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Mizuho Trader’s Role on Adler’s Board Raises Fresh Questions

Bank last year pitched Consus bonds in middle of Adler deal
Mizuho says it adhered to conflict-of-interest policy

Office complex becomes residential building — Photographer: Waltraud Grubitzsch/picture alliance/Getty Images

By

Jack Sidders and

October 20, 2021, 10:17 AM UTC

The pitch by Mizuho International Plc’s credit desk promised excellent value and little downside.

Bonds of Consus Real Estate AG stood to gain as the property developer merged with two other companies to form one of Germany’s largest landlords, according to the May 2020 note to clients. What the document didn’t say, even in the disclosure of potential conflicts of interest, was that Mizuho’s top European credit trader, Claus Jorgensen, was on the board of one of the firms in the three-way deal, Adler Real Estate.