The virtual closure of the ABS and CDO markets presents an enormous opportunity for cash investors like ICG in the global LBO financing market. In Europe, ICG sees the following opportunities: 1) primary, mid-market deals on increased margin and lower leverage; 2) buying hung debt from banks at a discount; and 3) buying discounted senior debt in the secondary markets. While ICG’s business is not without cyclical risk, ICG is well-placed to exploit a significant period of favourable risk/reward market conditions. We view expectations as still too low.

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