HBOS rights issue: Nailing the blame gameHBOS is now the UK’s second-biggest mortgage lender after Spanish-owned Abbey claimed 25% of the market in the first half of 2008. The Scottish bank is trading well below book value, and reported in its half-year results, a drop in profits of 58% year on year. A £4 billion ($8 billion) rights issue fell flat with all but 8% of shareholders (see Bank rights issues: A right mess of issues, Euromoney, August 2008), and there are hefty funding requirements. Over the next 12 months, HBOS has more than $20 billion in corporate bonds, securities and medium-term notes reaching maturity....
