Adidas placed two low-yield bonds worth a total of €1 billion, describing the transaction as its first one as an investment-grade-rate issuer, demonstrating the company’s strong credit profile. The bond offer was more than seven times oversubscribed. The proceeds will be used for general purposes including the repayment of existing debt and pre-funding of future debt maturities. It will help to partly reduce the €3.0 billion syndicated revolving credit obtained earlier this year with the participation of KfW, the German government-owned development bank, to help cover during the coronavirus crisis. The loan was granted with restrictions on dividends and stock buy-backs. The two new bonds will be listed on the Luxembourg Stock Exchange, each in five tranches of senior unsecured notes of €100,000. One of the two will carry a 0.00 percent coupon, maturing in September 2024. The other €500 million bond will mature in 2035, carrying a coupon of 0.625 percent. HSBC acted as sole global coordinator of the transaction. It also acted as joint active bookrunner of the bond offering together with Citigroup, J.P. Morgan, Mizuho Securities, Standard Chartered Bank and UniCredit Bank. In connection with the bond offer, Moody’s confirmed its A2 rating already given to Adidas, noting that it will strengthen the group’s good liquidity of $5.2 billion while extending its debt maturity profile. The next significant maturity falls in October 2021, when notes of $600 million are due. Moody’s expects Adidas to issue new long-term bonds “over time.”