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
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