Deutsche Bank is leading a €770m ($770m) convertible bond for Vivendi Universal, the French media and utility group, which the bank claims is the largest European mandatory equity-linked issue.

Deutsche is the sole global co-ordinator and bookrunner of the issue. In Vivendi Universal's last equity-linked issue in February 2001 Deutsche was a joint bookrunner with Société Générale (SG) of a €1.8bn exchangeable bond. In the current sale SG is lower down the syndicate as a joint lead manager with BNP Paribas and Credit Suisse First Boston (CSFB).