Global equity capital markets have had their worst first week of the year since 1991, with only six issues between January 1 and 7 2008 raising $939m (€636m), amid continuing reverberations from the credit crunch.

Issuance for the first week of January 2008 slowed by 40% from last year, and the value of proceeds raised has fallen dramatically from an all-time high of $6.7bn in 2002, according to Thomson Financial.