ADLER Real Estate AG : We recommend subscription to the new bond at a yield of 1.7% or more; we change our recommendation for all other instruments to Neutral
Adler intends to refinance the remaining € 300m 4.750% straight bond due 2020. We understood that Adler does not want to go too long with the new instrument and we believe it will issue a 3-year instrument. - We see the different Adler bonds as a 'BB+' risk despite assumed further improvements of its KPIs. However, we recommend subscription to a potential 3-year tranche at a yield of 1.7% or more, which is about the mid-point between Adler's 2021 and 2023 issues. The industrial pee...ADLER Real Estate provides commercial and residential project development services in the form of improvement, planning, development and construction, as well as asset management services and property management services. Adler is also engaged in the acquisition, sale, renting and financing of real estate. Co. also provides international and national joint venture activities and acts as co-investor in the acquisition of real estate portfolios.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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