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	€3,000		3	EMEA	May 23, 2023

Tranche #1Bayer AG

currency

EUR

size (m)

750.000

maturity

Aug 26, 2026

type

Fixed

tenor

3.250

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

re-open/tap

ipt

MS+100 a

ipt-pxd

guidance

MS+75 a

spread

coupon

4.00%

spread set

price

99.93400

yield

4.027%

book size (m)

2,400

peak book (m)

x-covered

3.2

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,400

peak book (m)

x-covered

3.2

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Bayer AG

currency

EUR

size (m)

750.000

maturity

Aug 26, 2029

type

Fixed

tenor

6.250

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

re-open/tap

ipt

MS+150 a

ipt-pxd

guidance

MS+125 a

spread

115

coupon

4.25%

spread set

price

99.87100

yield

4.277%

book size (m)

3,600

peak book (m)

x-covered

4.8

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,600

peak book (m)

x-covered

4.8

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #3Bayer AG

currency

EUR

size (m)

1,500.000

maturity

May 26, 2033

type

Fixed

tenor

10.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB+

re-open/tap

ipt

MS+190 a

ipt-pxd

guidance

MS+170 a

spread

163

coupon

4.625%

spread set

price

99.09300

yield

4.741%

book size (m)

5,800

peak book (m)

x-covered

3.87

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

5,800

peak book (m)

x-covered

3.87

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

3.25 yr: Book size: 2400; Registration: Reg S Only; Comments: EUR750m part of 3-tr bmk snr unsec RegS. Baa2/BBB/BBB+. BofA(B&D)/Citi/DB. 3.25yr MS+100 area. Guidance MS+75 area for exp 750m. Launch MS+68 for 750m. Final books 2.4bn (peak 2.6bn). DBR 0% 8/26, HR 103%. B+149. Par Call: 1m. Tax Call: Yes. CoC: Yes. Cleanup Call: 75%. LEI: 549300J4U55H3WP1XT59; 6.25 yr: Book size: 3600; Registration: Reg S Only; Comments: EUR750m part of 3-tr bmk snr unsec RegS. Baa2/BBB/BBB+. BofA(B&D)/Citi/DB. 6.25yr MS+150 area. Guidance MS+125 area for exp 750m-1bn. Launch MS+115 for 750m. Final books 3.6bn (peak 3.9bn). DBR 0% 8/29, HR 103%. B+188.7. Par Call: 3m. Tax Call: Yes. CoC: Yes. Cleanup Call: 75%. LEI: 549300J4U55H3WP1XT59; 10 yr: Book size: 5800; Registration: Reg S Only; Comments: EUR1.5bn part of 3-tr bmk snr unsec RegS. Baa2/BBB/BBB+. BofA(B&D)/Citi/DB. 10yr MS+190 area. Guidance MS+170 area for exp 1.25bn-1.5bn. Launch MS+163 for 1.5bn. Final books 5.8bn (peak 5.8bn). DBR 2.3% 2/33, HR 92%. B+227.7. Par Call: 3m. Tax Call: Yes. CoC: Yes. Cleanup Call: 75%. LEI: 549300J4U55H3WP1XT59;

Use of Proceeds

General Corporate Funding Purposes

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