Mizuho

Adidas, the German sportswear maker, issued its first bond for five years on Wednesday. The company’s rarity, high perceived credit quality of around the single-A level and very strong brand name should have made this a triumphant deal, but in the treacherous conditions of this week it was a mess.

Adidas, the German sportswear maker, issued its first bond for five years on Wednesday. The company’s rarity, high perceived credit quality of around the single-A level and very strong brand name should have made this a triumphant deal – but in the treacherous conditions of this week it was a mess.

Adidas, the German sportswear maker, issued its first bond for five years today, with a €1bn seven and 12 year offering. Adidas is a high quality name, but 12 years is an unusually long maturity for an unrated issuer, and with financial markets jittery again today, the deal may not have whizzed off the books as much as it might have in a more bullish atmosphere. Bankers said it widened sharply in the aftermarket.

Pelabuhan Indonesia II’s $1bn five year loan, which has been in gestation since May, is expected to launch in the next few days, said bankers.

South Korean automobile manufacturer Kia Motors Corp is tipped to have mandated six lenders for a $578m loan that will finance the setting up of a new facility in Mexico.

Thai conglomerate Berli Jucker Public Co’s €650m 1.5 year bridge loan that it took to back its acquisition of Metro Cash & Carry Vietnam, is near closing. The company mandated HSBC and Mizuho for the financing.

Tuesday had been a slippery day in the European corporate bond market, as a fall in equities caused two new issues to find underwhelming demand – a knock-on effect that has not happened for a long time. But by Thursday that was all forgotten. Four deals were launched, three of them triple-B rated and three of them 10 years, and all went well.

Reliance Jio Infocomm, the telecoms subsidiary of Indian conglomerate Reliance Industries, opened its $1.5bn dual facility refinancing loan for general syndication on September 19, with a mandated lead arranger and bookrunner group of 15 banks.

Allocations are out for Chailease International Financial Service Co’s $137m, three year loan. The international arm of Taiwan’s Chailease Finance originally launched the facility at $120m but increased the borrowing after sufficient commitments came in.

Syndicate bankers said that a bare looking pipeline does not mean a quiet next few weeks after Brazilian iron ore pellet supplier Samarco Mineração’s was able to tighten a 10 year on Tuesday.

Allocations are out for Chailease International Financial Service Co’s $137m, three year loan. The international arm of Taiwan’s Chailease Finance had launched the facility at $120m but increased the borrowing after sufficient commitments came in.

Reliance Industries’ telecom arm Reliance Jio Infocomm launched its $1.5bn dual facility refinancing loan into general syndication on Friday, after cementing a mandated lead arranger and bookrunner group with 15 banks.