PRIVATE-EQUITY SELLERS, investment bankers and corporations have been toasting the return of the IPO in 2004. But the biggest change in equity capital markets this year, the near disappearance of equity-linked issues, has gone largely unremarked.
Data from Dealogic show that the total volume of convertibles issued in Europe fell to e3.2 billion in the first quarter of 2004 compared with e10.9 billion in the previous quarter – a decline of nearly 70% – and e4 billion in the first quarter of 2003.
Equity-linked issues accounted for just 9% of equity capital market deals in Europe in the first quarter of 2004 compared with 26% in both the first and fourth quarters of 2003.
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