Top of the market? - part 3

Equity, high yield debt and corporate bond markets might be tumbling today but there is one asset class that is flirting with levels not seen since the great credit boom of the mid-noughties - leveraged loans.

I'm hearing that some of the recent private equity deals, such as KKR's £900 million takeover of Government Chemist LGC, are being done on some pretty racy debt/leveraged loan multiples.

3i said to have hired NM Rothschild to flog Element for up to a $1 billion

Here's an interesting snippet for those in the London market that follow 3i.

The listed private equity firm should see some cash coming in soon as I understand 3i has hired NM Rothschild to sell Element Materials Technology, a Dutch testing a business, for between $600 million and a $1 billion.

A New Year's Eve party at Bwin

It's been a volatile morning for shares in Bwin.Party Digital Entertainment. Last night, the online gaining group released a pre-close trading update that at first glance looked like a bit of a stinker of a profit warning. Here is link to the statement: http://www.investegate.co.uk/bwin-party-digital--bpty-/rns/pre-close-trading-update/201412301809579793A/ 

The trading update comes as Bwin has been talking to "third parties" about "consolidation" and "business combinations". Indeed, Geoff Foster says in his Daily Mail market report today that gaming software company Playtech is on the verge of winning the Bwin auction with a 140p a share/£1.2 billion offer.