BNP Paribas and Merrill Lynch are leading a €640m ($777m) mandatory convertible bond for Swiss Re which is part of a complex derivatives transaction. It is their first public equity capital markets transaction for the Swiss re-insurer.

When Swiss Re raised Sfr5.5bn (€3.7bn) in November 2001 through a rights offering, a two-day bookbuild and a convertible issue, Credit Suisse First Boston and Morgan Stanley led the two equity sales. The two banks also led the convertible issue with JP Morgan.