JP Morgan has won the lead role on the long-awaited convertible issue for Pinault Printemps Redoute (PPR), the French retail group.

The US bank is sole global coordinator on the €1.4bn ($1.3bn) deal and joint bookrunner with BNP Paribas, Crédit Agricole Indosuez Lazard, HSBC-CCF and SG. Although all five banks have equal underwriting commitments, winning the top spot is a coup for JP Morgan, which has only become a leading player in the equity-linked market this year.