Adler blasts open HY’s top end with nearly €5bn book

By Owen Sanderson
07 Jan 2021

Adler Group, the German property firm, was the first European leveraged issue out of the gate in 2021 — a BB+ rated name tailor-made to tempt investment grade tourist money, which it managed in style, drawing a book of €4.9bn for a €1.5bn dual tranche issue on Thursday.

Adler mandated JP Morgan to run the five and eight year on Wednesday, following investor updates and marketing. The deal came after an extraordinary 2020 for the German property company, which has completed two major mergers and a rights issue since this time last year.

The new bond ...

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