Global capital offerings by banks continued to decline in 2022, albeit at slower pace, as central banks around the world tightened monetary policies as COVID-19 restrictions eased.

The total global capital offering of banks declined by 0.3% year over year to $776.95 billion in 2022, according to an S&P Global Market Intelligence analysis that included equity and debt offerings by banks and thrifts. However, the decline was muted compared to a 29.2% year-over-year dip in 2021, when financial systems were flushed with liquidity.

Mixed performance

Three of the five regions in the analysis posted a year-over-year decrease in capital offerings in 2022, while the remaining two saw higher capital offerings compared to 2021.

Total capital offerings in the Asia-Pacific region declined 12.9% year over year to $224.50 billion in 2022. The central banks in the Asia-Pacific region, which had the third-highest volume of capital offerings in the analysis, approached monetary policy tightening with relative ease compared to their peers in Europe and North America.

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Capital offerings by the banking industry in Europe and North America increased year over year in 2022. In North America the capital offerings of banks rose 6.1% year over year to $303.79 billion, compared to an increase of 10.2% to $238.30 billion in Europe in 2022.

The Middle East and Africa region and the Latin America and Caribbean region had the lowest total capital offerings, at $8.78 billion and $1.59 billion, respectively. Total volume in Middle East and Africa was 19.0% lower, while that of Latin America and Caribbean was down 82.1% year over year.

Largest equity raises by banks

In the Asia-Pacific region, ANZ Group Holdings Ltd. emerged with the largest equity raise in 2022, with $2.46 billion cumulatively raised through the sale of common equity in two separate tranches.

Italy-based Banca Monte dei Paschi di Siena SpA raised $2.47 billion in 2022 through the sale of common equity, making it the largest issuer in Europe.

Banco Actinver SA Institución de Banca Múltiple Grupo Financiero Actinver was the only bank in the Latin America and Caribbean region to raise capital through sale of common equity, at $49.3 million.

In North America, Bank of America Corp. had the largest equity raise through two tranches selling $3.75 billion worth of preferred securities. Bank of Montreal was behind Bank of America, with $3.66 billion raised.

Oman-based Sohar International Bank SAOG was the largest equity-capital issuer in the Middle East and Africa region, at $432.8 million, through a common equity sale.

Largest debt capital raises by banks

In Asia, the top five debt raises were all by Chinese banks. Agricultural Bank of China Ltd. led the way as it raised $15.00 billion through subordinated debt and bond offerings.

Spain-based CaixaBank SA had the largest capital raise through debt in Europe as it raised $7.15 billion through a senior debt offering.

In the Latin America and Caribbean region, Cayman Island-based DIB Sukuk Ltd led the way with $750.0 million through senior debt issuance.

Saudi Arabia-based Riyad Bank took the top spot in the Middle East and Africa region, with $1.75 billion raised through sale of senior notes and bonds.

In North America, JPMorgan Chase & Co. raised $14.00 billion through debt. Bank of America took the second spot with $12.75 billion, while Wells Fargo & Co. was in third place raising $11.00 billion.