Announcements

    Drinks

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

      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).

      Related news

      Show all
      Scope affirms BB- issuer rating on GVC, revises Outlook to Positive

      25/7/2024 Rating announcement

      Scope affirms BB- issuer rating on GVC, revises Outlook to ...

      European corporate ESG bonds boom in H1 2024; FY issuance projected to rise 40%

      24/7/2024 Research

      European corporate ESG bonds boom in H1 2024; FY issuance ...

      Scope affirms Market Építő Zrt.’s BB-/Stable issuer rating

      19/7/2024 Rating announcement

      Scope affirms Market Építő Zrt.’s BB-/Stable issuer rating

      Scope affirms Encavis AG's BBB- issuer rating and revises the Outlook to Stable

      19/7/2024 Rating announcement

      Scope affirms Encavis AG's BBB- issuer rating and revises the ...

      Scope affirms SBB’s ratings and resolves the under review status

      12/7/2024 Rating announcement

      Scope affirms SBB’s ratings and resolves the under review status

      Scope publishes Michelin’s A/Stable issuer rating for the first time

      12/7/2024 Rating announcement

      Scope publishes Michelin’s A/Stable issuer rating for the ...