Accor's 500 million euro convertible bond 'multiple times covered' - lead manager
LONDON (Reuters) - French hotels group Accor has seen investor demand exceed the 500 mln euros (447.55 million pounds) it is seeking to raise from a convertible bond sale by multiple times, according to a lead manager, as the emergence of potential COVID-19 vaccines boosts sentiment towards the troubled hotel sector.
Earlier on Monday, lead managers launched the debt issue with a yield range of 0.70%-1.20% for the debt, which is convertible into Accor shares or exchangeable into the company's outstanding convertible bonds.
The deal is expected to price later today and investors have been told that any orders at a yield higher than 0.70% risk missing out on the transaction.
(Reporting by Abhinav Ramnarayan; editing by Yoruk Bahceli)