Five years ago, a market correction the size of last week’s dip would have shut the market for initial public offerings until the summer. That looks less likely this time round.

IPOs are by definition unproved, which makes them the ultimate test of market confidence. As investors have fled risk over the past 10 days, so there has been a reduction in appetite for new issues. On Thursday 3i’s infrastructure fund raised much less than the maximum it was targeting. The same is likely to be true of hedge fund Brevan Howard’s macro fund when the books close. But neither is a traditional corporate deal.