BayWa Keeps Pushing Hybrid Bond Overhaul After Creditors Reject 98% Haircut

BayWa is pressing ahead with plans to restructure its subordinated hybrid bond, even though holders have knocked back the terms it put on the table. The Munich-based group said Thursday that it would continue pursuing the measure, according to media reports — but that statement of intent is a long way from a deal.

The proposal had asked bondholders to forgo 98% of the nominal value of the €100 million hybrid note, along with accrued and future interest. Every resolution put to the vote failed, and counter-motions were rejected as well, so the relief the company had been banking on won no backing at all.

What the Vote Does — and Doesn't — Mean

A rejection is not an approval, and it is not an automatic new claim on the company either. A BayWa spokesperson said the failed restructuring does not, on its own, trigger any additional or immediate payment obligations. The company also characterised the outcome as no negative deviation from its planned implementation of the overall solution — its own reading of events, and one that leaves the path to a completed agreement distinctly separate from the vote itself.

Should investors sell immediately? Or is it worth buying BayWa?

For investors, the distinction matters: BayWa is sticking with the plan, while the waiver it submitted to creditors was turned down. Treating those two facts as one would read more into the result than the company has said.

Raiffeisen Filing Is a Separate Matter

Also on the radar is Tuesday's voting-rights notification from Raiffeisen-Holding Niederösterreich-Wien. It was prompted by an internal group restructuring that crossed a threshold on 15 October, with total disclosed holdings unchanged at 31.83%. The filing reflects a reallocation inside the shareholder's own corporate structure — not an increase in the stake — and carries no signal about creditor consent or fresh financing terms.

December Report Sets a Marker, Not a Deadline

BayWa's financial calendar lists 22 December 2026 for publication of its 2025 group financial report. That date anchors the reporting schedule; it is not a deadline for wrapping up the bond restructuring. Shareholders therefore have two separate threads to track — the numbers when they land, and whether BayWa can reach a workable agreement for the planned cut to creditor claims.

Ad

BayWa Stock: New Analysis - 24 October

Fresh BayWa information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated BayWa analysis...