JP Morgan and Crédit Agricole Indosuez Lazard led a €870m ($739m) convertible bond for Groupe Danone, as the French food processing company entered the equity-linked market for the first time.
A source at JP Morgan said: "We went to them with the idea and gave them the structure they wanted. The funds will be used to repay debt and saves the company about 400 basis points over straight debt."
