Investment banking data published last week made depressing reading for mergers and acquisitions bankers. With a combined first-quarter value of $444bn (€330.5bn), global M&A activity was down a third from the same period last year, and fees from completed M&A were 68% lower, according to data provider Thomson Reuters.

However, pockets of activity remain and dealmakers would probably cite infrastructure as a sector where some dealflow can be expected in the months ahead.