Sometimes it doesn't matter how you do it, just as long as it gets done - in Spain this week, two banks hit public markets despite being in the shadow of the European stress tests, but their success masks deeper problems for the IPO market that must be tackled.

Two of the Spanish savings banks, or cajas, Bankia and Banca Civica came to market this week and successfully listed on the Bolsa de Madrid. While this must have been a relief to the issuing companies and their army of bookrunners and advisers, both priced well below where any issuing company may have wished.