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CREDIT SUPPLY: Bayer (BAYNGR: Hyb Baa3 neg /BB+/BB+): Guidance 5.625%-5.75%

CREDIT SUPPLY
  • Guidance: €750m 30NC5.25 5.625%-5.75%
  • Books: >3.4b
  • IPT: BMK 30NC5.25 6.125%-6.25%
  • FV: We had 5.625%-5.75%

The company is Tendering for Call25 Perps (411.5m) and seeks to increase its Hybrid stack back to EUR4.55bn

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  • Guidance: €750m 30NC5.25 5.625%-5.75%
  • Books: >3.4b
  • IPT: BMK 30NC5.25 6.125%-6.25%
  • FV: We had 5.625%-5.75%

The company is Tendering for Call25 Perps (411.5m) and seeks to increase its Hybrid stack back to EUR4.55bn