Despite the help of a couple of jumbo multi-billion euro deals by Fortis and UBS, the European convertibles market appears to be shrinking.
New supply to the EMEA equity-linked market adds up to about €17 billion so far this year while redemptions and conversions have led to a withdrawal of an estimated €27 billion.
The shrinkage would be worse were it not for the growing contribution of deals from the Middle East and Africa, which this year added about €2 billion to the total.
The quiet summer period combined with tough conditions in the credit markets made for a slow third quarter, particularly if the €3.2
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