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  • 8 February 2018

    The Bank of England turns hawkish

    The Bank of England turns hawkish, but this is unlikely to mark the start of a sustained rate rising cycle.

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  • 29 January 2018

    Q1 Global Economic and Investment Outlook 2018: A Delicate Balance

    The global economy enters the new year firing on all cylinders. With inflation subdued, risk free rates remain low, encouraging risk taking and a search for yield. This “Goldilocks” environment has been highly asset price supportive. However, monetary policy is tightening and asset valuations leave little room for disappointment. This delicate balance puts investors in a difficult position. In this report we outline our macro and market outlook for 2018, including our views on global high yield and private credit markets.

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  • 3 November 2017

    UK interest rate rise : One and done?

    The BoE’s decision to raise its base rate for the first time in ten years is unlikely to mark the beginning of a sustained rate rising cycle.

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  • 26 October 2017

    Q4 Global Economic and Investment Outlook: Into Uncharted Waters

    The global economy is moving into uncharted waters as the Fed starts to remove nearly ten years of extraordinary liquidity provision and the ECB starts tapering its bond purchases. The change in policy comes just as it appears the global industrial cycle may be peaking, increasing the risk of market corrections in our view. In this report we outline our macro and market views, look at key threats to the credit cycle, and summarise our asset allocation views.

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  • 27 September 2017

    German Election: Disappointing Result but Europe's Recovery Still on Track

    Despite the diminishment of the Merkel- led centrist CDU/CSU and the SPD in the 2017 election, they remain the most powerful parties in German politics. The rise of the AfD party is worrying, but as is the case in the Netherlands, the extremists remain locked out of government and Germany remains dominated by parties that are strongly pro-EU and socially progressive. Therefore, while this election may slow some of the more ambitious EU integrationist reform policies, it is unlikely to undermine financial stability or derail the economic recovery.

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  • 21 July 2017

    Q3 Global Economic and Investment Outlook: Nearing a Peak

    Risk assets have benefitted from an extended period of synchronised global growth and ultra-loose monetary policy. There are signs now that this is ending. Despite cyclical risks, still healthy underlying corporate and economic fundamentals and banking sector balance sheets should stave off recession and allow the credit cycle to extend further. In this report we summarise our macro and market views, look at key threats to the credit cycle, and highlight lead indicators we think may help investors get ahead of the next downturn.

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  • 21 July 2017

    UK Election: A Blow to Theresa May and Her Hard Brexit Plans

    The UK Conservative Party, led by Prime Minister Theresa May, lost its majority in parliament in a shock result that ratchets up political uncertainty, but likely does not lead to substantial changes to domestic fiscal and economic policies.

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  • 11 April 2017

    Global Economic and Investment Outlook: Late cycle, not end cycle

    Markets appear to have pared back some of their initial euphoria about US President Trump’s much touted fiscal stimulus programme, with US bond yields and the US dollar coming under pressure this year. Despite deflated fiscal expectations, strong global growth momentum has continued to power risk assets higher.

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  • 8 March 2017

    Private debt in Asia: Early stage growth

    An overview of the evolution of Asia's private debt market, its major drivers and key characteristics. It also highlights crucial differences between individual country markets and provides an assessment of how this dynamic industry is likely to evolve in the coming years. Published in The Global Guide To Private Debt which is a one-off book published by Private Debt Investor (PDI) and available for general purchase.

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  • 3 March 2017

    How investors can benefit from a liquid/illiquid combination

    Investors are increasingly recognising the benefits of running private debt and liquid senior secured debt strategies in tandem, according to Max Mitchell and Zak Summerscale of Intermediate Capital Group

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  • 11 January 2017

    Global Economic and Investment Outlook: Exuberance Overdone

    2016 ended on a euphoric note, with Donald Trump's surprise US presidential election victory driving equity benchmarks to record highs, bond yields back to 2014 levels and the US dollar to a fourteen year high.

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  • 10 October 2016

    European Credit Markets Review – September 2016

    We have seen a marked turnaround in market sentiment since the lows of Q1 2016. European sub-IG credit has been no exception, with European high yield total returns (BAML HPID) of 8.6% YTD through August and up 12.3% from the Feb 12th low point.

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  • 3 October 2016

    Flexibility and diversification in one place

    Multi-strategy alternative credit investing can provide investors with diversification, good returns and efficiency. Benoît Durteste of ICG explains how.

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  • 1 September 2016

    European Credit Markets Review: Brexit Special

    The result of the UK's referendum on EU membership was largely unexpected and led to significant volatility in financial markets, both before and after the vote.

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  • 28 June 2016

    Brexit: A Shot in the Hull

    The direct economic and financial impact of the UK's vote to leave the EU is likely to be substantial for the UK, less-so for the rest of the world...

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  • 28 January 2016

    Private Fund Restructuring

    Q&A discussion with Andrew Hawkins, Global Head of Secondaries, ICG

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  • 23 September 2015

    The Rise of Private Debt as an Institutional Asset Class

    For private debt, the 2008 credit crisis was a game changer.

    The ensuing turmoil hastened its migration as an institutional asset class from the periphery to the core in the wake of two developments.

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  • 7 May 2015

    ICG - Empire Building

    "ICG today is very different from ICG two years ago, even," says Christophe Evain, managing director and chief executive officer of the European-headquartered, €14.9 billion investment manager.

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  • 8 December 2014

    The rise and rise of direct lending

    As a new funding solution for corporates, as well as an asset class for institutional investors, European direct lending has evolved strongly this year. Max Mitchell, Head of Direct Lending at ICG, examines the reasons why.

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  • 2 September 2014

    Confusion persists as direct lending goes mainstream

    As the number of new entrants into the direct lending market rises, it is clear alternative lenders have moved into the mainstream. But are sponsorless corporates ready for this type of lending?

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  • 29 May 2014

    All hands on debt

    Sponsors may be offered increasingly plentiful and attractive financing options but Dagmar Kent Kershaw argues credit discipline is being maintained.

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  • 4 February 2014

    The high value of analysing high-yield bond covenants

    High yield bonds offer investors a number of benefits which, when combined, make a persuasive strategy for wider portfolios.

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  • 15 October 2013

    Spears Family Business Guide

    The very specific needs of family businesses require a distinctive combination of experience and expertise. ICG can provide the bespoke capital and advice that family-owned businesses need.

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  • 27 September 2013

    Flexibility and Scale

    Through a process of constant evolution, ICG has built itself into a credit specialist of considerable scale over the past 25 years. Mezzanine remains a core component of ICG’s strategy, but the market has changed markedly since 2008.

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  • 12 August 2013

    Investing in European CLOs – nice if you can

    Last year’s European issuance was practically zero compared to US$53bn of US issuance in 2012. CLOs are a core funding tool for leveraged buyouts (LBOs) so a lack of CLO lending capacity can lead to short-falls in leveraged loan placement.  

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  • 1 June 2013

    European Direct Lending – an attractive risk/return opportunity for Investors?

    European mid-sized corporates have historically relied on the European clearing banks for almost all of their debt funding requirements.

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  • 11 March 2013

    New sources of liquidity in the European market

    Following the recent financial crisis, the European banks’ ability to provide liquidity has significantly contracted. This contraction is negatively impacting private equity transactions (both involving existing portfolio companies and potential new buyouts) in Europe.

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