Merck Bonds and Ratings

Besides equity and loans, the debt market is also an important source of financing for the Merck Group. The objective is to establish the company on the debt market in the long term and to reflect the interest structure curve along with the corresponding risk premiums over different terms of the debt instruments.

Merck makes use of a variety of financing instruments. We established a Debt Issuance Program for Bond Issues. In addition, two EURO bonds have been issued on a stand-alone basis in order to secure long-term liquidity. Another refinancing source is the existing Commercial Paper Program. Under this program, short-term funds are drawn opportunistically in order to meet financing requirements.

In order to maintain access to the capital market, the company has undergone assessments by the rating agencies Standard & Poors and Moody's. The company’s financial strength and risk are thus permanently reviewed and assessed. The financial strategy of the Merck Group is geared toward securing an investment grade rating. The objective is to further consolidate and improve existing ratings.

For legal reasons, we are required to obtain explicit confirmation from you concerning your country of residence before providing you with more information on the bonds.