SG has landed the sole bookrunner role on a €600m ($695m) exchangeable bond from Vivendi Universal, the French utility and media conglomerate, but competitors say the French bank will be forced to reprice the deal which could result in a loss.

Lehman Brothers convertibles research team said in a note; "With the stock more than 4% down, and in view of risks relating to stock borrow availability, stock liquidity and possible corporate actions, we see the new exchangeable bond as unattractive even at the best end of the range."