Deutsche Bank has raised $1.06bn (€988m) from a bond exchangeable into shares of USA Interactive, the Nasdaq-listed communciations firm, in the largest European equity capital markets deal so far this year.

The deal has a highly complex structure. Deutsche Bank has bought 28 million warrants of USA Interactive from Vivendi Universal for $240m net of fees, however the value of the shares underlying the warrants total $679m, based on the closing price on Tuesday.