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Grifols Credit Tightening Even As Another Equity Short Announced.

HEALTHCARE

Grifols (GRF SM); key ’25 bond (GRFSM 1 5/8 02/15/25) tightening meaningfully this morning (streaming at least 10bp tighter on BBG) and new short position in equity reported.


  • Repayment of this ’25 bond has become the key risk in the credit stack; something which should be facilitated by the ShanghaiRAAS (002252 CH) stake sale to Haier Group.
  • WorldQuant has now reported a 0.51% short position in the equity (report dated 30-Jan), similar to Qube Research. The equity is now 25% higher than the immediate aftermath of the Gotham short-selling report.
  • Next expected event: 4Q23 results on 29-Feb (pre-market) but there is a ShanghaiRAAS EGM on 7-Feb which may generate some newsflow.
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