| Issuer: HSBC |
| Deal: Five-for-12 rights issue |
| Amount: £12.9 billion ($18.3 billion) |
| Date: Launched March 2 2009 |
| Senior lead managers: Citi, Société Générale, ING, Intesa Sanpaolo, Nomura |
| Global coordinators: Goldman Sachs, HSBC, JPMorgan |
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When HSBC launched what was then the largest UK rights issue and the biggest non-government backed equity capital raising ever attempted, the global markets held their breath. This was a dark moment. Amid the seizure of financial markets following the bankruptcy of Lehman in 2008, fear persisted – even after the first rush of government support – that the global banking system might collapse.
