Deutsche Bank has issued a €180m ($179m) bond into Brisa-Auto-Estradas de Portugal, the motorway toll operator, which the bank says is the first credit-linked exchangeable issue in Europe.

The bonds were issued by Deutsche Bank itself and are linked to Brisa's senior unsecured credit. One banker close to the deal said: "Investors will buy exactly the same credit exposure as Brisa. If Brisa defaults and pays creditors 50 cents on the dollar, the exchangeable bond can only be redeemed for the same amount."