Bayer AG (BAYNGR)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	HLTH	PRCD	BAYNGR	Bayer AG	€2,000		2	EMEA	Sep 23, 2026

Tranche #1Bayer AG

currency

EUR

size (m)

1,000.000

maturity

Sep 28, 2056

type

Fixed Rate Reset

tenor

30.000

call

6.00

registration

Reg S Only

benchmark

ranking

Subordinated

moody's

Baa3

s&p

BB+

fitch

BB+

re-open/tap

ipt

6.25%-6.375% area

ipt-pxd

-48.75

guidance

5.825%#

spread

coupon

5.75%

spread set

price

99.62900

yield

5.825%

book size (m)

4,300

peak book (m)

4,950

x-covered

4.3

book attrition

-13.13%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

book size (m)

4,300

peak book (m)

4,950

x-covered

4.3

book attrition

-13.13%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Bayer AG

currency

EUR

size (m)

1,000.000

maturity

Sep 28, 2056

type

Fixed Rate Reset

tenor

30.000

call

9.00

registration

Reg S Only

benchmark

ranking

Subordinated

moody's

Baa3

s&p

BB+

fitch

BB+

re-open/tap

ipt

6.75%-6.875% area

ipt-pxd

-48.75

guidance

6.325%#

spread

coupon

6.25%

spread set

price

99.49700

yield

6.325%

book size (m)

3,800

peak book (m)

4,200

x-covered

3.8

book attrition

-9.52%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,800

peak book (m)

4,200

x-covered

3.8

book attrition

-9.52%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 4300; First Pay: 2027-09-28; Redemption: 2032-06-28; Registration: Reg S Only; Comments: DBR 1.7% Aug-32 +243.2 bps. Tax Call: Yes. LEI: 549300J4U55H3WP1XT59; Book size: 3800; First Pay: 2027-09-28; Redemption: 2035-06-28; Registration: Reg S Only; Comments: DBR 2.6% Aug-35 +282.3 bps. Tax Call: Yes. LEI: 549300J4U55H3WP1XT59;

Use of Proceeds

General Corporate Purposes

Hide Details

CreditFlow: End of Day (Europe IG)	Sep 23, 2026

Sep 23, 2026

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	PRICED: Bayer Aktiengesellschaft €2bn 30NC6 & 30NC9 Sub; 5.825% & 6.325%	Sep 23, 2026
	ALLOCATIONS OUT: Bayer Aktiengesellschaft €2bn 30NC6 & 30NC9 Sub; 5.825% & 6.325%	Sep 23, 2026
	LAUNCHED: Bayer Aktiengesellschaft €2bn 30NC6 & 30NC9 Sub; 5.825% & 6.325%	Sep 23, 2026
	GUIDANCE: Bayer Aktiengesellschaft € bmk 30NC6 Sub Fixed Rate Reset & 30NC9 Sub Fixed Rate Reset; 5.825% & 6.325%	Sep 23, 2026
	NEW ISSUE: Bayer Aktiengesellschaft € bmk 30NC6 Sub & 30NC9 Sub; 6.250-6.375%a & 6.750-6.875%a	Sep 23, 2026
	MANDATE: Bayer Aktiengesellschaft Inv Calls 22-Sep; Reg S € bmk 30NC6 & 30NC9 Sub Offering May Follow	Sep 22, 2026