Investors have pounced on the convertible bond of up to €1.1bn ($1.3bn) from Pinault Printemps Redoute (PPR), the French retail group, attracted by its simple structure after several mandatory and high premium issues.

JP Morgan, BNP Paribas and Société Générale are joint lead managers and joint bookrunners on the deal. The deal size was originally €850m, but the issuer exercised an option to increase the size to €960m and the bookrunners are likely to exercise the 14.6% greenshoe to bring the deal up to €1.1bn to meet investor demand.