Intrum - Surprised To Be Here - Model Update - Positioning

We’ve taken a new position in the Intrum bonds again, but not the way we usually do it. This iteration of our Intrum analysis marks quite a departure from previous years and the company has changed profoundly. A few events we’ve had an eye out for have not materialised, which prompts this unusual decision. The trade itself is very simple and fundamentally backed by two adjustments we make in our model.