Investors were left licking their wounds after prices on a €1bn dual tranche deal by unrated issuer adidas plummeted in the secondary market last Thursday. Recriminations grew quickly -and there was even talk of investors taking legal action against the underwriters. Perhaps alarm bells should have sounded for investors in view of the borrower's speedy entry, the unusually long maturity for an unrated credit and the questionable names used for price comparisons, but the lure of a household name like Adidas was simply too great to turn down.
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