Bayer starts hybrids cheap, cranks in hard

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Bayer starts hybrids cheap, cranks in hard

Bayer 230x150

Germany’s Bayer took a cautious approach to issuing a €1.75bn dual tranche hybrid capital issue on Thursday, but despite the huge litigation battle it is facing, yield-hungry investors piled into the deal, pushing the book above €10bn and enabling Bayer to chop a fat slice off the yields.

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