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Investing.com - Bank of America initiated coverage of sportswear manufacturer adidas AG (ETR:ADSGR) with an Overweight view on its €30 bond, according to a research note released Wednesday.
The November 2025 new issue offers approximately 10-15 basis points spread pick-up versus other high-quality consumer names, which Bank of America analysts consider attractive. The bank took a more cautious stance on other adidas debt instruments, rating the €29 bonds as Underweight.
Bank of America assigned a Marketweight rating to the remainder of adidas’ curve, with recommendations primarily based on relative value considerations. The selective recommendations across adidas’ bond curve reflect the bank’s differentiated view on various debt instruments.
The research note indicated that adidas’ credit profile is quickly approaching steady state, influencing the bank’s bond-specific approach rather than a blanket recommendation across all debt securities.
The sportswear giant’s bonds are receiving varied treatment from Bank of America analysts, who see particular value in the €30 bond while finding less compelling opportunities elsewhere in the company’s debt structure.
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