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.

JP Morgan's Fresh approach to Banca Monte dei Paschi di Siena

Shanny Basar

JP Morgan

Deutsche Bank

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