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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.
HEALTH CARE SECTOR
Grifols (GRF SM) is the weakest performer in SXXP right now. Yesterday's conference call was another "travel-and-arrive" event... equity price ticked up c.6% from the morning's lows in anticipation and then gave it all back (and then some).
- Equity showing down another c.15% this morning, which brings the performance since Monday's close to -42%. Mgmt was very cognisant on the call, of the 2025 refi wall it faces and gave positive indications that the proceeds of the ShanghaiRAAS sale would be used to address that.
- The key '25 bond (AN216266 Corp) is showing an OAS up 215bp this morning (and the '28 bond BR552623 Corp is 73bp wider too). Relative to (previous?) peers Almirall and Gruenenthal, this is clearly an idiosyncratic position but, whilst the market refuses to believe what mgmt says (which appears to be the case), this situation appears unlikely to normalise.
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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