No results found for "".

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
HLTH
PRCD
FREGR
Fresenius SE & Co KGaA€1,000
2EMEA
Jul 1, 2026
currency
EUR
size (m)
500.000
maturity
Jul 8, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB
fitch
BBB-
size description
Will Not Grow
re-open/tap
No
ipt
MS+105 area
ipt-pxd
-32
guidance
n/a - straight to launch
spread
73
coupon
3.375%
spread set
-
price
99.58400
yield
3.467%
book size (m)
1,750
peak book (m)
2,200
x-covered
3.5
book attrition
-20.45%
nic
10
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,750
peak book (m)
2,200
x-covered
3.5
book attrition
-20.45%
nic
10
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Jul 8, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa3
s&p
BBB
fitch
BBB-
size description
Will Not Grow
re-open/tap
No
ipt
MS+130 area
ipt-pxd
-30
guidance
n/a - straight to launch
spread
100
coupon
3.75%
spread set
-
price
99.32900
yield
3.849%
book size (m)
1,500
peak book (m)
1,750
x-covered
3
book attrition
-14.29%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,500
peak book (m)
1,750
x-covered
3
book attrition
-14.29%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1750; Registration: Reg S Only; Comments: +85.4bps vs OBL 2 ½ 04/16/31 #193 @99.480 / 2.613% (HR: 102%). CoC: 101%. Tax Call: Yes. Clean-Up Call: 80%. LEI: XDFJ0CYCOO1FXRFTQS51; Book size: 1500; Registration: Reg S Only; Comments: +106.9bps vs DBR 2.2 02/15/34 @96.060 / 2.780% (HR: 102%). CoC: 101%. Tax Call: Yes. Clean-Up Call: 80%. LEI: XDFJ0CYCOO1FXRFTQS51;
Use of Proceeds
General corporate purposes incl. refinancing of existing financial liabilities
Relative Value

5yr (July 2031) @ MS+105 area

Implied Spread for fresh 5yr @ MS+63

Priced at MS+73
NIC of +10


8yr (July 2034) @ MS+130

Implied Spread for fresh 8yr @ MS+100

Priced at MS+100
NIC of 0

COMPS

Ticker

Rating

Coupon

Maturity

Tenor

Size

I-Sprd

Group

FREGR

Baa3/BBB/BBB-

2.75%

Sep-29

3.2y

500m

53

Fresenius Curve

FREGR

Baa3/BBB/BBB-

5.00%

Nov-29

3.4y

500m

50

Fresenius Curve

FREGR

Baa3/BBB/BBB-

2.88%

May-30

3.9y

550m

47

Fresenius Curve

FREGR

Baa3/BBB/BBB-

5.13%

Oct-30

4.3y

500m

54

Fresenius Curve

FREGR

Baa3/BBB/BBB-

0.88%

Oct-31

5.3y

500m

65

Fresenius Curve

FREGR

Baa3/BBB/BBB-

3.00%

Jan-32

5.6y

500m

68

Fresenius Curve

FREGR

Baa3/BBB/BBB-

1.13%

Jan-33

6.6y

500m

76

Fresenius Curve

FREGR

Baa3/BBB/BBB-

3.50%

Mar-34

7.7y

500m

91

Fresenius Curve

FMEGR

Baa3/BBB-/BBB-

3.25%

Nov-30

4.4y

500m

67

BBB Comps

FMEGR

Baa3/BBB-/BBB-

3.75%

Apr-32

5.8y

500m

86

BBB Comps

BDX

Baa2/BBB/BBB

3.52%

Feb-31

4.6y

750m

62

BBB Comps

BDX

Baa2/BBB/BBB

3.86%

May-33

6.9y

600m

92

BBB Comps

HEIGR

Baa2/BBB/-

3.50%

Oct-29

3.3y

900m

55

BBB Comps

HEIGR

Baa2/BBB/-

3.95%

Jul-34

8.0y

700m

87

BBB Comps