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      Bayer is in the market with new hybrid bond
      WEDNESDAY, 20/09/2023 - Scope Ratings GmbH
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      Bayer is in the market with new hybrid bond

      Bayer AG is in the market with a dual-tranche euro-denominated hybrid bond, having mandated lead underwriters to arrange investor calls yesterday.

      Scope rates Bayer AG on a subscription basis. For more information or to sign up to ScopeOne, Scope’s digital marketplace, click here.

      Tranche A is a benchmark-sized 60-year due 25 September 2083 with a call at 5.25 years. Initial price thoughts are 7.375% area, according to Bond Radar. There is a 25bp coupon step-up from December 2033 (first step-up date) and 100bp (an additional 75bp) from December 2048 (second step-up date).

      Tranche B is a benchmark 60-year due 25 September 2083 with a call at 8.25 years. Initial price thoughts are 7.875% area. There is a 25bp step up from December 2036 (first step-up date) and 100bp (an additional 75bp) from December 2051 (second step-up date).

      Proceeds are for general corporate purposes, including the partial refinancing of the existing EUR 1.5bn Subordinated Resettable Fixed Rate Notes due 2074 (callable 1 July 2024); and EUR 1bn Subordinated Resettable Fixed Rate Notes due 2079 (callable 12 February 2025).

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