Raiffeisen Bank (RBI AV) pushes back on the Grizzly Research report, suggesting there are a number of misleading statements

The rebuttal itself rarely resolves the move; what has historically mattered is whether the response is detailed and point-by-point with supporting disclosure, or generic, with the latter tending to leave the discount in place. Raiffeisen carries a distinctive overlay here: its Russian exposure has been a standing source of scrutiny from regulators and investors, so any report touching that flank engages a pre-existing debate rather than a fresh one, and the bank has prior form in defending its position publicly. Worth watching is whether the claims involve verifiable filings that third parties can check, whether any regulator or auditor is drawn in, and whether the short interest and borrow costs in the name move materially, which signals how committed the positioning is. As an issuer denial rather than new information, the note is a marker in an ongoing contest rather than a resolution of it.