The German equity-linked market has received a much-needed boost as two exchangeable deals worth €1.2bn ($1.1bn) were launched at the same time.

Goldman Sachs set out to sell a large €1bn exchangeable from Allianz, the financial services group, convertible into shares in RWE, the utilities company. Simultaneously, Deutsche Bank and Merrill Lynch sold a €220m bond from Franz Haniel, the investment company, convertible into shares in Gehe, the medical technology company.