Deal spreads on some of the largest global M&A transactions have shortened over the past few days, demonstrating increasing confidence within the market that outstanding deals will complete despite unfavourable conditions.

The spreads on several of the biggest deals - ONGC's acquisition of Imperial Energy, EDF's acquisition of British Energy, Gas Natural's acquisition of Union Fenosa, Roche's acquisition of Genentech and Schaeffler's acquisition of Continental - have all narrowed, following assurances by acquirers that they remain committed and able to complete.