Equity bankers normally look forward to taking things a bit easier in August, but this year it is proving anything but relaxed. This is typically a quiet month before the September rush of issuance and bankers tend to take the opportunity to swap their pitch books for thinking time on the beach.

Strategising is the name of the game as they plan for their all-important second-half assault on the league tables, aiming to reap a good harvest of returns from the work they are doing now.