Eighteen months on from the first round of capital raisings to repay state aid, a second group of financial institutions returning to health has become the focus for equity capital markets bankers.

In autumn 2009, the likes of BNP Paribas and Société Générale raised billions as they sought to pay back funds provided by their governments. In the past two months, insurer Aegon, Banco Popolare and Danske Bank have rung the bell on the second round.