Europe's market for equity-linked securities produced a few surprises in the second quarter of 2002. In a flurry of issuance, some new structures gave bankers some room for optimism, although so far it is the first down year in this market in nearly a decade.

During April, JP Morgan Chase, Morgan Stanley and the triumvirate of Deutsche Bank, SG and HSBC/CCF brought novel new securities to market for issuers in Belgium, Italy and France. Overall, the 16 issuers raised €3.3bn, according to ING Barings. Although that figure was less than half the €8.2bn during the same month last year, it did mark a sudden boomlet in what for many origination houses has been a difficult year.