Infineon, a German semi-conductor company, has braved the bleak equity-linked markets with a $270m (€194m) convertible bond. It is the first European deal for nearly two months, during which time pricing power has shifted from issuers to investors.

The company launched the 3-year exchangeable into 18.5 million American depositary shares, priced at $11.78, alongside a concurrent secondary equity offering. Qimonda, the parent company which spun off Infineon last year after its initial public offering, is issuing the shares.