Record levels of capital markets activity during the first six months of the year failed to lift the volume of worldwide mergers and acquisitions as chief executives remained cautious about launching big deals.

Meanwhile, equity capital markets are returning to normal, albeit slowly. Globally, the $220.3bn in new issuance was the weakest start to the year since 2005, and at just $6.7bn, the amount of initial public offerings is the lowest six-month total in Dealogic’s records.

Related links:

M&A activity lowest in five years

Equity capital markets pick up pace

Results for the first half of 2009