Bayer (BAYGn.DE) had a call with investors on Monday after a spate of negative news caused some of them to question whether the German corporation had been straightforward about its chances before the sale of a $5.75 billion bond, according to three persons familiar with the matter who spoke on Wednesday. Bayer was responding to questions raised by investors about whether or not the company had been honest about its prospects.

According to one of the individuals, the unfavorable news caused some bond investors to wonder whether or not Bayer should modify the conditions of the agreement or withdraw from it altogether.

On Thursday of the week prior, the drug-to-pesticides group determined the price of the investment-grade bond, and the transaction was finalized on Tuesday.

Acting on the suggestion of an independent trial monitoring board, the company stopped a massive late-stage study of a novel anti-clotting medicine promising billions in revenue. This decision resulted in a severe setback for the company’s drug development efforts on Sunday.

Then, in two separate instances, Bayer was ordered on Friday to pay $1.56 billion to plaintiffs over its Roundup weed killer, followed by another order on Monday to pay $165 million to workers of a school located northeast of Seattle. Both orders were issued after Bayer was previously ordered to pay $1.56 billion to plaintiffs over its Roundup weed killer.

“From our conversations with clients, many are angry and are seriously wondering whether Bayer management rushed to bring the deal ahead of the news,” said Andrew Brady, head of primary industries research at CreditSights, referring to investors. “From our conversations with clients, many are angry and are seriously wondering whether Bayer management rushed to bring the deal ahead of the news.”

A spokesman for Bayer declined to comment on the matter. According to two of the individuals, the bankers from the firm recently participated in a call with some of the major investors to assuage their concerns.

One of the individuals added that during the call, the shareholders requested clarification on whether or not the negative information would significantly impact the company’s profitability. According to the insider, the business assured investors it had the financial resources to cope with the Roundup case, but it could not foresee how the juries would rule.

According to the individuals who are market players, it is exceptionally uncommon for investment-grade bonds to be withdrawn after their pricing has been determined. In March 2021, Nomura Holdings warned of a potential loss of $2 billion at a U.S. affiliate and postponed the issue of a substantial amount of bonds.

Bayer was offering bonds with maturities ranging from three to thirty years. According to Informa Global Markets, it was the 10th largest investment-grade bond sale by an industrial business this year and drew more than $22 billion in orders. Moreover, it was ranked as the world’s 10th largest investment-grade bond deal.

Bookrunners for the transaction were Citigroup (C.N.), JP Morgan (JPM.N.), SMBC Nikko Securities America [RIC: SUMFGT. U.L.], and Wells Fargo (WFC.N.).

Every single bank I contacted declined to comment. Compared to where they were priced the previous week on Thursday, the credit spreads, also known as the premium charged over Treasury bonds, on some of the bonds bid on Wednesday were five basis points to 23 basis points larger. According to Brady of CreditSights, the occurrences “were insufficient to trigger a material adverse change clause in bond documents for investors to request that they be paid back.”