The equity-linked new issue market looks like it is waking up after a slow summer, as Morgan Stanley has sold new convertible bonds worth €600m ($532m) in just four hours.

The US bank sold two bonds on behalf of Ergo International, a subsidiary of insurance conglomerate Munich Re, and attracted enough demand to cover the issue nearly four times. This enabled the issuer to price one €300m bond, exchangeable into Aventis, the pharmaceuticals company, at the aggressive end of the range and the second €300m bond, exchangeable into E.ON, the utility group, in the middle of the range.

Two Ergo exchangeables herald end of summer

Michael Hoare

Munich Re

Morgan Stanley

Goldman Sachs

E.ON

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