Intrum - comment

This morning’s announcement appears to be the continuation of Cerberus’ deal earlier in the year. On its own, that deal was a one-off back-book transaction that is in run-off as the debt collector performs its services. The deal announced today is of similar size and could possibly ramp up in approximate synchronisation, representing a like-for-like capital allocation from Intrum’s limited resources. As far as Intrum’s own outlook is concerned we think this is better news than the back-book sale (although that proved crucial this year) and pours water on Andres Rubio’s mills when arguing the bright future of the servicing arm.