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.

  • 14 Mar 2012

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,996.09 1352 9.05%
2 JPMorgan 321,264.04 1464 8.10%
3 Bank of America Merrill Lynch 318,428.16 1105 8.03%
4 Goldman Sachs 237,263.73 791 5.98%
5 Barclays 231,619.97 897 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.84%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.15%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.29%