Merrill Lynch has launched its second equity-linked deal of the week, as it runs a convertible bond for United Business Media, the UK media and information group.

Merrill sold a dollar-denominated exchangeable from a European issuer earlier this week when it led an issue for Fiat, the Italian car company, which was the largest dollar-denominated exchangeable from a European issuer. Schroder Salomon Smith Barney jointly led the $2.2bn (€2.5bn) Fiat bond which was exchangeable into shares in US rival General Motors.