Privatisations do not generate the fees they once did for equity capital markets bankers. Globally, the sale of government assets to the market so far this year is at its lowest for both value and number of deals since the same period in 2009, according to data provider Dealogic. But in Europe, the Middle East and Africa all that could change.

By the end of July the three deals to have completed in Emea were already worth $6.2 billion - a higher value than any full year since 2007, when there were 17 deals worth $20.7 billion in the region.