In trying to gauge potential equity capital market volumes in Europe, the Middle East and Africa for the year ahead, many bankers are looking to the past.

Market participants compare last year with 2004, when, according to Dealogic, ECM volumes in Emea hit $197.5bn, with $21.5bn of convertibles issuance and $40.2bn raised via initial public offerings. Volumes for last year were similar, with $20.5bn in equity-linked issuance, $43.3bn via flotations and $186.5bn in total volumes.