European leveraged loan issuance surged to its highest first-quarter level since the financial crisis in 2015, as supply was boosted by a strong end to last year for buyouts.

Mid-market leveraged loan issuance to the end of March stood at €20.4 billion, up from €13.2 billion in the previous three months, and the strongest first-quarter level since 2007 when activity reached €49.34 billion, according to the latest quarterly report on the mid-market sector by private equity debt advisory firm Marlborough Partners.