European leveraged loan volumes so far in 2013 have reached their highest level since the first half of 2008, driven by a sharp increase in refinancings.

Leveraged loan volumes stand at $102.4bn for the year to date, according to figures from data provider Dealogic released yesterday. This is the highest first half total since 2008 and a 13% increase from the $90.6bn recorded in the corresponding 2012 period.