Morgan Stanley consolidated its position at the top of the league tables for bookrunners of European equity-linked issues with a €650m ($578m) convertible bond for Lufthansa, the German airline.

In June, Lufthansa issued the first exchangeable with a Spanish underlying stock as the German airline's bond converted into shares in Amadeus Global Travel Distribution, the Madrid-based travel reservation system. However, Lufthansa used UBS Warburg for this issue.