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Deals of the year 2009: Equity – HSBC stands up on its own feet

In perilous times the rights issue reopened equity markets for strong banks.

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

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.

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