EU HEALTHCARE: Healthcare: Week in Review
Dec-12 14:07
- Galderma was in the headlines as L’Oreal increased its stake to 20%. The French beauty company said that it would not increase further. GALDSW bonds were 3 bps better on the week.
- Philips announced the results of its tender: €256m redeemed in 2026 to 2029 bonds.
- Smith & Nephew was 2bps tighter following a moderately positive capital markets update.
- 2025 had increased issuance from €31.9bn to €40.4bn. Jumbo multi-tranche deals from Novo Nordisk, Bristol Myers Squibb and J&J were significant. NOVOB alone issued €10bn.
- Bayer closed the year strongly. The Durnell case finally will be sent to the Supreme Court for review. BAYNGR curve was 62bps tighter this year.
- Eurofins was 2025’s strongest name, posting a 73bps rally. The equity peaked in the summer as the company took control of all related-party-owned sites, thus removing a large part of the bear narrative.
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Historical bullets
BTP: Block trade
Nov-12 13:51
BTP Block trade, suggest seller:
- IKZ5 ~1.34k at 121.33.
SOFR OPTIONS: Latest Option Trades
Nov-12 13:46
- SFRF6 96.50/96.68/96.81c fly, bought for 3 in 15k (5k done on Block).
- SFRM6 96.25/96.12/96.00p ladder, bought for flat in 2.5k.
- 0QU6 97.25/97.50cs, sold at 5.5 in 4k.
SNB: Unchanged Rhetoric From VP Antoine Martin
Nov-12 13:40
- Worth monitoring some headlines from SNB VP Antoine Martin – taken from presentation slides which are accessible here.
- In line with previous rhetoric so far: “Inflation seen rising slightly in next quarters”, re-upping the conditional inflation forecast from the September meeting.
Related bullets
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