Capital raising by European banks remains subdued in 2022

Capital offerings by European banks were subdued in 2022 as rising interest rates and macroeconomic uncertainty hit markets.

Banks raised $238.30 billion in debt and equity, up slightly from a low base of $215.86 billion in 2021. This was down sharply from $552.17 billion in 2019, before the COVID-19 pandemic. Debt issuances totaled $235.55 billion and equity just $2.75 billion in 2022, according to S&P Global Market Intelligence data.

Tightening monetary policy at central banks across the continent, together with uncertainty around the war in Ukraine, dampened the European corporate bond market after a relatively healthy first quarter, consultancy PwC wrote in a 2022 annual review. This mirrored the picture in other regions.

Italy-based Banca Monte dei Paschi di Siena SpA's $2.47 billion share sale in October was the largest equity capital raising in 2022. In debt capital markets, the single biggest transaction was Spain-based CaixaBank SA's issuance of $7.15 billion. U.K.-based HSBC Holdings PLC raised the most from debt capital markets, carrying out five issuances of at least $2.25 billion each and raising $11.75 billion in total.

Debt figures in this sample include debt that converts to equity.

* Access a list of 2022 global capital offerings, including those in Europe. * Access debt capital markets and equity capital markets data on Cap IQ Pro.