Intrum - comment

We are going through the details of the LUA this morning. However, away from all the details we find most notable that the support for the restructuring is still only hovering around 50%. Clearly, that won’t be sufficient under any regime and is most likely due to not everyone playing CDS alongside their cash position. We see the goal posts narrowing, but won’t rule out a further sweetening of the deal to get it over the line. We are not “involved”, but despite the fee incentive would be a slow sign-up (unless we were long CDS that is).