Morgan Stanley looks set to leap back to the top of the league table for bookrunners of European equity-linked issues as it launches an exchangeable bond for Iberdrola, the Spanish electricity conglomerate.

Deutsche Bank is currently number one in the league tables with a €5.14bn ($4.6bn) credit, Dealogic, the investment banking research firm, said. The German bank overtook Morgan Stanley last week with a €2.8bn dual tranche issue for Novartis, the healthcare company.