UBS analysts predict that European companies will raise €150bn ($204bn) in new equity this year in three waves of issuance as they try to cope with the deteriorating economic environment but so far equity capital market activity is 30% down on the first quarter of last year.

There has been $14.3bn ($10.6bn) raised through European ECM deals in the first three months of this year compared to $20.5bn in the same period last year, according to data provider Thomson Reuters.