Merrill Lynch has raised more than €9bn ($11.5bn) from the European equity capital markets in two days after completing a $1.5bn initial public offering for Cintra, the Spanish toll road operator, today.

The Cintra deal follows the €7.6bn raised by the US bank for Enel, the Italian utility, alongside Mediobanca, Goldman Sachs and Morgan Stanley in the largest equity issue this year globally.