Imagine having an itch that you cannot scratch - for a year. Every time you think you have isolated the source of the irritation, it shifts position and escapes your reach. That is how life has been this year for the European debt markets and the elusive corporate sector.

Despite the protestations from senior bankers - and the fact that a decline in new corporate issuance has been predicted since last year - the absence of high-profile debt-raising European companies has rattled them.