US convertible bond issuance in 2003 should beat last year's depressed levels, according to Standard & Poor's, the credit rating agency, which said in a report that convertibles would remain an attractive secondary financing option for issuers.

Diana Vazza, managing director of global fixed income research at S&P, said: "The current positioning of the global business cycle - near the trough and on the likely cusp of a wan recovery - offers room for more activity in this market."