An exchangeable bond from Lagardère, the French media and defence conglomerate, has introduced the conditional put structure into Europe.

JP Morgan was the sole bookrunner of the €768m ($709.7m) Lagardère bond which is exchangeable into shares in T-Online, the German internet service provider, allowing Lagerdère to dispose of its 6% stake. Morgan Stanley is the co-lead manager. The deal is unusual in that the issuer is from France, but there are no French banks in the syndicate. A Lagardère spokesman said that the company chose the best banks on a deal-by-deal basis.