Fresenius breaks record as HY demand surges

Germany’s Fresenius Medical Care sold a Eu775m equivalent high yield bond on Wednesday. The deal’s euro tranche was issued with one of the lowest coupons ever seen in Europe’s junk bond market, as strong demand among investors shows no sign of waning.

  • 27 Jan 2011

Fresenius’s 10 year senior unsecured deal, rated Ba2/BB+, was split between tranches of Eu300m and $650m.

The dollar piece was priced at 99.06 with a 5.75% coupon, equating to a yield of 5.875%. The euro notes were priced at par with a coupon of 5.25%, the lowest ever yield ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 118,674.50 528 5.97%
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1 BNP Paribas 26,531.99 119 8.90%
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5 UniCredit 15,925.26 74 5.34%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,404.19 42 7.80%
2 BNP Paribas 4,918.81 57 7.10%
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5 Credit Suisse 3,757.05 40 5.42%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 20,123.74 153 10.19%
2 Goldman Sachs 15,830.49 107 8.01%
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5 Citi 13,132.03 109 6.65%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 HSBC 28,248.54 116 6.18%
2 BNP Paribas 26,642.60 114 5.83%
3 Barclays 25,943.52 91 5.68%
4 JPMorgan 25,259.22 83 5.53%
5 Citi 24,204.97 95 5.30%