Global law firm Clifford Chance has advised a bank syndicate on the issue of a hybrid bond by Bayer Aktiengesellschaft with a total volume of €750 million and on a tender offer for an outstanding hybrid bond. The bank syndicate for the bond issue comprised Barclays, HSBC, Mizuho, Standard Chartered Bank AG, Santander Corporate & Investment Banking and Rabobank.
The bond represents one of the inaugural EUR-denominated hybrid instruments to take advantage of Moody’s updated rating methodology. The bond will mature in 2054 and has an initial coupon of 5.50% and a first optional redemption date in December 2029. The bond was issued on 13 September 2024 and is admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The proceeds from the bond will be used for general corporate purposes, including the settlement of the liability management exercise.
Clifford Chance regularly advises on issues and tender offers of hybrid bonds.
The Clifford Chance team comprised partner Sebastian Maerker, senior associate Wolfgang Ettengruber, associate Paulina Fecht and transaction lawyer Marlen Klepsch (all Capital Markets, Frankfurt) as well as partner Olaf Mertgen and senior associate Steffen Waadt (all Tax, Frankfurt).
