High yield opens with a whimper

slavun - stock.adobe.com

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.