Two years ago the events of September 11 sparked a market crisis. Along with the straight equity market the equity-linked market slammed shut, but in 2003 it looks as if convertibles originators could be heading for a record year in terms of volumes of issuance. No doubt they are hoping that it will be a record year in terms of bonuses as well.

This year global convertible issuance has already broken through the $100bn (€91bn) mark to reach a mammoth $115bn, according to Dealogic, the investment banking research provider. The convertibles research team at ING have predicted that 2003 will be at least the second-largest year in terms of issue size, and it is on track to match 2001's $165bn.