Adler - comment

Adler Real Estate is tendering for all of its €300m 2024 notes at 94c€ + 20bps in cash for early birds. For good measure, it's coercive in that it's tied to a wide-ranging elimination of restrictive covenants and triggers. Given the presence of the X-holder group in the paper, and the fairly attractive offer (only 2.125% coupon) the tender should pass its 50% minimum threshold and leave hold-outs in a more vulnerable position (even if the money should flow in February anyway).