Strong demand for a €639m ($570m) exchangeable from Carlton Communications, the UK media company, has demonstrated there is still demand for equity-linked issues despite a flood of new bonds.

The Carlton bonds, which are convertible into shares in Thomson Multimedia (TMM), the French media group, rocketed 4% on their first day of trading, even after the company closed the books early, increased the issue size and priced it at the least attractive end of the range.