Equity capital markets bankers expect the next three weeks to prove crucial in determining levels of global supply for the rest of the year, amid concerns that heightened volatility or any form of macro-economic shock this month could keep issuance light until late this year.

Nick Williams, head of ECM for Europe, the Middle East and Africa at Credit Suisse, said: "So far this year there have been a series of windows [for issuance], and for issuers it is always a question of when you pull the trigger. August was soggy and the next few weeks will be key for sentiment and timing decisions around some of the current calendar for the fourth quarter."