The nightmare start to the year for equity capital markets continues as BHW Holding, a German mortgage lender, has pulled its €1.3bn ($1.1bn) secondary offer, potentially the biggest equity sale in Germany for six months.

Year-to-date issuance in the European equity markets is €6bn, according to Dealogic, the investment banking research firm. This is the lowest level since 1998. By this time last year, deals completed included the €6.3bn Orange initial public offering and the €2.7bn accelerated sale from Eni, the Italian utility.