This could make Monday's trade interesting.
The Economic Times (India)
HSBC plans $17 bn share sale to raise funds
28 Feb 2009, 1100 hrs IST
SINGAPORE: HSBC, Europe's biggest bank, plans to raise more than 12 billion pounds ($17 billion) in a share sale aimed at propping up its capital base in order to cope with the economic crisis, a media report said on Saturday.
The report said the share issue would likely be announced alongside its full-year 2008 results due on Monday.
The report quoted unidentified people involved in the discussions as saying the offer price for the sale had not been set and the deal could still be postponed.
The bank is also expected to announce a cut in its dividend, the report said.
It said the share sale was underwritten by Goldman Sachs and JPMorgan Cazenove and the deal could set a new record in Britain for a rights issue funded by private investors after Royal Bank of Scotland's 12 billion pound share offering last April.
HSBC has traditionally been one of the best capitalised banks in the world and has not raised capital while rivals have scrambled for cash as the credit crisis has deepened.
"Some people see God as they see a cow, and love Him as they love a cow — for the milk and cheese, and the profit it brings. This is how it is with people who love God for the sake of worldly possessions or inward comfort. They do not truly love God when they love Him for their own advantage. The eye through which I see God is the same eye through which God sees me; my eye and God's eye are one eye — one seeing, one knowing, one love.”
Meister Eckhart, Predigten und Traktate