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HEALTH CARE SECTOR
Grifols (GRF SM, rated) is already taking action. BBG reporting it's going to repay its EUR1.84bn of '25 bonds, from sale of 20% stake in Shanghai RAAS alongside own resources.
- Equity is still down c.30% and its benchmark 3.2% May-25 bond (AN216266 Corp, , rated Caa1[N]/B-[S]/B+[N]) is still printing OAS 390bp wider right now... this seems likely to be the key bond repaid early on the basis of this announcement. The secured 1 5/8% Feb-25 line (ZQ412375 Corp) is 134bp wider (OAS) and it appears to be these two which constitute the EUR1.84bn figure mentioned
- The sale of the Shanghai RAAS sale was already known (announced Dec-23) at a price of USD1.7bn to Haier Group.
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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