A slew of bank recapitalisations, driven partly by Greek capital-raising needs and partly by strategic calls by new banking chiefs, is recharging activity in a part of the equity market that until last week had been languishing at a decade-low level.

European banks had only raised $16.8 billion via 11 equity capital raisings in the year to November 19 - the lowest total raised since 2005 and the lowest number of deals since the 1990s, according to data provider Dealogic, which analysed deals in which shares were sold by the issuer rather than a third party.