Intrum - comment

The quarter itself was a little mixed and Q4 is likely to be in line if LfL down on the very strong Q422. Intrum’s refinancing strategy centres on liquidating (selling) its book fast enough to not require access to markets in the next two years. Clearly, its outlined liquidity program does not cover maturities through that period, so we expect further news on refinancing that materially drawn, but super sr. RCF. Meanwhile, the “ratio deleveraging” on Cash EBITDA is going to happen - that’s easy to engineer. We see no risk for the 2024 bonds, but the long end is at risk of being layered.