JPMorgan Cazenove, the investment bank, is relying on capital raising by large companies to power its profits in 2009 as revenue from advising on mergers and trading equities comes under pressure.

The bank said it had made a strong start to the year with leading roles on the £12.5bn rights issue from HSBC and on the offering by Xstrata, the mining group that is raising £4.1bn from shareholders. The rush of share issues has been matched by an active market for corporate bonds.