Lowering the ceiling for equity-linked debt

Despite investment bankers at UBS Warburg sounding upbeat about the potential for European equity-linked deals this year the bank is warning that several factors are likely to stop volumes from rivalling last year’s records.

2001 produced €54.6 billion ($48.4 billion) worth of new European equity-linked issues, a rise of 48% on the year before. But Martin Haycock, convertibles analyst at UBS in London, predicts that figures for 2002 will be around 10% lower in 2002.

Haycock says the main cause of

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