Anyone visiting Canary Wharf in August would have found little evidence that European equity capital markets activity so far this year has been at boom-era levels. In fact, it was the second slowest August in 15 years, with just $1.363 billion of issuance in the month to August 27, according to Dealogic.

Yet the quiet month was a welcome break for those who had worked flat out in the previous few months. June this year was the second busiest on record, behind June 2008, with 141 equity deals in Europe worth a combined $58.9 billion being launched. July too was eventful, with 111 deals worth $28.8 billion.