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Deutsche and JP Morgan launch largest ever equity-linked bond

Deutsche Bank and JP Morgan have launched the largest ever equity-linked bond - a €4.5bn ($5.1bn) exchangeable issue into Deutsche Telekom - and the German bank is also leading a €560m convertible from Publicis, the French advertising company.

Deutsche Bank and JP Morgan are joint bookrunners of an exchangeable bond from Kreditanstalt für Wiederaufbau (KfW), the German state owned development bank. The deal could increase to €5bn if the €500m over-allotment option is exercised.

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