Accor : Back on the bond markets
Accorhotels plans to issue two new bonds – a hybrid instrument and a senior unsecured note – to finance the early redemption of a portion of its existing hybrid bonds (callable in 2020) and its 2.625% 2021 senior unsecured bonds. - Price-talks have just been tightened: ms+145/150bp for the new 7Y senior notes and 4.50/4.625% yield for the new Perpetual NC24 notes. - In this report, we take the opportunity to update our view on this issuer. - - >Support factors - - Accorh...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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