The buy back of a €1.06bn ($1.06bn) exchangeable bond by Aventis, the French pharmaceutical firm, was the first public tender in France for the full amount of a sizeable bond, according to JP Morgan.

JP Morgan led the deal that saw Aventis buying back 98.6% of its bond exchangeable into shares in Rhodia, the French chemicals firm, after Rhodia's share price fell below the face value of the bond in January 2000. It was launched at €23.74.