Intrum’s recapitalised stack buys time, not deleveraging. Eight new SSN ISINs totalling SEK ~30bn outstanding across 2027–2030, a SEK 10.5bn RCF and the EUR 500m new-money facility tidy the maturity profile and reduce execution risk amid solid Servicing profitability improvements YTD. Yet leverage sits at 4.8x while the post-recap maturity bulge is concentrated in 2027–2028 with a current ~7.5% funding cost. At an average px of ~88 and spreads ~950-1,100 bps, we think investors are being paid to ....
