Global law firm Clifford Chance has advised a banking consortium on the issuance of a standalone hybrid bond by Bayer Aktiengesellschaft. The transaction had an aggregate principal amount of €2 billion and was divided into two tranches.
BofA Securities and Deutsche Bank acted as Global Coordinators and Active Bookrunners. BNP PARIBAS, Citigroup, Crédit Agricole Corporate and Investment Bank and HSBC also participated as Active Bookrunners. The banking consortium also included Bank of China, Barclays, BBVA, BNY Capital Markets, Commerzbank, Goldman Sachs Bank Europe SE, J.P. Morgan, Mizuho, Morgan Stanley, MUFG, Rabobank, Santander Corporate & Investment Banking, SMBC, Standard Chartered Bank AG, UBS Investment Bank, UniCredit and Wells Fargo Securities as Passive Bookrunners.
The first tranche, maturing in 2056 and carrying an initial coupon of 5.750%, is first callable in 2032. The second tranche, which also matures in 2056, carries an initial coupon of 6.250% and is first callable in 2035. The bonds have been admitted to trading on the regulated market of the Luxembourg Stock Exchange and were sold to institutional investors.
Clifford Chance regularly advises issuers and underwriters on hybrid bond issuances.
The Clifford Chance team was led by partner Cristina Freudenberger, and further comprised transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt).
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