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HEALTHCARE: Healthcare: Week in Review

HEALTHCARE
  • A very strong week for Eurofins.  FY25 Objectives stated an intention to “achieve self-financing of all its needs” which we read as meaning that they would not issue this year. The curve was uniformly tighter by 12bps.
  • Smith & Nephew is a single ISIN issuer in EUR so can move on more on technicals. Stryker had good numbers 2 weeks ago as surgery recovers from Covid. Some of this may be spilling over into SNLN. The other factor to consider is break-up talk which is never very far away.  Earnings 25th Feb.
  • Bureau Veritas also reports on 25th. The equity reached an all-time high today. The company called of SGS merger talks on 27th Jan. BVIFP 3.5 36 is leading with an 8bps tightening in 2 days; the move higher in bund yields on the 12th may have helped.
  • Fresenius Medical equity dropped on Friday following reduced guidance from DaVita. DVA and FMEGR control 2/3 of the US Dialysis market.  Bonds were unaffected. Results 25th.  
Healthcare
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  • A very strong week for Eurofins.  FY25 Objectives stated an intention to “achieve self-financing of all its needs” which we read as meaning that they would not issue this year. The curve was uniformly tighter by 12bps.
  • Smith & Nephew is a single ISIN issuer in EUR so can move on more on technicals. Stryker had good numbers 2 weeks ago as surgery recovers from Covid. Some of this may be spilling over into SNLN. The other factor to consider is break-up talk which is never very far away.  Earnings 25th Feb.
  • Bureau Veritas also reports on 25th. The equity reached an all-time high today. The company called of SGS merger talks on 27th Jan. BVIFP 3.5 36 is leading with an 8bps tightening in 2 days; the move higher in bund yields on the 12th may have helped.
  • Fresenius Medical equity dropped on Friday following reduced guidance from DaVita. DVA and FMEGR control 2/3 of the US Dialysis market.  Bonds were unaffected. Results 25th.  
Healthcare