Best Borrowers 2008: Bank of America

Deutsche Bank GECC GlaxoSmithKline EEB/TGI Bank of America

There were few places to turn to for capital for US financial institutions as write-downs emerged and subsequently ballooned from the last quarter of 2007 on. Raising extra capital to bolster depleted balance sheets via traditional equity capital was problematic, not least because of the dilutive impact on shareholders.

Nevertheless, the circumstances were such that various banks were willing to turn to private investors such as sovereign wealth funds and private equity funds.