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Bayer 5pt Guidance Update, Historical Context

PIPELINE

Interesting historical context for debt issuance by Bayer a German multinational pharmaceutical and biotechnology company. Back in June 2018, Bayer issued a total $15B over 8 tranches, one of the largest on record at the time, to "simplify its capital structure" after closing it's $63B Monsanto buyout. Details $1.25B 3Y +85, $1.25B 3Y FRN+63, $2.25B 5.5Y +115, $1.25B 5.5Y FRN+101, $2.5B 7.5Y +140, $3.5B 10.5Y +155, $1B 20Y +170, $2B 30Y +185.

  • Date $MM Issuer (Priced *, Launch #)
  • 11/16 $1.4B *FHLB 3Y +9.5
  • 11/16 $500m *QIB Sukuk +115
  • 11/16 $Benchmark Bayer US 3Y +155, +5Y +185, 7Y +200, 10Y +210, 30Y +225
  • 11/16 $Benchmark State Street 6NC5 +128, 11NC10 +170
  • 11/16 $Benchmark CCDJ (Quebec) 5Y SOFR+98
  • Expected to launch Friday:
  • 11/17 $750M American Airlines 5.5NC2

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