Commentary & Deal Flow

Bayer Aktiengesellschaft (ticker: "BAYNGR", country: DE) rated Baa2 (stable) / BBB (negative) / BBB (negative) by Moody's/S&P/Fitch, has mandated BofA Securities and Deutsche Bank as Global Coordinators and BNP Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank and HSBC as Active Bookrunners to arrange a series of fixed income investor calls to be scheduled on 22-Sep-26. A DealRoadshow presentation has been made available. BofA Securities will be coordinating logistics.

An expected € Benchmark, Reg S Bearer, Sub 30NC6 & 30NC9 offering will follow, subject to market conditions.

• Expected Issue Ratings: Baa3 by Moody’s, BB+ by S&P and BB+ by Fitch
• Ranking: unsecured and subordinated obligations of the Issuer ranking senior to the Junior Obligations (including outstanding hybrids other than those due in 2054 with a first call date in 2029 and in each case, the concurrently issued series), pari passu among themselves and with Parity Obligations (including outstanding hybrids due in 2054 with a first call date in 2029 and in each case, the concurrently issued series) and junior to all Senior Obligations
• Documentation: standalone documentation
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Use of Proceeds: general corporate purposes
• Manufacturer target market (MiFID II / UK MiFIR product governance): eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not available to retail in the EEA or the UK.
• Advertisement: The Final Prospectus relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange.