High yield opens with a whimper

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By Owen Sanderson
06 Jan 2021

Adler Group, a BB+ rated company bringing an IG-style refi trade, looks set to be the first European levfin deal of 2021, with a mandate out on Wednesday for a dual tranche issue led by JP Morgan. The German property business had a transformative 2020, with two big acquisitions and a rights issue, and was last in the bond market in November.

Adler will be offering five and eight year unsecured issues in Reg S-only format, following a global investor call and individual presentations kicking off on Wednesday. JP Morgan is sole global co-ordinator, joined by Barclays and Deutsche as bookrunners.

The offering will fund an any-and-all tender for Adler ...

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