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.
Non-financial groups raised almost $887bn in the bond markets in the first half, 64 per cent more than the same period last year when $540.3bn was raised, according to data from Dealogic.
However, this did not translate into higher levels of M&A activity, which totalled just $1,100bn, the lowest semi-annual volume since the first half of 2004. This was in spite a flurry of recent activity across sectors including Xstrata's $48.3bn hostile approach for rival mining group Anglo American.
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