Deutsche Bank, SG and HSBC CCF created a stir in the convertible bond market with a new structure on a €570m ($512m) issue for Accor, the French hotel chain.
Lehman Brothers said in a convertibles research note: "The Accor deal stands out thanks to the amount of confusion it caused in the markets with regards to its terms. In our opinion, some important features are not adequately explained in the English-language term sheet."
