Morgan Stanley has led a €330m ($375m) convertible bond for ASML Holding, the Dutch provider of systems for the semiconductor industry, which has achieved a record premium in the European market.
The seven-year subordinated bond priced with a premium of 75%. The previous highest conversion premium for a European convertible bond was 55%, according to Lehman Brothers. Promodes, now Carrefour, the French supermarket chain, issued the bond in 1999.