Big banks found a window of stability in which to raise new capital this week, securing fresh funding on both sides of the Atlantic, with Barclays, Citigroup, HSBC and Royal Bank of Scotland raising $8.5 billion between them.

HSBC USA priced a dollar-denominated bond on August 4 to raise $2.7 billion, split across three tranches. Barclays secured £1 billion on the same day with perpetual additional Tier 1 notes that will be converted into shares in the bank if its common equity Tier 1 ratio drops below a certain point.