Global DCM volumes reached $1.26 trillion in the first half of this year but this 2% increase in volumes comes from a 55% drop in deal activity according to recent figures from Dealogic. Corporate investment grade volumes reached a record of $802 billion for the period – more than double last year’s figure, and senior government guaranteed debt was up 38% to $291.6 billion. Structured finance is a shadow of its former self at just $39.7 billion.