A huge £1.4bn (€2.2bn) equity sale for HBOS, the UK financial services group, will put Cazenove, which is managing the deal, in second place in the league table for European issuance.

The investment bank, which was fifth before the sale, will jump to second when the deal is completed. The issue is the largest from a UK company since rival Royal Bank of Scotland raised £2bn in July last year, according to Dealogic, the investment banking research firm.