Two European companies have raised $185m (€153m) in the last two days with the sale of pre-flotation convertible bonds, which had rarely been used in Europe until this year.

Yesterday, Angara Mining, a Russian gold miner, sold a $50.1m bond convertible into its shares at the time of an IPO, and today Swiss biotechnology investment firm HBM BioVentures sold a Sfr176m ($111m) bond, which, following a flotation, will be convertible into the company's stock.