aibioBayer places 2 billion euros of hybrid bonds
Tickers BAYN
Two tranches, with non-call periods of six and nine years, raise 2 billion euros for general corporate purposes.
Key facts
- Company
- Bayer AG (XETR: BAYN)
- News type
- Debt Financing
- Primary source
- Bayer AG release (2026-09-23)
Bayer AG placed new hybrid bonds worth 2 billion euros, according to the company's release dated September 23, 2026. The bonds were sold in two tranches of one billion euros each. The release says both tranches were oversubscribed multiple times. With the new issue, Bayer's outstanding volume of hybrid bonds rises to 6.55 billion euros.
Both tranches have a final maturity of 30 years. The bonds with a non-call period of six years pay a coupon of 5.75 percent. The bonds with a non-call period of nine years pay a coupon of 6.25 percent. The hybrid bonds were sold exclusively to institutional investors, and Bayer intends to list them on the Luxembourg Stock Exchange.
BNP PARIBAS, BofA Securities, Citigroup, Crédit Agricole CIB, Deutsche Bank and HSBC led the transaction as active bookrunners. BofA Securities and Deutsche Bank acted as global coordinators. The release names no separate placement agent.
Bayer says the proceeds will go to general corporate purposes. The release places the offering within a wider financing strategy that also included a 3-billion-euro equity investment from Apollo and bond placements with a volume of 5 billion U.S. dollars in the past months. The bonds are structured to receive 50 percent equity credit from Standard & Poor's, Moody's and Fitch.