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 debts of 24.7 billion euros. To secure fresh capital, the heavily indebted health group had to offer significant returns, issuing a 500 million euro bond with a 5.125% coupon in 2023. This bond continues to trade daily, currently yielding just 4% annually, which is roughly the interest rate Fresenius would pay for a new bond of similar duration. Fresenius benefits from its debt, which has now been reduced by around 10 billion euros from its previous level.
In contrast, energy conglomerates such as Eon and Deutsche Telekom took different approaches. In 2024, the latter issued a one-billion-euro bond with a 2044 maturity and a nominal interest rate of 4.125%. As of now, this bond generates a market yield of 4.8%. With minimal effort, Deutsche Telekom has managed to reduce its debt levels, indicating a contrasting strategy compared to Fresenius.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
