Accor : Accor has made its comeback on the bond market
Accor did not wait until the end of August to re-enter the bond market and yesterday placed a new hybrid Perp.Call 30 (NC6) at a rate of 4.875% (ms+242bp). The issue was a success, with more than EUR 3.8bn in the book. We are taking this opportunity to review the name and adjust our recommendations. - Our Credit Opinion remains stable. Having regained a financial position that it considers sufficiently solid, as illustrated by the return of its investment grade ratings, Accor is n...Accor is a hotel operator. Co. offers its guests and partners the expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest). Co. divides its activities into three segments: Luxury-upscale, Midscale and Economy. Luxury-upscale makes up 11% of Co.'s portfolio and comprises brands such as Sofitel, Pullman, MGallery, and Grand Mercure; Midscale makes up 43% of its portfolio and comprises the Novotel, Suite Novotel, Mercure and Adagio brands; and Economy makes up 46% the Co.'s portfolio, comprising the brands ibis, ibis Styles, ibis budget and hotelF1. At Dec 31 2013 Co. operated around 3,600 hotels and 460,000 rooms in 92 countries.
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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