Grifols - comment

Grifols released strong Q3 numbers ahead of our market expectations, driven by stronger Biopharma revenue.  The business continues to progress on its various efficiency programs, partially demonstrated by the continued decline in input costs, including plasma.  Grifols continue to benefit from the strong demand for albumin in China, with no further mention of restrictions in this segment.  

Bond and equity performance is still determined by the potential bid from Brookfield.  These numbers would normally be positive for the bonds without a potential bid but it will be limited with the take-private process hanging over.