Intrum - comment

The latest tender offer, at an average price of 94c/€ was entirely taken up by the €-denominated ‘27s that now have a mere €332m outstanding. While debt reduction is positive for Intrum, we think the price paid is too high and remain concerned that another exercise is around the corner. The saving grace for Intrum holders is, however, that for now, there is no single large holder involved who would drive an opportunistic move, and at these elevated prices, that is unlikely to change.