JP Morgan was sole bookrunner of a €700m ($824m) convertible bond for Banca Monte dei Paschi di Siena, the Italian bank, reintroducing a product which it pioneered last year and is known as Fresh: floating-rate equity-linked subordinated hybrid.

JP Morgan and Fortis Bank devised the product when Fortis, the Dutch-Belgian banking and insurance group, issued a €1.25bn bond in April 2002. The bond won the equity-linked deal of the year in the Financial News Awards for Corporate Excellence in Capital Markets.