SG and Credit Suisse First Boston (CSFB) have been forced to change the terms of a convertible bond from Alcatel, the French telecoms equipment manufacturer, which has a record premium in the European market of 100%.

SG and CSFB are joint bookrunners and lead managers of the €1bn ($1.2bn) Alcatel convertible issue, and SG is also joint bookrunner on a second exchangeable with Goldman Sachs from La Caixa, the Catalan savings bank into shares of Endesa, the Spanish utility.