HSBC is the bookrunner of a European equity-linked issue for the first time in 18 months as it led a $243m (€217m) convertible for EMI Group, the UK music company, alongside BNP Paribas and JP Morgan.

The last time HSBC led a European convertible bond was in April 2002 when its French arm, HSBC CCF, managed a €570m ($512m) issue for Accor, the French hotel chain with Deutsche Bank and SG. The bond had an unusual structure as a third of its nominal value could be redeemed in three separate years to allow the company to control the dilution of its shares.