On Monday Bayer issued a hybrid bond with a total volume of EUR 1.3 billion. The proceeds will be used for general corporate purposes.
Hybrids have become a permanent feature of Bayer’s financing strategy. They support Bayer’s conservative financial profile, which is reflected by a target rating for Bayer in the single-A category. The bonds are structured to receive equity credit of 50 percent from the relevant rating agencies....
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