Accor launches €500m convertible after vaccine rally

By Aidan Gregory
30 Nov 2020

French hotels group Accor this week became the latest issuer to tap the convertible bond market for financing in the wake of the rally in value stocks following positive Covid vaccine news in early November.

Accor announced the sale of a new seven year €500m convertible bond on Monday morning. The proceeds are intended to be used for general corporate purposes, including the refinancing of a senior bond that is due to mature in February 2021, of which €550m remains outstanding.

The bonds ...

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