SG completed the sale of the first zero coupon European equity-linked bond of 2002 in three hours as it sold a €1bn ($877m) bond exchangeable into shares in LVMH, the French luxury goods group.

The bond, which does not pay interest, was issued by Financière Agache, a holding company owned by Bernard Arnault, the head of LMVH. SG was the sole bookrunner, lead-manager and underwriter of the deal.