There has been a complete breakdown of trust between different participants in the European market for initial public offerings, according to a Financial News survey, which for the first time outlines the full extent of the disconnect between investment banks, independent advisers and investors.

The survey, which attracted responses from more than 100 market participants, shows the parlous state of the current market, in which each party blames the other. The main areas of tension include the level of transparency during bookbuilding, the credibility of bookrunners in managing pricing and demand, the behaviour of asset managers in placing orders for new issues and the value that independent advisers bring to the IPO process.