Kommentar: 138 Milliarden Euro Schulden – die Telekom tut das Gegenteil von dem, was nötig wäre
Ein Dax-Konzern baut Schulden ab, der andere zahlt Dividenden und kauft Aktien zurück. An der Börse und am Anleihemarkt zeigt sich, welche Strategie sich jetzt bitter rächt.
As of the end of 2022/23, Fresenius had amassed net financial debts of 24.7 billion euros. To acquire fresh capital, the heavily indebted healthcare conglomerate had to offer significant incentives. In 2023, Fresenius issued a bond worth 500 million euros with a coupon rate of 5.125 percent, which happened to be the most economical option available.
Even today, in an era of rapidly escalating interest rates, this bond's annual return is a meager 4 percent. In essence, this is the interest rate Fresenius would have to pay for a new bond with a similar duration. Fortunately, Fresenius has seen its corporate debts halve to ten billion euros more than its previous level. Contrastingly, the situation looks different for heavily indebted corporations such as Eon and Deutsche Telekom.
In 2024, the energy corporation issued a bond worth one billion euros with a maturity until 2044 and a nominal interest rate of 4.125 percent. Currently, this bond yields 4.8 percent on the market, demonstrating minimal effort to reduce its debt load. The Telekom issued a bond in 2025 that will run until 2045 with a coupon of 3.625 percent. Today, it trades at an interest rate of 4.8 percent.
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