Yield-hungry investors swarm Accor hybrid
Investors piled into a new hybrid bond for hotel group Accor this week to oversubscribe the €500m deal by almost six times. The demand reflected a ramping up of the hunt for yield as the European Central Bank stokes the fires of its corporate bond buying programme.
The perpetual non call 5.25 year bonds were printed with a 2.625% coupon. They’re rated BB flat, compared with Accor’s BBB- rating with S&P and Fitch.
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