For the past five years, Spain has struggled to excite investment bankers, hovering around fifth in the ranking of European countries by investment banking activity – the same ranking as the size of its economy.

But, this summer, bankers and investors may be shifting their attention towards the Iberian peninsula, and not for a holiday. Three cajas, or savings banks - La Caixa, Banca Cívica and Bankia - have already announced plans to float, with La Caixa kicking off the season on July 1. The bank will do a €1.5bn convertible bond sale just ahead of its listing.