Commentary & Deal Flow

Accor SA (ACFP), a world leader in hospitality, rated BB+ (negative) by S&P and BB+ (stable) by Fitch, has mandated CA and Santander as ESG Structuring Advisors, and CA and HSBC as Global Coordinators, together with Commerzbank, MUFG, Santander, SocGen and UniCredit, as Joint Active Bookrunners, to arrange a series of fixed income investor calls starting today, including a General Investor Call to be held today at 10am UKT. HSBC is coordinating roadshow logistics.

A EUR benchmark, Reg S bearer, fixed rate, senior unsecured, 7y inaugural Sustainability-Linked Bond expected to be rated BB+ by S&P and BB+ by Fitch may follow, subject to market conditions.

The net proceeds of the issuance will be used for GCP, including but not limited to the refinancing (tender offer) of its EUR500m 3.625% sr notes due Sept 2023 (FR0012949949) and its EUR600m 2.50% sr notes due Jan 2024 (FR0013233384). CA and MUFG are acting as Structuring Advisors and BNPP, CIC, Natixis and Santander as Dealer Managers.

The Sustainability-Linked Bond (SLB) offering will be issued in accordance with Accor’s Sustainability-Linked Bond Framework. A second Party Opinion (SPO) has been delivered by Sustainalytics. Both documents are available on the issuer’s website. The SLB step-up depends on the achievement by Accor of two Sustainability Performance Targets (SPTs) based on Accor’s KPIs on 31 December 2025 (the Target Observation Date). The 2 KPIs encompass the group’s decarbonation pathway with targets on the reduction of absolute Scope 1 & 2 GHG emissions and the reduction of absolute Scope 3 GHG emissions.