Lend Lease has ruled out an imminent capital raising despite clinching development deals worth $10bn in the past six weeks.

The giant developer, builder and fund manager, which is on a negative credit watch from ratings agencies concerned its balance sheet would be overstretched, already has a $5bn workbook.

Lend Lease chief executive Steve McCann said the amount of capital it needed would be 'nowhere near as large'.

'Before each bid is submitted, we already know what our investors' appetite is,' McCann said.

An equity issuance would not be required, he said.

The Australian