What factors are currently influencing issuance in the market?
Convertible issuance has declined significantly this year in both Europe and the US for several reasons. Firstly, many companies have been deleveraging, which arguably compromises their need to seek growth in lackluster markets. Secondly, there are uncertainties surrounding accounting standards for equity-linked products under IAS. Thirdly, many issuers prefunded themselves during 2003, including via the convertible market. Lastly, lo