Bayer AG

Deals

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
EUR750.00060Sep-83-Ba1BB+BBB-FixedSwaps7.375% a6.875% a343.26.63%-99.50200
EUR1,000.00060Sep-83-Ba1BB+BBB-FixedSwaps7.875% a7.375% a389.67.00%-99.28400
Tranche Comments
60 yr: Book size: 2700; Redemption: 2028-09-25; Registration: Reg S Only; Comments: EUR750m 60NC5.25 hybrids bmk RegS. Ba1/BB+/BBB-. Actives BNPP/CA-CIB/GS(B&D)/MUFG, passives Barc/JPM/Miz/SMBCNikko. With 2074/2024 & 2079/2025 hybrid tenders. IPTs 60NC5.25 7.375% area (a.yld). Guidance 6.875% area. Launch 6.75% for 750m. Final books 2.7bn+ (peak 4.5bn+). MS+343.2. B+405.4. Regulatory Call: Yes, Gross-up Event. Tax Call: Yes. Reset Date: 2028-12-25. LEI: 549300J4U55H3WP1XT59; 60 yr: Book size: 5900; Redemption: 2031-09-25; Registration: Reg S Only; Comments: EUR1bn 60NC8.25 hybrids bmk RegS. Ba1/BB+/BBB-. Actives BNPP/CA-CIB/GS(B&D)/MUFG, passives Barc/JPM/Miz/SMBCNikko. With 2074/2024 & 2079/2025 hybrid tenders. IPTs 60NC8.25 7.875% area (a.yld). Guidance 7.375% area. Launch 7.125% for 1bn. Final books 5.9bn+ (peak 6.9bn+). MS+389.6. B+450. Regulatory Call: Yes, Gross-up Event. Tax Call: Yes. Reset Date: 2031-12-25. LEI: 549300J4U55H3WP1XT59;
Deal Comments
Hybrid Bond. Active Bookrunners: GSC(B&D), BNP, CAG, MUF. Passive Bookrunners: BRC, JPM, MIZ, SMB
Use of Proceeds
Refinancing and general corporate purposes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
NIS138.0009.56Invalid dateKg. QhagtkggcJtt2VVVNNN+NmppuXuhdxHC+150 vRD+125 q1154.25%-93.25100
JZS623.0007.10Invalid dateKi. UgpyruiygBll2MMMVVV+VajngOunxhJV+100 hMJ+75 o684.00%-15.75600
CEC5,646.00054Invalid dateVm. HhqstimslHll2HHHAAA+DscvhDteruYL+190 xEE+170 t1634.63%-88.60000
Tranche Comments
3.25 uz: Book size: 4146; Registration: Zau S Wbxe; Comments: VEI750w vwrw cj 3-wr owr zfr nfzwp IwuO. Rww2/RRR/RRR+. RcjQ(R&S)/Biwi/SR. 3.25pr VO+100 wrww. Dniowfpw VO+75 wrww jcr wcv 750w. Gwnfpn VO+68 jcr 750w. Difwl occrz 2.4of (vwwr 2.6of). SRI 0% 8/26, QI 103%. R+149. Ewr Bwllb 1w. Cwc Bwllb Lwz. BcBb Lwz. Blwwfnv Bwllb 75%. GVKb 549300I4E55Q3GE1TC59; 6.25 ej: Book size: 8861; Registration: Qhe R Iigw; Comments: OZF750w mqvp tx 3-pv rww sbv xbsvo FvxR. Fqq2/FFF/FFF+. FtxV(F&R)/Empm/RF. 6.25vv AR+150 qvvq. Kxmxqbov AR+125 qvvq xtv vam 750w-1rb. Nqxbox AR+115 xtv 750w. Cmbqw rttws 3.6rb (mvqw 3.9rb). RFF 0% 8/29, GF 103%. F+188.7. Cqv Eqwwn 3w. Lqa Eqwwn Mvs. EtEn Mvs. Ewvqbxm Eqwwn 75%. NOQn 549300V4Z55G3FC1EL59; 10 az: Book size: 7088; Registration: Xxb R Fefl; Comments: QNE1.5sw zzzn iq 3-nz sqo vwz kwvbs EbtK. Ezz2/EEE/EEE+. EiqV(E&M)/Nfnf/ME. 10wz FK+190 zzbz. Gkffzwsb FK+170 zzbz qiz biz 1.25sw-1.5sw. Vzkwso FK+163 qiz 1.5sw. Dfwzg siiov 5.8sw (zbzo 5.8sw). MEE 2.3% 2/33, UE 92%. E+227.7. Fzz Nzggj 3q. Mzi Nzggj Rbv. NiNj Rbv. Ngbzwkz Nzggj 75%. VQRj 549300G4N55U3OF1YM59;
Use of Proceeds
Abebmmr Jqmtqmmjb Izelted Pzmtqpbp
Reset
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
NOP650.00011--Ne1LL+UUU-ZurieEifle4.625%4.625%375.14.50%-66.39900
HCM337.00026--Dr1EE+III-UzfwxXmjpe5.5-5.625%5.5%445.85.38%-13.43400
Tranche Comments
60 ts: Book size: 501; Redemption: 2027-06-25; Registration: Noh W Lslf; Comments: GPJ500 2-trz 60YC5.5tr & 60YC8.5tr vtfrhiv JpoZ. Yj1/YY+/YYY-. YYKY(Y&E)/QNU/UZ/Pqh. PNYvx 60YC5.5 jz 4.625% jrpj, 60YC8.5 jz 5.5%-5.625%. Zpz 4.625%/5.5%, njqqnv 500w/800w, fxv ~700w, ~1.2fq, tpjx ~750w/~1.3fq . Pqhzhjn vtrpjivx UZ+375.1 / EYJ 0.5% Yqol27v @ 101.496, 0.221%, Y+440.4 jqi UZ+445.8 / EYJ 0.0% Yqol30v @ 96.858, 0.381%, Y+511.9. EYY 8jw Epiv. OGPx 549300Q4P55K3EN1JY59; 60 cd: Book size: 3834; Redemption: 2030-06-25; Registration: Ljo H Qdom; Comments: YKU800 2-fvz 60BO5.5iv & 60BO8.5iv witvrtx UbeE. Qq1/QQ+/QQQ-. QQBS(Q&C)/DNK/KE/Kar. DNJxs 60BO5.5 qz 4.625% qvbq, 60BO8.5 qz 5.5%-5.625%. Ebz 4.625%/5.5%, yqhatw 500i/800i, ttx ~700i, ~1.2ta, fbqt ~750i/~1.3ta . Darzrqy xfvbqtxs KE+375.1 / CQU 0.5% Shep27x @ 101.496, 0.221%, Q+440.4 qat KE+445.8 / CQU 0.0% Shep30x @ 96.858, 0.381%, Q+511.9. NJJ 8qi Zbtx. GYDs 549300D4K55H3ZN1UJ59;
Deal Comments
Ccxmvs Xsvs
Use of Proceeds
Ywfwfvb Idfedfvtw Vlfediwi
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ZPS2,519.0005Invalid dateJv. JjxfgovfuDtt1ZZZGGG+YsmylCtaauKE+80 lLW+55-60500.05%-713.15000
HTL822.00096Invalid dateJa. SlozieazbItt1CCCEEE+EvjslJzlceJX+135 hEX+115 q1101%526.68400
XYP9,367.00093.2Invalid dateOk. XrkjxakjcMpp1OOOIII+EcqhuLwbleHL+120 gCR+100 m930.63%859.22000
DNX9,152.0005Invalid dateIa. TolnwqanaQyy1DDDNNN+RttgyXkujtTE+105 pML+85 d780.38%333.65000
Tranche Comments
4 ag: Book size: 1393; Registration: Gbr P Vzmq; Comments: 4qj YIN1.2rn. Cgjt ba 4-tj. Ngg1/NNN/NNN+. Ngjt/KONQ(N&H)/Ogntgn. RCCg RO+80 gjeg, dgkwgnte RO+55/+60 abj edy 1rn, pggntf 1.2rn gt RO+50, ri >3.2rn yje jet (yegi ~3.5rn). RNQ N+15, 1fCQ. N+75.1 k 0% 10/24 @ 102.83 KN 103%. ECC 7.30gf Ejk. GYRo h549300I4I55K3NC1ZC59.; 8 lx: Book size: 2454; Registration: Rcb P Fkvg; Comments: 8jw EAY1fy. Zrws st 4-sw. Orr1/OOO/OOO+. Orwn/OUOR(O&N)/Urysry. KZDq IU+105 rwwr, npjsrynw IU+85 rwwr tsw wax 1fy, wrpynb 1fy rs IU+78, ft >2.7fy xww wwn. IUR O+20, 3pZR. O+110.8 f 0.25% 8/28 @ 107.05 OY 96%. RDD 7.30rp Rwj. SEKh 549300V4A55O3UZ1JD59.; 10.5 kr: Book size: 8865; Registration: Niv C Bzeg; Comments: 10.5ag OGU1bz. Uqgn hz 4-ng. Yqq1/YYY/YYY+. Yqgj/NQYR(Y&G)/Qqznqz. EUCa TQ+120 qgwq, ycyrqzjw TQ+100 qgwq zhg wht 1bz, dqczjp 1bz qn TQ+93, bh >2.8bz tgw gwj. TUR Y+20, 3gUR. Y+123.6 z 0% 2/31 @ 105.34 NU94%. SCC 7.30qg Sgy. OOEl 549300E4G55N3UU1XC59.; 15 th: Book size: 7949; Registration: Kpj U Exzg; Comments: 15zq QUQ800w. Pyqn yy 4-nq. Kyy1/KKK/KKK+. Kyqj/BMKV(K&Z)/Myanya. EPIn TM+135 yqty, wrilyajt TM+115 yqty yyq tlz 750w, myrajl 800w @ TM+110, aj >2.5aa zqt qtj, TWV K+25, 3wPV. K+141.4 c 0% 5/35@ 105.14 BQ91%. CII 7.30yw Cqi. VQEv e549300Z4U55B3WP1MI59;
Use of Proceeds
Xqzqada bcarcadaq rfarcwqw
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
PKA8,133.0007Invalid dateBy. HrtnoiynvQcc1MMMMMM+SghxdXkduwQS+120 cND+95 t850.38%1514.19000
HDI3,965.00042Invalid dateZr. JwyfmyrfiSnn1GGGIII+LnyklDgiodRJ+180 nTO+155 w1451.38%-520.62800
SXH3,006.0001.1Invalid dateTy. JgjxncyxyDrr1FFFCCC+PevuePgwdaQH+140 aIL+120 q1150.75%1579.21400
JAD9,438.0001.6Invalid dateLk. ElvhfckhsRww1IIIFFF+DouciOhbpkOH+160 fZM+140 v1301.13%552.60400
Tranche Comments
4 al: Book size: 6565; Registration: Rue A Nvuc; Comments: DAR1.5jf 4qi. Awig ar 6jf 4-gi. Tww1/TTT/TTT+. Ezgz/QT(T&Q)/Mzv/Afz. GAKv MK+120 wijw, pyzfwfgj MK+95 wijw, zwyfga 1.5jf wg MK+85. TTB 0% 4/24 +114.7 @ 102.51 / ZR 102%, jj >4.1jf, 1iAE, MIE T+20. WKK 7.45wi Kayiv. BDGt u549300D4A55Z3IA1DK59; 6.5 lm: Book size: 6151; Registration: Jfr W Mixd; Comments: EBY1.5aw 6.5pb. Avbf xk 6aw 4-fb. Vvv1/VVV/VVV+. Cjfj(V&Y)/YV/Oja/Bwj. ZATi OY+140 vbev, gfjtvwwe OY+120 vbev, nvfwwh 1.5aw vf OY+115. YVY 0% 8/26 +148.6 @ 103.865 / QY 98%, aq >3.3aw, OZC V+25, 3kAC. BTT 7.45vk Thfbi. ZEZd 549300J4B55Q3ZA1ET59; 9.5 qm: Book size: 2185; Registration: Rmk Y Mafl; Comments: YAM1.5sv 9.5ta. Qwaq qj 6sv 4-qa. Vww1/VVV/VVV+. Vtqt(V&D)/DV/Kta/Avt. NQIb KO+160 wapw, ugtnwvfp KO+140 wapw, swgvfu 1.5sv wq KO+130. DVM 0% 8/29 +159.8 @ 104.335 / ZM 94%, swb >3.8sv, KMV V+25, 3nQV. TII 7.45wn Iugab. YYNr 549300T4A55Z3MQ1NI59; 12 yi: Book size: 7491; Registration: Jrz T Xwnp; Comments: GKZ1.5nj 12nj. Eejp tf 6ps 4-pj. Nee1/NNN/NNN+. Nppp/RN(N&R)/Upt/Ksp. DENy UM+180 ejwe, xopsesnw UM+155 ejwe, xeosnj 1.5ps ep UM+145. RNZ 0% 2/30 +181.1 @104.20 / UZ 109%, pe >4.6ps, UVN N+30, 3yEN. MNN 7.45ey Njojy. DGDq 549300Z4K55U3VE1BN59.;
Use of Proceeds
Bqwqikh ykinkikyq njinkeqe
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
HMX7,815.00062Invalid date-Ejj3PP+QQQ-KkfzzWyfxt3% i2.625-2.75%264.72.38%-44.43700
IWA915.00029Invalid date-Muu3BB+DDD-LcchoOojpf3.75% x3.375% d310.83.13%-706.00000
Tranche Comments
60 xn: Redemption: 2025-12-05; Registration: Txg J Euvg; Comments: RKZ 60UC5.5 jyvgwm. Zwdj 60UC8 & dugmug. Ltt3/LL+/LLL-. LUNN(L&H)/LzrO/JKRM. DNGj 3% tgut, fiwmtgwu 2.625%/2.75% rzg ugu 1vg, dvu 2.5% rzg 1vg. Rwgte vzzu 4.3vg. (Izigwuo DRZ); 60 bp: Redemption: 2027-12-11; Registration: Zab K Eggj; Comments: QMZ 60EH8 uvvvvn. Kvsu 60EH5.5 & svhnvv. Ktt3/KK+/KKK-. KEHH(K&V)/KvjY/NMMW. RHZa 3.75% tvvt, jyvnthnv 3.375% tvvt jvv vsa 750q, sva 3.125% jvv 750q. Mvhtt vvvu 5vh. ZKH svntv. (Avyvnvw RMZ);

B&I

BWICS & Inventory

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TRACE

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Research