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HEALTHCARE: Fresenius SE (FREGR: Baa3/BBB/BBB-)

HEALTHCARE
BulletCredit Bullets
  • Positive: Fresenius SE’s turnaround plan well-received in Equity market
  • Equity taking another move higher today on JPMorgan recommendation
  • Deconsolidated FMEGR in February. Fresenius SE described the 32% stake in FMC as a “financial investment”. Clearly one to watch.
  • Leverage reached 3.7x following mAxbience and Ivenix acquisitions subsequently reduced to 3.4x in 2Q
  • Committed to reducing leverage to 3.0x-3.5x corridor
  • Conf Call in July said to expect more deleveraging in H2
  • Biosimilar platform growing with the launch of Tyenne in US which received FDA approval in March for autoimmune diseases
  • Kabi will launch 10 more injectables from now until 2025

The FREGR curve is highly technical with all but 2 bonds having 1k denominations.
FREGR 5% 29 (100k denom) , 5.125 30 and 0.875 31 trade wide to the average.

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  • Positive: Fresenius SE’s turnaround plan well-received in Equity market
  • Equity taking another move higher today on JPMorgan recommendation
  • Deconsolidated FMEGR in February. Fresenius SE described the 32% stake in FMC as a “financial investment”. Clearly one to watch.
  • Leverage reached 3.7x following mAxbience and Ivenix acquisitions subsequently reduced to 3.4x in 2Q
  • Committed to reducing leverage to 3.0x-3.5x corridor
  • Conf Call in July said to expect more deleveraging in H2
  • Biosimilar platform growing with the launch of Tyenne in US which received FDA approval in March for autoimmune diseases
  • Kabi will launch 10 more injectables from now until 2025

The FREGR curve is highly technical with all but 2 bonds having 1k denominations.
FREGR 5% 29 (100k denom) , 5.125 30 and 0.875 31 trade wide to the average.