Adler Pelzer prices mirror note with BNPP taking over as gloco

Owen Sanderson

May 26, 2021 10:45 AM

Car 575 375 — (200509) -- SOUTHAMPTON, May 9, 2020 (Xinhua) -- Photo taken on May 8, 2020 shows new vehicles for sale stored at Southampton Dock in Southampton, Britain. New car registration in Britain plunged by 97.3 percent in April, hitting a record low in decades as the nation was in lockdown for the entire month to tackle the novel coronavirus, according to a report released Tuesday. With showrooms closed and car buyers housebound, just 4,321 new cars were registered in the month, merely above the 4,044 units sold in February 1946, said the Society of Motor Manufacturers and Traders (SMMT) in the report. (Photo by Tim Ireland/Xinhua) | unreguser/Xinhua News Agency/PA Images

Adler Pelzer has finally priced a €75m mirror note, replicating the terms of its 4.125% 2024s, with BNP Paribas as sole global co-ordinator. JP Morgan, the original gloco, first announced the deal two weeks earlier, an extraordinarily long syndication process for a tiny bond from an established issuer — and an indication, alongside the eventual 92.50 price, that selling the issue was a challenge.

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High yield Loans and High Yield LevFin High Yield Bonds LevFin Corporate Bonds

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Owen Sanderson