Italy's Prada may be good at starting clothing trends but its sale in 2001 of a pre-initial public offering bond for a flotation that never took place was the last before they spectacularly fell out of fashion.

In the four years after, the IPO market was becalmed and, with it, demand for pre-IPO convertibles. In 2003, as the equity-linked market recorded record volumes, there were no launches of bonds linked to a float.