MNI China Daily Summary: Wednesday, Dec 4

MNI: Toronto Nov Home Sales Jump 40% From Year Ago As BOC Cuts

MNI: UK FINAL NOV SRVCS PMI 50.8 (FLASH 50.0); OCT 52.0

MNI BRIEF: China Must Quicken Reforms To Boost Domestic Demand

MNI: PBOC Net Drains CNY227 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI: US MBA: MARKET COMPOSITE +2.8% SA THRU NOV 29 WK

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI: EUROZONE OCT PPI +0.4% M/M, -3.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Grifols Conf Call Over: 10 Days To Answer Regulators Questions

HEALTH CARE SECTOR
Grifols (GRF SM) ... further info from sell-side questions:


  1. GRF received questions from US regulators yesterday (10-Jan) and has 10 days to answer those
  2. Sources of FCF... EUR1.3bn from disposals and around EUR1bn from operating FCF, so can easily meet '25 refi events
  3. Simplification of reporting... last year of KPMG as auditor, Deloitte to take over in 2024 (per Spanish rotation rules). Per ESMA rules, further clarification of reconciliation of adjusted-stated deltas.
  4. Debt maturities in '27 and '28 (aside from the nearer-term '25 refi wall)... strong cashflow situation from operations gives confidence but will assess refi markets in three years when they get there.
Call ended 1419. We'd summarise as follows:


  1. As good a defence as you can really give within the confines of what mgmt can normally reveal about a publicly traded company.
  2. Questions to be answered from US regulators in coming two weeks will be next point of interest.
We'd add that Gotham do have form with keeping some ammunition in reserve. That said, we note the fund has reduced its short position to, reportedly, 0.06% (from 0.6% prior to launch), so has little real economic interest left.

** Price update ** key '25 bond (AN216266 Corp) continues to tighten,now -30bp on the day.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.