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LAUNCHED: adidas AG €500m 5yr Sr Unsec; MS+52bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

Spread Set

adidas AG

5yr

26-May-31

€500m

Sr Unsec

Fixed

MS+85a

MS+52


Launched: 5yr: €500m @ MS+52bp - Books above €2bn (pre-rec)
IPTs: 5yr: MS+85a


  • Issuer: adidas AG
  • Issuer LEI: 549300JSX0Z4CW0V5023
  • Issuer Ratings: A3/A (Moody's/S&P)
  • Expected Issue Ratings: A (S&P)
  • Format: Reg S Bearer, Senior, Unsecured
  • Size: €500m
  • Maturity: 26-May-31
  • Coupon: Fixed, Annual, Act/Act
  • Par Call: 3m
  • ISIN: XS3388179676
  • Denominations: €100k+100k
  • Docs: Stand-alone
  • Listing: EuroMTF / Non-regulated Market of the Luxembourg Stock Exchange
  • Law: German
  • Calls: CoC, MWC, Clean-up call (80%) / Tax Call / 3m Par Call
  • Selling Restrictions: As set out in the Issuer’s Prospectus dated 19-May-26; US: RegS, TEFRA D Rules apply, (no communications with or into the US) / EEA / UK / Singapore / Canada
  • Global Coordinator: J.P. Morgan
  • Active Joint Bookrunners: BBVA, HSBC, J.P. Morgan (B&D), Standard Chartered Bank AG
  • Passive Joint Bookrunners: Citigroup, DZ BANK AG, UniCredit
  • UoP: General Corporate Purposes including the refinancing of upcoming maturities
  • Fees: The banks will be paid a fee by the issuer in connection with the transaction.
  • Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not being made available to retail in the EEA or the UK.
  • Timing: Books open, today's business
  • Books Subject: 12.45 UKT / 13.45 CET
  • Settlement: 26-May-26 (T+5)