The Association of Convertible Bond Managers (ACBM), the trade body set up in 1999 to represent the equity-linked market, has set itself a tough task in trying to persuade issuers to accept the standards it recommended last week.

The lead managers of equity-linked issues jealously guard the flexibility of the instrument, and resist on principle any attempt to impose a universal structure. Although they acknowledge the benefits that common standards could bring, they argue that it is hard to maintain this flexibility without letting the standards get so loose that they do not protect investors.