Owen Wild is Deputy Editor of International Financing Review based in London. He joined IFR in 2004 as a reporter and has since worked across Equities, Structured Equity and Derivatives sections as both reporter and editor. Prior to becoming deputy editor in 2010, he had global responsibility for IFR’s ECM coverage. Before joining IFR, Owen covered foreign exchange markets. Follow Owen on Twitter @IFR_Owen
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The Greek debt crisis has hit European ECM like a truck this morning, after a period where primary issuance had been remarkably insulated from events in Southern Europe.
The pipeline of European corporates awaiting the chance to issue bonds is bulging with many deals having completed roadshows but not yet launched, as Greece casts its shadow over the market. The equity-linked market, however, tells a different story with three convertible bonds issued last week.
Equity-linked investors in Europe are running the rule over a brace of new issues this morning. Ingenico Group’s seven-years bonds are the more eye-catching due to a €500m deal size, but the SFr150m issue by Swiss construction company Implenia is likely to offer better value.