Investors applaud Adidas after aggression
Adidas raised €500m from a convertible bond on Wednesday, pushing pricing to give itself some of the best terms in the European equity linked market for years. The deal was priced with a 40% conversion premium — the highest since Ingenico took €5bn of orders for a €220m deal in March 2011 — and a 0.25% coupon — the lowest since Technip in December.
Those terms were achieved despite the stock trading at an all-time high in late February and just a touch lower this week with outright funds strongly supporting the issue.
The only factor stopping more well known investment grade credits from issuing when such good terms are
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.