Adler Pelzer prices mirror note with BNPP taking over as gloco

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.