Intrum - comment

Is the blind buying the lame when Intrum are buying Haya? The Spanish RE focused servicing platform has been struggling with its outlook following the Sareb exit (see our Haya analysis on the Shelf), but Intrum have struck 5-year contracts with the Spanish bank clients, which will stabilise the situation. Moreover, the acquisition fits Intrum's strategic direction out of investments and into servicing and the deal looks accretive too, even as it binds financial resources at a sensitive time. For Haya bondholders the sale for €140m including restructuring costs probably means recovery in the low 30s.