Ieri sono usciti questi due titoli,credo abbiano stretto abbastanza vista la richiesta molto elevata.Oggi quella NC 8 in apertura girava sui 101,5 per poi scendere intorno a 101.Prezzo sempre di emissione di questa NC8 100.
Issuer:
Bayer Aktiengesellschaft
Ranking:
Unsecured, deeply subordinated, senior to share capital only, pari passu with outstanding hybrid notes (all as defined in the preliminary Prospectus dated 06 November 2019)
Issuer Ratings:
BBB (stable) by S&P / Baa1 (negative) by Moody’s / BBB+ (negative) by Fitch
Exp. Issue Ratings:
BB+ by S&P / Baa3 by Moody’s / BBB- by Fitch
Exp. Equity Credit:
Intermediate (50%) until the First Reset Date / Basket C (50%) / 50% (S&P/Moody’s/ Fitch)
Format:
Reg S Bearer
Settlement:
12 November 2019 (T+3)
Maturity :
NC5.5
NC8
Size:
EUR Bmk
EUR Bmk
IPTs:
** 3.00% area **
** 3.75% area **
Issuer Call:
Par call in the 3 months prior to 12 May 2025 (First Reset Date) and every Interest Payment Date thereafter
Par call in the 3 months prior to 12 November 2027 (First Reset Date) and every Interest Payment Date thereafter
Step-ups:
25bps on 12 May 2030 & further 75bps on 12 May 2045
25bps on 12 Nov 2032 & further 75bps on 12 Nov 2047
Governing Law:
German
Denominations:
€100k+€100k
Use of Proceeds:
General Corporate Purposes including the refinancing of the existing EUR 1,750,000,000 Subordinated Resettable Fixed Rate Notes due 2075 callable 1 July 2020
Listing:
Luxembourg Stock Exchange (regulated market)
MIFID II Target
Market:
Professional investors and ECPs only (all distribution channels)
Selling
Restrictions:
Reg S, Tefra D. No EEA Retail (no PRIIPS KID)
Timing:
Books open, today’s business
Issuer:
Bayer Aktiengesellschaft
Ranking:
Unsecured, deeply subordinated, senior to share capital only, pari passu with outstanding hybrid notes (all as defined in the preliminary Prospectus dated 06 November 2019)
Issuer Ratings:
BBB (stable) by S&P / Baa1 (negative) by Moody’s / BBB+ (negative) by Fitch
Exp. Issue Ratings:
BB+ by S&P / Baa3 by Moody’s / BBB- by Fitch
Exp. Equity Credit:
Intermediate (50%) until the First Reset Date / Basket C (50%) / 50% (S&P/Moody’s/ Fitch)
Format:
Reg S Bearer
Settlement:
12 November 2019 (T+3)
Maturity :
NC5.5
NC8
Size:
EUR Bmk
EUR Bmk
IPTs:
** 3.00% area **
** 3.75% area **
Issuer Call:
Par call in the 3 months prior to 12 May 2025 (First Reset Date) and every Interest Payment Date thereafter
Par call in the 3 months prior to 12 November 2027 (First Reset Date) and every Interest Payment Date thereafter
Step-ups:
25bps on 12 May 2030 & further 75bps on 12 May 2045
25bps on 12 Nov 2032 & further 75bps on 12 Nov 2047
Governing Law:
German
Denominations:
€100k+€100k
Use of Proceeds:
General Corporate Purposes including the refinancing of the existing EUR 1,750,000,000 Subordinated Resettable Fixed Rate Notes due 2075 callable 1 July 2020
Listing:
Luxembourg Stock Exchange (regulated market)
MIFID II Target
Market:
Professional investors and ECPs only (all distribution channels)
Selling
Restrictions:
Reg S, Tefra D. No EEA Retail (no PRIIPS KID)
Timing:
Books open, today’s business
