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Asset Backed Securities
Consumer Discretionary
Specialized Consumer Services
Parent Companies
Adecco Group AG
Adecco International Financial Services BV
Adecco International Financial Services BV (ADENVX)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
COND
PRCD
ADENVX
Adecco International Financial Services BV
€450
1
EMEA
Apr 16, 2026
Tranche #1
Adecco International Financial Services BV
BBG021MW56W6
currency
EUR
size (m)
450.000
maturity
Apr 23, 2056
type
Fixed Rate Reset
tenor
30.000
call
5.00
registration
Reg S Only
benchmark
-
ranking
Jr. Subordinated
moody's
Baa2
s&p
BB+
fitch
-
re-open/tap
No
ipt
5.375%-5.50%
ipt-pxd
-43.75
guidance
n/a - straight to launch
spread
-
coupon
4.875%
spread set
-
price
99.45700
yield
5.00%
book size (m)
850
peak book (m)
1,650
x-covered
1.89
book attrition
-0.48%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BAM
,
BNP
,
BRC
,
DEU
,
...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
850
peak book (m)
1,650
x-covered
1.89
book attrition
-0.48%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BAM
,
BNP
,
BRC
,
DEU
,
...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 850; First Pay: 2026-07-23; Redemption: 2031-04-23; Registration: Reg S Only; Comments: EUR450m WNG 30NC5, Hybrid fxd-rate-reset cpn 4.875% at 99.457, yld 5.00%. Back-end Spread: MS+219.3bps. 232.8bps vs OBL 2.5% 04/16/31 #193 (@99.19). Tax Call: Yes. First Reset Date: 2031/7/23. MWC: B+35. CoC: Yes. SMR: 100%. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 549300PDNGPM4PIAUK57;
Guarantor(s)
Adecco Group AG
Use of Proceeds
General corporate purposes including the refinancing of existing securities
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PRICED: Adecco International Financial Services B.V. €450m 30NC5.25 Sub; 5.00%
Apr 16, 2026
ALLOCATIONS OUT: Adecco International Financial Services B.V. €450m 30NC5.25 Hybrid; 5.00%
Apr 16, 2026
LAUNCHED: Adecco International Financial Services B.V. €450m 30NC5.25 Hybrid; 5.00%
Apr 16, 2026
NEW ISSUE: Adecco International Financial Services B.V. €450m (WNG) 30NC5.25 Hybrid; 5.375-5.50%
Apr 16, 2026
MANDATE: Adecco International Financial Services B.V. Inv Calls; €450m WNG 30NC5.25 Hybrid Offering May Follow
Apr 15, 2026
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