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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
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Grifols Credit Weak On Positive News
Grifols seeing unusual price action in response to CNMV report (GRF SM). Cash bonds weak on good news, even after relatively large widening yesterday. Seems counter-intuitive.
- The Spanish regulator (CNMV) this morning published its response to Gotham’s short-selling attack on Grifols which, in most meaningful ways, gave the firm a clean bill of health.
- It did note issues with some of the “alternative performance measures” the company uses and gave it 15 days to address these. We usually treat these numbers with a degree of scepticism in any case.
- Our takeaway was that this was positive news, yet the equity is selling off and the two ’25 bonds (GRFSM 1 5/8 02/15/25 and GRFSM 3.2 05/01/25) are trading relatively mixed (+8bp and -1bp, respectively), having both sold off 30-60bp yesterday. This seems harsh to us but there is no new news here on the S-RAAS deal which is, perhaps, a disappointment.
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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.