Cazenove is running the books on a European equity-linked deal for the first time in five years, having secured the mandate with Morgan Stanley to lead a $200m (€174m) convertible from Lonmin, the UK mining company.

Cazenove last ran a European equity-linked deal in 1998, according to Dealogic, the investment banking research firm. The UK bank then led a £58m (€83.5m) issue for Great Portland Estates, the UK property company.