Lowell - comment

50% sign-up to the restructuring plan is still a long way off. Initial levels at Intrum have been similar, but Intrum got a big boost when the 2024s rolled off. This is not happening for Lowell. The extension of the early bird deadline to Jan 17th is therefore not a big surprise, but we wonder whether the deal needs some sweetening and if so, wether the shareholders are remotely ready for it. We have no notional position in the name, but if we did, it wouldn’t be for the few bps of early bird. We’d be holding out.