Adidas crosses line inside fair value

By Mike Turner
29 Sep 2020

Adidas showed that the sustainability bond market has further to run on Tuesday, when the German sportswear company launched its debut trade in the format inside fair value.

The firm, rated A2/A+ since August, opened books on €500m no-grow October 2028 sustainability bond at 75bp-80bp over mid-swaps. JP Morgan was global coordinator, and ran the deal with BNP Paribas and Commerzbank.

Leads pointed to the issuer’s first bonds since it was given credit ratings as comparables. Its ...

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