Report
Grünenthal : Issuance Focus
Given the spread difference between the 2026 and 2028 Grünenthal SSN and taking into consideration the about 24 months duration difference between the 2028 notes and the new 2030 notes (2026 to 2028: c. 18 months), we believe that the new notes were fairly priced at 6.75%.Somehow outstanding with respect to other health care and pharma peers is that investors become exposed to a very low levered company. Yes, subject to one material patent risk, to future funding risk (Kirin...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Markus Schmitt
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