Total investment banking revenues for the third quarter are set to be up year on year, according to JP Morgan analysts, and will likely show a smaller quarter-on-quarter decline than expected, as strong debt issuance and trading volumes combine to offset the traditional seasonal slowdown.

In a note published this morning, JP Morgan analysts led by Kian Abouhossein said that total investment banking revenues in the quarter through to the end of September will likely exceed expectations, predicting that on a year-on-year basis they could be up as much as 10%.