Deutsche Bank has muscled into a Sfr850m (€552m) convertible bond from ABB alongside Credit Suisse First Boston and Citigroup which led an equity-linked issue for the Swedish-Swiss engineering conglomerate last year.

Deutsche, Citigroup and CSFB are joint bookrunners of the new issue for which the books were closed by lunchtime. This is Deutsche's first equity capital markets transaction for ABB although last month the bank advised the company on the trade sale of its Nordic and Russian building materials business.