Despite the bumper year of 2021, Equity Capital Market activity was more akin to a drought in 2022. In the UK political uncertainty, economic fragility and the continued impact of Russia’s war in Ukraine have all contributed to the sharp decline.

Most sectors suffered, with the only glimmer of sunshine being the Energy sector driven by the pressure to decarbonise.

Cautious optimism is the trend here. There are encouraging signs of a return of activity levels, and our thoughts are widely shared by ECM investment banks.