Goldman Sachs has sold the first European equity-linked deal of the year, a €1bn ($890m) convertible for Infineon Technologies, at the same time as selling €974m of stock in the German semiconductor manufacturer.
The shares were sold on behalf of Siemens, the engineering and electronics group, in a couple of hours, and the convertible was sold over Tuesday morning. Despite concern that investors would shy away from paper issued by a company generally thought of as non-investment grade, a banker who worked on the equity-linked issue described it as "multiple times covered".
