Fresenius wins record low yield, but has to widen price on seven year

By Stefanie Linhardt
10 Jan 2014

Sometimes it is difficult to live between two worlds. Fresenius, the Ba1/BB+ rated German healthcare business, is a speculative grade issuer, but prices so tight it could be investment grade.

In its first issue of the year, Fresenius aimed to sell €250m of February 2019 and €500m of February 2021 unsecured bullet bonds, rated Ba1/BB+.

Lead managers Deutsche Bank (billing and delivering), Barclays, Commerzbank, Crédit Agricole, Société Générale and UniCredit initially released guidance in the 2.25%-2.5% area for ...

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