The equity-linked new issue market has received a welcome boost with the launch of two European deals on the same day.
Pinault Printemps Redoute (PPR), the French retail group, sold a €1.4bn ($1.3bn) convertible issue and Espirito Santo, the Portuguese bank, launched a deal worth €125m. Lorraine Lodge, a convertibles analyst at ING Barings, said: "The market is back and ready for business."
