The record level of issuance in the equity-linked market is causing potential issuers a headache as they are forced to quash speculation that they are lining up the next deal.

LVMH, the French luxury goods group, has become the latest victim of the speculation surrounding the buoyant new issue market, after it was forced to deny that it is preparing a convertible issue. After its share price fell as much as 2.3%, the company released a statement saying that &quotLVMH categorically denies the rumours of a convertible bond issue&quot.