Riding Europe’s equity-linked wave
The birth of the euro has provided a powerful new boost for the already buoyant European equity-linked debt market, which is enjoying unprecedented growth and development. With interest rates low and stockmarkets high, a growing range of companies — from the blue chip and, increasingly, from the high growth sectors — are queuing up to issue equity-related finance and the investor base is expanding all the time. Now, with a single currency, deals can be done in size and with a frequency that is fast establishing European equity-linked debt as an asset class in its own right. And with the twin themes of corporate restructuring and shareholder value likely to dominate Europe’s financial markets for some while yet, the emergence of an increasingly deep, liquid and diverse equity-linked debt market in Europe looks like being a major feature in the development of the pan-European capital market. Rosie Shepperd reports.
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