Runner-up: Calyon

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Calyon made a good start to the year with the first convertible bond exchangeable into shares in an equity mutual fund. The EUR50 million five-year trade offers an annual coupon of 1% and features a quarterly conversion option into the underlying fund, Schroder ISF Euro Equity.

"We believe this is the first convertible bond with shares in a mutual fund as underlying," says Charles de la Rochefoucauld, executive director of institutional and corporate sales within Calyon's equity and fund derivati

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