In the 10 weeks between the announcement in September of the Basle Committee on Banking Supervision’s new requirements for substantially increased minimum capital standards and Ireland’s request for a bailout in November, eight banks listed in Europe – Deutsche Bank, Standard Chartered, BBVA, Banco Popolare, Piraeus Bank, NBG, Bank of Cyprus and Marfin Bank – announced issues to raise about €24 billion of new equity.
Although these have largely been well taken up by investors, “deals are going to get a lot tighter from here”, says one head of ECM.
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