European equity-linked bond issuance for the year broke through the €40bn ($35bn) level for the first time last week after a flood of new issues hit the market.

The sale of convertible bonds worth more than €4.7bn between Tuesday and Thursday took the total volume of European equity-linked issuance in 2001 to €43bn, according to Dealogic, the investment banking research firm. Issuance had already smashed 1999's record of €31bn and the boom looks set to continue.