The pipeline of European corporates awaiting the chance to issue bonds is bulging with many deals having completed roadshows but not yet launched, as Greece casts its shadow over the market. The equity-linked market, however, tells a different story with three convertible bonds issued last week. incenico and airbus each raised €500m through seven-year convertibles at zero cost and without any pre-sounding, while Swiss construction company implenia also opted for the longer than normal seven-year tenor with its SFr175m CB (see separate story). Seven-years now dominate this year's issuance, following a run of five consecutive bonds at this tenor.
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