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Reports Indicate UBS Sold An Intrum AB Loan For <90c On The Euro

FINANCIALS
  • Noting a BBG sources piece indicating that UBS sold a EUR 55mn loan extended by Credit Suisse to Intrum AB at below 90 cents on the euro. The identity of the buyer is unknown.
  • Intrum tapped into its RCF to cover funding gaps as its recourse to the CP declined (“the decrease reflects a more negative short term credit sentiment” as per their FY statements)
  • We note outstanding CP fell from SEK 1.13bn to SEK 694mn over FY23 as RCF drawdowns rose to SEK 13.8bn from SEK 8.4bn.
  • The piece also cites analysts at Spread Research who expect S&P to downgrade the Intrum rating, following Monday’s downgrade from Moody’s
  • Intrum bonds are up to EUR 1.25 cheaper today with their longest EUR 28 line trading at EUR 78.49 (EUR 13.11 cheaper YTD).
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