It might have been the most turbulent month in memory for global stock markets but equity capital raisings did not grind to a halt. In fact, September has seen a spate of equity raisings from banks despite, or rather because of, the fact that they are at the centre of the market’s turbulence.
The banks that sold equity can be divided into two groups: those selling shares to shore up capital ratios such as Goldman Sachs, Morgan Stanley and Natixis; and those selling shares to pay for acquisitions that have been agreed such as Barclays, Lloyds TSB, Commerzbank and Deutsche Bank.
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