Lehman Brothers has helped put together what it claims is the first ever equity-linked deal to incorporate the kind of investor protection language which has become commonplace in the straight bond markets.

Lehman, along with Italian bank Mediobanco, has run three simultaneous exchangeable bonds for Dutch firm La Fondiaria Nederland worth a total of €550m ($486.3m). The bonds feature coupon protection in the bond component of the deal, which is linked to the ratings of the companies concerned.