It’s been coming. Lowell and its bondholders have picked GS+PJT and PWP respectively. As per our previous stance, Lowell is the far

Compared to Intrum, Lowell is a far simpler company with less geographical diversification and only a small servicing business that won’t

We understand the company has hired GS to advise on its balance sheet. The choice of advisors is remarkable as we believe GS to have

Last week, we had the Q1 call without the financials. Those, management promised, would be signed the same day. As of this

Iquera hired advisors yesterday - the bonds tanked some 30 points. We don’t know the company all that well yet, but it's been engaged in ABS transactions in

And here it is: Lowell’s bragging slide this morning shows Pro Forma Cash EBITDA Leverage of 2.7x. Even collections are presented in a positive

Collections held up (did not deteriorate further - in contrast to Intrum) and the company underspent on new portfolios (even relative to our model), sweating its

Today’s UK’ economic headlines are dominated by the drop in Retail sales, the lowest since February 2021, impacted by lower fuel consumption and

Please find our unchanged analysis here.

Apparently, we remain on the black-list, as once again we have been culled from the Q&A. However, noteworthy is the number

We have not been rolling forward our model since the refinancing and the call this morning was predictably boring. What stands out is the reversion of

TDR have been after Arrow since early December and the latest hike in offer price almost. The latest iteration now values the company £100m or 6% higher than the first bid at nearly £1.8bn EV - including portfolio financing. To explain four iterations of bids to arrive at this point we need to

Please refer to our still unchanged analysis here.

We were again unable to ask questions on the call, but DB asked the two most pertinent anyway. Overall management confirmed three important points today:

We are delighted to see the new approach and substantially increased equity cheque. Over the past two years, we have been critical of the company and more recently supportive, as you may know.

In past weeks we had been

Please refer to our unchanged analysis here.

Lowell’s preliminary results this morning appear positive, but do not contain enough detail to allow any more robust conclusions.

The repayment of the RCF is

Please find dial-in details here.

Please refer to our unchanged analysis here.

We are hosting a public conference call for the CDS and SUNS this afternoon at 3pm. The aim is to gather the active participation of the more dispersed holders of the SUNs

Please find our updated analysis here.

Please get in touch. We are looking for more funds to join our clients in a meaningful group to re-approach to the company with a plan.

Having independently done the detailed work, we think

The Lowell call ended without allowing our questions, so there are some open areas, but overall the situation is well understood.

Cash EBITDA leverage stats look great, given that during

We are surprised that Lowell - not a Covid-19 casualty - did not manage to reach an agreement on refinancing. Not because we think the debt is

The company have of course been buying le ss portfolios in Q1 than was the case last year. So much was to be anticipated. To get the good news