FINANCIALS: Grifols Closes Private Debt Placement: Adds Some Stability
Apr-30 14:05
Grifols (GRFSM; Caa1 neg/CCC+ neg/B neg) has closed its private debt deal with Apollo to refi the ’25 bond. This deal was first reported on 15-Apr. Prior to this, mgmt had been indicated the sale of its stake in S-RAAS would refinance the ’25 bond but at least this gives some stability to the unsecured credit stack.
- GRF has raised EUR1bn of 7.5% senior secured notes due May-2030, priced at 98.5% of the principal, an implied yield of 7.61%.
- This is being used to refinance the May-25 bond (GRFSM 3.2 05/01/25) which streaming with a yield of 8.03%.
- GRF has previously indicated this would be refinanced by the sale of its stake in S-RAAS to Haier Group but the deal’s closure appears to be moving relatively slowly.
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MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS
Mar-29 15:26
- MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS
MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%
Mar-29 12:30
- MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%
- US FEB PCE PRICE INDEX +0.3%; +2.5% Y/Y
- US FEB CORE PCE PRICE INDEX +0.3%; +2.8% Y/Y
- US FEB UNROUNDED PCE PRICE INDEX +0.333%; CORE +0.261%
FRANCE AUCTION PREVIEW: On offer next week
Mar-29 10:32
E11.0-12.5bln of LT OATs on Thursday 4 April (a slightly smaller auction than in February or March):
- the 3.50% Nov-33 OAT (ISIN: FR001400L834)
- the 3.25% May-55 OAT (ISIN: FR001400OHF4)
- the 4.00% Apr-60 OAT (ISIN: FR0010870956)
- the 1.75% Jun-39 Green OAT (ISIN: FR0013234333)
Up to E7.2bln of 13/22/24/51-week BTFs on offer Tuesday 2 April:
- E3.1-3.5bln of the new 13-week Jul 3, 2024 BTF
- E0.1-0.5bln of the 22-week Sep 4, 2024 BTF
- E1.3-1.7bln of the 24-week Sep 18, 2024 BTF
- E1.1-1.5bln of the 51-week Mar 26, 2025 BTF
