Deutsche Bank was forced to price its €2.8bn ($2.5bn) exchangeable at the low end of the range after a string of equity-linked issues appeared to sap investors' enthusiasm for new bonds.

The original bookbuilding range for the issue, convertible into shares in Novartis, the healthcare giant, offered aggressive terms. The bonds were deliberately targeted away from hedge funds, making them hard to sell, and they traded around par after the issue was completed.