Dealmaking fees at top investment banks slumped by as much as 56% during the first half of 2022, as recessionary fears and rising interest rates have halted a boom that broke records last year.

A sharp downturn in equity capital markets activity, as both the surge in special purpose acquisition companies last year tumbled and initial public offerings dried up amid volatile markets, has led to a broader downturn in dealmaking. M&A has dropped from last year’s highs and securing funding for mammoth deals through the leveraged loans market has become much tougher, according to dealmakers.