JKX shows equity-linked also for small-caps

Equity-linked bankers expect that disintermediation of bank financing through the capital markets to be a driver of issuance in 2013 with more small and unrated companies likely to turn to the CB product. That factor has been behind several recent deals such as offers from Italy’s Beni Stabili and Astaldi, but was taken even further down the size scale in the latest offer.