Intrum - comment

Very tempting. We read that the short-end hold-outs are making a last stand behind Lazard in a bid to improve deal economics in return for paving the way to a UK restructuring, or even a simple consensual amendment under the bond terms - the easiest and cheapest solution. As we have said before, we don’t think this is the equity’s best deal and for a consensual restructuring, even the long-end might give up some of the savings to the short-end, although that will be minor if it happens at all.