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	€1,300		2	EMEA	Mar 22, 2022

Tranche #1Bayer AG

currency

EUR

size (m)

500.000

maturity

type

Fixed

tenor

60.000

call

registration

Reg S Only

benchmark

Swaps

ranking

moody's

Ba1

s&p

BB+

fitch

BBB-

re-open/tap

ipt

4.625%

ipt-pxd

guidance

4.625%

spread

375.1

coupon

4.5%

spread set

price

99.42900

yield

4.625%

book size (m)

700

peak book (m)

x-covered

1.4

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

700

peak book (m)

x-covered

1.4

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Bayer AG

currency

EUR

size (m)

800.000

maturity

type

Fixed

tenor

60.000

call

registration

Reg S Only

benchmark

Swaps

ranking

moody's

Ba1

s&p

BB+

fitch

BBB-

re-open/tap

ipt

5.5-5.625%

ipt-pxd

guidance

5.5%

spread

445.8

coupon

5.375%

spread set

price

99.20400

yield

5.5%

book size (m)

1,200

peak book (m)

x-covered

1.5

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,200

peak book (m)

x-covered

1.5

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

60 yr: Book size: 700; Redemption: 2027-06-25; Registration: Reg S Only; Comments: EUR500 2-prt 60NC5.5yr & 60NC8.5yr hybrids RegS. Ba1/BB+/BBB-. BBVA(B&D)/JPM/MS/Uni. IPTs: 60NC5.5 at 4.625% area, 60NC8.5 at 5.5%-5.625%. Set 4.625%/5.5%, launch 500m/800m, bks ~700m, ~1.2bn, peak ~750m/~1.3bn . Initial spreads: MS+375.1 / DBR 0.5% Aug'27s @ 101.496, 0.221%, B+440.4 and MS+445.8 / DBR 0.0% Aug'30s @ 96.858, 0.381%, B+511.9. FTT 8am Weds. LEI: 549300J4U55H3WP1XT59; 60 yr: Book size: 1200; Redemption: 2030-06-25; Registration: Reg S Only; Comments: EUR800 2-prt 60NC5.5yr & 60NC8.5yr hybrids RegS. Ba1/BB+/BBB-. BBVA(B&D)/JPM/MS/Uni. IPTs: 60NC5.5 at 4.625% area, 60NC8.5 at 5.5%-5.625%. Set 4.625%/5.5%, launch 500m/800m, bks ~700m, ~1.2bn, peak ~750m/~1.3bn . Initial spreads: MS+375.1 / DBR 0.5% Aug'27s @ 101.496, 0.221%, B+440.4 and MS+445.8 / DBR 0.0% Aug'30s @ 96.858, 0.381%, B+511.9. FTT 8am Weds. LEI: 549300J4U55H3WP1XT59;

Deal Comments

Hybrid Bond

Use of Proceeds

General Corporate Purposes

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