ABB, the Swiss-Swedish engineering group that is embarking on roadshows for a benchmark bond issue, has launched a $900m (€996m) convertible issue.

Credit Suisse First Boston and Schroder Salomon Smith Barney are joint bookrunners. The two banks are also joint lead managers alongside Barclays Capital. Last week the three banks renegotiated a $3bn bank loan to ABB to help avert a liquidity crisis and they will also will act as lead managers on the straight bond, for which a roadshow starts on Tuesday.