The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Awards for excellence - Best equity-linked house

Awards for Excellence 2005


No other firm is as proficient in structuring innovative, complex convertible issues

Viswas Raghavan

The past 12 months have been very tough for the equity-linked market. In every region except Asia, volumes fell to nearly half what they were the year before. In Asia issuance fell about 25%.

Bumper opportunistic issuance in 2003 meant that there were fewer corporates seeking financing, while the strength of secondary equity markets and a decline in volatility led to a slight worsening of conditions. Other factors, such as changes in both US GAAP and the IFRS accounting standards, also put a damper on equity-linked issuance.

The year was tough for convertible bond investors too. Convertible arbitrage funds turned in some of the worst performance figures of any hedge fund strategy as many aggressively priced transactions fell out of the money. Despite a ravenous hunger for new issues, a healthy fear for losing any more money instilled a discipline on pricing.

"The market is awash with liquidity but participation in deals is very selective," says Viswas Raghavan, head of equity and equity-linked capital markets at JPMorgan, winner of the global award for best equity-linked house.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree