JP Morgan and Deutsche Bank have landed roles on Volkswagen's $6.7bn (€5bn) equity deal, having already won key roles on two other billion dollar-plus initial public offerings in Germany this month, as a flood of new deals looks set to shake up the equity capital market bookrunner rankings.

Volkswagen announced a $6.7bn equity raising yesterday morning, with JP Morgan and Deutsche Bank acting as bookrunners alongside Bank of America Merrill Lynch, Citigroup and UK bank HSBC.