FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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 Defence Conf Call Ongoing

HEALTH CARE SECTOR

Grifols (GRF SM) conf call ongoing. Usual rhetoric against Gotham ("self interested") and that GRF are issuing legal proceddings against them. Focussing in three areas of Gotham's arguments:


  1. Consolidation of Hema and BPC - done acc to IFRS10 control clause and KPMG has consistently reviewed that.
  2. Calculation of the leverage ratio - basis is outlined in the 15-Nov-19 loan agreement, all adjustments are clear and the EBITDA change is <5% anyway.
  3. Relationship with ShanghaiRAAS - has been built to be a top player in Chinese plasma market, specifically in albumin products. Will maintain the relationship and the deal to give refi headroom will close in 1H24.
The key 2025 debt line (AN216266 Corp) is trading 22bp tighter this afternoon (OAS basis) and is over 100bp over the last two sessions but still near-150bp wider on the week. The equity is down a little from last night's close... call still ongoing.
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.