Fresenius braves plunging markets with €1bn trade

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By Mike Turner
21 Sep 2020

Fresenius, the German healthcare company, pushed ahead with a €1bn dual tranche no-grow trade on Monday, despite an issuer in another sector pulling its deal as wider markets plummeted.

Fresenius, rated Baa3/BBB/BBB-, opened books on a €500m no-grow September 2026 at 115bp over mid-swaps and a €500m no-grow January 2033 at 150bp over. Credit Suisse, Goldman Sachs, Santander and Société Générale ran the deal.

“Brave coming today,” said a London-based syndicate banker off the deal at the initial ...

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