JP Morgan and Morgan Stanley have won roles on a landmark deal in the convertible bond market, helping Vodafone to arrange a £2.9 billion issue that will be the largest such deal from a non-financial company in Europe.

Vodafone plans to sell the mandatory convertible bonds across two tranches, with 18-month and three-year maturities, and use the proceeds for general corporate purposes, it said in a statement on February 18.