The €5.1bn ($6.8bn) sale of France Télécom shares by the French government was a runaway winner as the secondary deal of the year.

Morgan Stanley was global co-ordinator and joint bookrunner with BNP Paribas, JP Morgan and SG. At the same time as the government sold shares, France Télécom issued a €1bn convertible bond to raise new funds through BNP Paribas, Goldman Sachs and SG, with the latter acting as sole stabilisation manager for both offerings. ABN Amro Rothschild advised the French government on the deal.