英文版）

The dramatic collapse of First Brands cast a long shadow in September, dragging on loan returns both in Europe and in the US. Furthermore, rebounding new-money supply from M&A-related issuance is starting to dilute the technical support that has underpinned European loans for much of 2025. Against this backdrop, the Morningstar European Leveraged Loan Index (ELLI) returned 0.40% (excluding currency) in September. The market-value component remained negative at -0.09% for the month, though