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.
In 2022/23, Fresenius accumulated net financial liabilities of 24.7 billion euros. To secure fresh funds, the heavily indebted health conglomerate had to offer a 500 million euro bond with a 5.125% coupon in 2023. This bond remains actively traded on the market, with a current annual return of only 4%. Given the current high interest rates, a new bond with a similar long-term duration would cost Fresenius around 4% in nominal interest.
Despite this, Fresenius benefits from a significant reduction in group liabilities, which have nearly halved to 10 billion euros since then.
In contrast, conglomerates like Eon and Deutsche Telekom face different circumstances. In 2024, Eon issued a 1 billion euro bond with a maturity until 2044 and a nominal interest rate of 4.125%. This bond currently yields 4.8% on the market, indicating minimal effort on their part to reduce debt. Similarly, Deutsche Telekom issued a bond in 2025 with a maturity until 2045 and a coupon of 3.625%. Currently, this bond trades with a yield of 4.8%, reflecting a lack of significant efforts to reduce their debt levels.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
