Investors continue hunt for hot pharma credits with Phoenix

By Mariam Meskin
29 Jul 2020

Phoenix Pharmahandel, the German pharmaceutical company, issued a five year euro-denominated bond on Wednesday, as pharma companies across the credit spectrum continue to hold investors’ attention.

On Wednesday, Phoenix, rated BB+ with a negative outlook by S&P, raised a €400m Reg S senior unsecured bond with a five year tenor. The deal priced at 288bp over mid-swaps, to yield 2.5%. Final books hit €690m.

Joint bookrunners were Commerzbank, Crédit Agricole, ING and UniCredit.

“The pharmaceutical sector ...

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