ICG shares dive after debt slump warning

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Managing director Tom Attwood said very few new deals are being done in the leveraged buyout market, indicating the levels of distress in the financial and corporate markets.

However, he said the secondary market in refinancing previously-done deals is awash with bargains. There, he said, "the yields on senior debt are as high as 30%, which we had not anticipated. For really good companies, the sort of debt you would sell your grandmother is trading at between 70p and 80p in the pound. That's shocking and bears comparison even with the sort of things seen in 1980 and in 1974."

Net new lending by ICG, which has more than £8.5 billion under management, was £41 million between October and December against £289 million in the same quarter of 2007.

ICG shares dived 149p to 425p.