Time is running out for companies with pent-up demand for capital. They have been forced to turn from the equity to the credit markets and now have to hope that institutional investors quickly turn the cash taps back on.

Asset managers warn that, for many corporate treasurers, it will be a question of striking lucky. Bankers were cheered last week by the sight of asset managers clamouring to invest in a bond issued by UK utility National Grid, the first European company to try and do so this year, leaving the £350m (€388m) deal three times subscribed.