(Bloomberg) -- French hotel giant Accor SA pulled in plenty of orders for a risky type of debt in the European market, after being the only corporate issuer to brave tumult sparked by a surge in US Treasury yields.

Demand for the firm’s €500 million ($524 million) 5.5-year hybrid bond finished up at around €1.6 billion, according to a person with knowledge of the sale who asked not to be identified as the information is private. It priced to yield 7.3% after initial price talk at around the 7.75% area.

As financial turmoil triggered by the selloff in government bonds persisted on Wednesday, an expected ramp-up of European debt sales failed to materialize. Conditions in bond markets remained volatile after 30-year Treasury yields touched 5% for the first time since 2007 to boost conviction that US interest rates, already at 22-year highs, have further to rise.

Only Accor and two top-rated entities linked to governments ventured into the tough market conditions after a flurry of new mandate announcements earlier this week had signaled a burst of issuance activity.

The other two deals today included one from the triple A-rated European Financial Stability Facility, which sold new euro notes and tapped an existing line. Another top-rated borrower, the International Development Association, part of the World Bank Group, completed a sterling benchmark offering.

Accor’s decision to go ahead with its deal on Wednesday stood out as other sales failed to materialize. Firms like Valeo SE, Bupa Finance Plc and Compagnie de Financement Foncier might have been expected to get deals done directly after Tuesday’s Unity Day public holiday in Germany were it not for today’s selloff.

Markets got a respite this afternoon after a weak reading of private payrolls spurred bets that the US central bank can refrain from tightening policy. Ten-year Treasury yields slipped six basis points to around 4.73%, after jumping as much as 30 basis points this week. If Thursday brings a calmer environment, more deals may be offered in the primary market. 

Issuance across Europe’s publicly-syndicated debt market has reached just €8.13 billion so far this week. That’s well behind the expectations of 50% of respondents to a weekly Bloomberg News survey who forecast €20 billion to €25 billion of sales for the whole week.

(Updates details of pricing, investor demand.)

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